ApeCoin: Will Yuga Labs’ Latest Precautions Affect APE?
2022 can be considered one of the most challenging years for ApeCoin and for the cryptocurrency market as a whole. The last two months in particular have been a rough ride for the NFT market.
NFT sales volume has started to decline over the past month, with the number of sales down approximately 63% to 9,000 and USD sales volume down over 87%.
Currently, this number is somewhere around 12 thousand. Primary and secondary sales, unique buyers and sellers, and active market wallets all fell between 40% and 80%. But here there may be further bloodshed.
Just warning signs for ApeCoin
What makes this situation worse? Now, coordinated illegal activities can affect market sentiment. Unfortunately, this is the case here.
Bored Ape Yacht Club (BAYC) creator Yuga Labs has warned of a “coordinated attack” targeting various non-fungible token (NFT) communities. In a tweet on July 19, the team warned users.
In fact, this is not the first time investors have been warned. Gordon Goner, the pseudonymous co-founder of Yuga Labs, also warned users about the attack on Twitter in June.
Such negative developments can hinder the future growth of projects.
The theft of thunder
Despite what might be considered a minor setback for apes, the original Bored Ape Yacht Club (BAYC) sign is showing some significant signs of life.
The weekly gains came as part of a rally that began on July 16. ApeCoin is up almost 36% in the last three days. This unprecedented turnout came after Yuga Labs invited 4,300 players to the game’s meta version of Otherside for a demo.
Some on-chain metrics show that investors have recently lost interest in the native token. At the time of writing, ApeCoin suffered a 7% correction, falling to $5.86 in the last day. As a result, all profits recorded in it were deleted after the NFT initiative.
This means that users are still not sure of the full warnings of coordinated attacks.