ApeCoin’s Rough Ride in May
ApeCoin (APE), the Ethereum-based token linked to the almost certainly not 4Chan-related Bored Ape Yacht Club NFT project, experienced a staggering 67.2% drop in market cap during May. In dollar terms, that translates to a hefty $4.3 billion down the drain. By May 31, the coin’s market cap plummeted to about $2.1 billion as its value nosedived from $21.27 to $6.97, according to CoinGecko.
Trading Volumes Take a Hit
At the start of May, trading volumes climbed to around $5.7 billion. But by the month’s end, it seemed like everyone decided to take their toys and go home, as that number slipped dramatically to just $498 million. Talk about a crypto ghost town!
Long-Term Decline: A Lesson in Volatility
As of now, the landscape doesn’t look any sunnier for ApeCoin. The market cap has continued its downward slide to a mere $1.3 billion, with each token priced at only $4.40. Just to give you an idea of how much ground this little coin has lost, it has nosedived 83.5% from its all-time high of $6.81 billion and a price of $26.70 per token back on April 28. Ouch!
Pharrell Williams Joins the NFT Party
In happier NFT news, iconic musician Pharrell Williams is jumping on the Doodles NFT bandwagon as its chief brand officer. With a reported $503 million in secondary sales since October 2021, this project is no slouch. Pharrell’s involvement means we can expect music-aligned strategies from artwork to events. Who knew NFTs would get such a star-studded endorsement?
The Art Market Embraces NFTs
Art expert Magnus Resch believes NFTs are breaking down traditional barriers in the art market, attracting new collectors who previously felt alienated. According to him, the art world’s elitist reputation has kept buyers at bay, but NFTs are changing that by offering price transparency and easy buying options. His advice? We need to invite more rookies into this space, or we all risk being left in the dust.
Solana’s Bold Move into Smartphones
In the world of tech innovation, Solana is gearing up to launch its Web3-focused Android smartphone, the Saga, by Q1 2023. Priced at $1,000 with some impressive specs, the phone has sparked some playful banter online. Will it require a reboot every other month? Poor Solana can’t catch a break, even when it’s trying to upgrade our devices!
Other Noteworthy Developments
Instagram’s parent company Meta is venturing into NFTs, testing them on Instagram Stories using Spark AR. Meanwhile, eBay has acquired the NFT marketplace KnownOrigin, indicating a trend where major companies are increasingly looking to embrace blockchain technology. Let’s hope they don’t forget to consult with their loveable tech support teams when they do!
