ApeCoin (APE), the Ethereum-based token associated with the massively popular Bored Ape Yacht Club NFT project and is certainly not the case, saw its market cap drop by 67.2% or $4.3 billion during the month of May and has continued to decline ever since.
Despite the bearish macro factors looming over both the cryptocurrency and stock markets throughout 2022, May in particular was a tough month for cryptocurrencies – thanks Tera.
Just like many other assets, ApeCoin was unable to escape the brunt of this downturn, and its market capitalization fell by $4.3 billion to settle at nearly $2.1 billion by May 31 as the price fell from $21.27 to $6.97, according to data from CoinGecko.
APE / USD: CoinGecko
Trading volumes amounted to about $5.7 billion at the beginning of May but fell to $498 million at the end of the month.
Since then, the market cap has continued to drop to $1.3 billion, at $4.40 per token at the time of writing, while the 24-hour trading volume is currently around $264 million. This is the lowest since its launch in March.
Overall, ApeCoin has fallen by 83.5% since it reached an all-time high market capitalization of $6.81 billion at $26.70 per token on April 28.
Pharrell Williams signed for Doodles NFTs
Doodles, one of the most important NFT projects in the space founded by esteemed artist Burnt Toast, has signed acclaimed musician Pharrell Williams as chief brand officer.
To date, the Doodles NFT project has generated about $503 million in secondary sales since its October 2021 launch, and the team is currently preparing to drop a second NFT of 10,000 avatars at a time yet to be revealed later this year. general.
Williams is the man behind the beloved, disturbing, headache-inducing song “Happy,” which has over a billion plays on YouTube, and will guide project strategy related to artwork, music, product lines, animation, and virtual/public events. The musician will also produce a doodle-inspired music album titled “Doodles Records: Volume 1.”
Announcing the announcement at a NYC NFT event on Wednesday, the project also revealed that it has closed a funding round led by venture capital firm Seven Seven Six, Reddit co-founder Alexis Ohanian. The size of the capital was not disclosed, however.
“I am a huge fan of the brand,” Williams said in a video message, adding, “We will build from the core community outward and bring doodles to new heights and new levels.”