APE Slumps on Yuga Labs NFT Filters Introduction
This week, ApeCoin (APE) added 9.1%, reaching $2.00. However, its gains could have been more substantial, considering a 16.0% slump on Wednesday after Yuga Labs announced it would cease collaboration with NFT marketplaces that don't support royalties for all creators. This announcement resulted in a 4.0% drop in the NFT Bored Ape Yacht Club (BAYC) collection, falling to 22.55 ETH, and ApeCoin suffered similarly.
The Bored Ape Yacht Club (BAYC) later recovered its losses when the company clarified that the move did not include its Bored Ape Yacht Club and Mutant Ape Yacht Club brands. APE returned to the resistance at $2.00. However, on February 29, Bored Ape Yacht Club prices declined again to 22.44 ETH. This might exert downward pressure on APE prices, potentially moving away from the $2.00 mark.
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