NFT BAYC is Dragging APE to the Bottom
ApeCoin (APE) has declined by 7.3% to $1.084 this week, showing a partial recovery from an 11.0% drop recorded on Tuesday. The token has fallen by 17.0% in June, while Bitcoin (BTC) has remained relatively stable around $67,500. The primary reason for APE's weakness is its correlation with the NFT Bored Ape Yacht Club (BAYC) collectibles. BAYC prices have dropped by 20% to 10.55 Ethereum in June, levels last seen in August 2021. If this situation persists, APE may break below the critical support level of $1.0000.
The decline in BAYC prices has exerted significant pressure on APE, reflecting the market's broader sentiment towards NFTs and their associated tokens. As BAYC continues to struggle, APE faces increased downside risks. The token's performance is highly depend on the recovery of BAYC prices.
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