APE and AXS drop in 24 hours

Apecoin (APE) and Axie Infinity (AXS) have announced both coins have been hit by huge losses in the last 24 hours.

APE (the Ethereum based token operating for the steadily expanding Bored Ape Yacht Club) saw nearly 17% of its value drop over 24 hours on Friday (to £13.30), according to CoinMarketCap.

Before the drop, APE’s market capitalization was $3.8bn. However, since the coin recorded an all-time high of $39.40 (in March) the token is down 66%.

AXS has also saw a drop of nearly 15% on Friday, and according to CoinMarketCap it was trading at $28.52. These levels show a drastic decrease as the token was down 82% since its all-time high of $167.37 in November.

Cryptocurrencies started to see decreasing valuations following a decision from the US Federel Reserve to increase interest rates by half a per cent. The largest cryptocurrency, Bitcoin (BTC), also dropped by 8% as of Friday at 4:03am ET. Ethereum (ETH) decreased by 7%, trading at $2,710.

The rise in interest prices has affected major corporations; Microsoft, Alphabet, Facebook and Meta have all exponentially decreased after being hit by the spike in rates.

Data shown by Nansen indicates that Axie’s Ronin Network declined by 99% in August 2021 from its all-time high of $17.5m to $6,000 as of today.

APE’s drop be attributed to its NFT mint. In short, users were offered a chance to purchase the deeds to plots of land on the (not yet launched) Bored Ape metaverse ‘Otherside’, with the announcement that the deeds would sell at a flat price of 305 APE.

Before the mint took place on April 30, the price of APE per token was above $26. There was a drop of 50% in value after the launch and APE then found itself trading at $13.30.

It has been said such a drop is due to holders rotating coins after obtaining the deeds to the plot, alongside several unhappy customers after the Otherside collection took $200m in gas fees from its users.

Such volatile prices across the stock market, crypto world and major markets will be sure to have a knock-on effect on the economic environment.

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Updated: 05/09/2022 — 15:00