ApeCoin dips 16%

On Monday, In a volatile trading session, the cryptocurrency of the APE Ecosystem, ApeCoin plunges by 16%. These Tokens were trading for around $14.60 per token. Although ApeCoin isn’t the official crypto of Bored Ape Yacht Club, it is often linked with the popular non-fungible token collection Bored Ape Yacht Club. The decline in the value of ApeCoin happened after Yuga Labs' NFT sale over the weekend for its upcoming metaverse game "Otherside."  The so-called Otherdeeds sold for around  305 ApeCoins. The fluctuation in the price of ApeCoin resulted in a broad range of estimates for how much the NFT sales brought in.

At Saturday's price of about $19 per ApeCoin, the 16.8 million tokens were worth about $320 million that Yuga Labs received. However, after a strong rally above $33 per ApeCoin, the sale resulted in $561 million. At the current levels, they are worth about $242.5 million. Initially, Yuga Labs planned to sell Otherdeeds at a Dutch auction so the value of the digital assets could reduce over time. However, Last week, Yuga Labs, dropped the plan and rather opted to restrict the number of deeds purchased per person, or wallet.