Digital Tides Shift: ApeCoin's Decline and Wall Street Memes' Promising Horizon

Digital Tides Shift: ApeCoin’s Decline and Wall Street Memes’ Promising Horizon

Updated: 02 August 2023

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ApeCoin, tied to the high-value Bored Ape profile images, recently plunged to a record low of $1.77, only to recover slightly to $1.84 by the time of this report. This dip has been simultaneous with the notable decline in Bored Ape Yacht Club’s NFT collection, which is considered a “blue chip” offering from Yuga Labs. The NFT collection, representing 10,000 monkey-themed collectibles, rose to fame during 2021 and 2022, establishing itself as a notable Web3 symbol. However, with the broad-based decline in profile picture NFTs, assets related to Yuga Labs’ best-seller are witnessing a decline.

In a recent event, Yuga Labs provided a sneak peek into its Otherside game, offering a few privileged NFT owners and enthusiasts the opportunity to explore new parts of its digital universe. This gave some attendees the unique experience of embodying their Bored Ape in a virtual environment. ApeCoin was introduced to the market in March 2022, debuting at $8.54. It soared to a remarkable $26.70 the subsequent month. Around this time, Bored Apes hit their pinnacle price of 152 ETH, equivalent to $429,000, in line with the imminent launch of Yuga’s Otherside game which would offer land plots in the virtual domain, allowing players to personalize their digital territories.

However, ApeCoin’s current downturn indicates a staggering 93% drop from its highest price point and a 73% downfall from its value of $6.67 last year. Regardless of this setback, CoinGecko data highlights that ApeCoin still holds the 65th position in market capitalization rankings, boasting a total worth of $675 million.

The current slide in ApeCoin’s value has been termed “poetic justice” by social media influencer Jeremy Cohen, also known as Pauly on Twitter. Cohen, along with artist Ryder Ripps, is entangled in a legal dispute with Yuga, with the court proceedings commencing recently.

ON THE DAY OF OUR TRIAL

APECOIN HITS ALL TIME LOW.

POETIC JUSTICE.

BITCH. pic.twitter.com/WXfDcfmwyN

— PAULY (@Pauly0x) August 1, 2023

Wall Street Memes (WSM): A Better Alternative

Transitioning to another significant player in the digital currency landscape: Wall Street Memes (WSM). Originating as a pivotal figure during the meme stock frenzy in 2021, Wall Street Memes is now making headway in the cryptocurrency domain. Their new $WSM token pre-sale has amassed a commendable $19.2 million in a short span.

Their sizable online following, which includes over half a million members on their wallstbets Instagram page and an additional several hundred thousand across other social platforms, signifies their massive influence. In total, Wall Street Memes enjoys the loyalty of a one million-strong digital audience, leading many to anticipate the listing of $WSM on prominent crypto exchanges such as Binance.

An intriguing aspect of this token is that 30% is reserved for rewarding the community, suggesting potential airdrops for token holders in the future. The inaugural $WSM airdrop is currently underway. Market experts foresee a bright trajectory for Wall Street Memes as it prepares to make its exchange debut.

You can invest in Wall Street Memes here.