The price of ApeCoin (CRYPTO: APE) had fallen about 17.94% over the last 24 hours as of 10:36 a.m.
IST on Monday for no obvious reason other than the broader volatility the new cryptocurrency has experienced since its debut last week.
In the last 7 days, the coin has fallen down from US$6.30 to US$3.58 which means an overall fall of 50%.
Yuga Labs, which is partnered with the ApeCoin organization and uses the token in conjunction with projects including its Bored Ape Yacht Club,
nonfungible token (NFT) series, announced in March that it would be launching a new metaverse project.
Anticipation for Yuga Labs’ Otherside metaverse helped drive pricing gains for ApeCoin over the last month,
but the recent rollout for purchases of land in the virtual world has since prompted a substantial pullback for the token’s valuation.
ApeCoin price has yet to display any bullish signals to dispute the bearish thesis. The current sell-off was induced by a subtle rejection of the Relative Strength Index on the daily chart.