Apecoin Climbs 22% After Bored Ape-Themed Video Launch

The rise of Apecoin represents a small recovery for the token, which recently lost more than 65% of its value in a month.

After a busy week of star-studded live events that culminated in a lawsuit against vocal critics, Bored Ape Yacht Club holders seem to have come out on top.

According to data from CoinGecko, ApeCoin, the native Ethereum token of the prominent NFT collection, rose more than 22% overnight. Last week, ApeCoin has risen about 35%.

The price increase signifies a minor rebound from what has otherwise been a disproportionately brutal month for the token, which recently fell some 65% at a pace distinct even for the current bear market.

Just in late April, ApeCoin’s price hit an all-time-high of almost $27 in anticipation of virtual land NFT sales for the BAYC’s metaverse game, Otherside. ApeCoin can be used by holders to vote on ApeCoin DAO governance proposals.

ApeCoin’s recent price spike may have been caused in part by the Friday release of a new music video by Eminem and Snoop Dogg, in which the prominent rappers and noted BAYC ambassadors transform into animated versions of their Bored Ape avatars. The music video, which trended on YouTube throughout the weekend, has garnered over 7.5 million views.

Eminem and Snoop Dogg debuted the new single, “From the D 2 The LBC,” live on Friday at ApeFest, an annual gathering for BAYC and Mutant Ape Yacht Club (MAYC) holders. The private festival, which took place in New York this past week concurrently with NFT NYC, also saw musical acts LCD Soundsystem, Haim, Lil Wayne, Lil Baby, and Future perform, among others.

That prominent artists such as Eminem and Snoop Dogg showcased the BAYC brand in a dedicated music video points to the growing reach and cultural influence of popular NFT collections.

However, the BAYC brand also came under fire this week after an artist launched a copycat Bored Ape NFTs claiming to criticize the BAYC brand for allegedly containing racist imagery and hidden, ironic “Nazi dog whistles.” Yuga Labs, BAYC’s parent company, has strongly denied the allegations and filed a lawsuit on Friday against artist Ryder Ripps, accusing his satirical NFT collection of being a scam.

Today’s ApeCoin price spike suggests that the controversy, at least for now, has had little economic impact on the BAYC ecosystem, as ApeFest demonstrated with the brand’s continued support from a loyal group of celebrity promoters.