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After a frantic week of star-studded live events and a lawsuit against a loud critic, Bored Ape Yacht Club members have prevailed.
The native Ethereum token of the renowned NFT collection, ApeCoin, increased by nearly 22 percent overnight, according to statistics from CoinGecko. The currency was valued at $4.92 at the time of writing, down somewhat from its morning high of $5.26. In the past week, ApeCoin has increased by almost 35%.
The price gain represents a modest reversal from a month in which the token saw a decline of almost 65 percent at a rate that exceeds that of the current bear market.
ApeCoin’s price reached an all-time high of around $27 in late April in anticipation of virtual land NFT sales for the BAYC’s metaverse game, Otherside. ApeCoin holders can vote on ApeCoin DAO governance proposals using ApeCoin.
ApeCoin’s recent price increase may have been partially driven by the release of a new music video featuring Eminem and Snoop Dogg as animated versions of their Bored Ape avatars on Friday. The music video trending on YouTube over the weekend has received more than 7.5 million views.
Friday night during ApeFest, an annual meeting of BAYC and Mutant Ape Yacht Club (MAYC) members, Eminem and Snoop Dogg released their new tune, “From the D 2 The LBC.” In addition to LCD Soundsystem, Haim, Lil Wayne, Lil Baby, and Future, other musical groups performed at the private event held in New York City concurrently with NFT NYC throughout the previous week.
The fact that notable musicians such as Eminem and Snoop Dogg used the BAYC brand in a special music video demonstrates the expanding influence and cultural reach of famous NFT collections.
However, this week, the BAYC brand was also attacked after an artist revealed a replica Bored Ape NFT collection claiming to criticize the BAYC brand for supposedly incorporating racist iconography and concealed sarcastic “Nazi dog whistles.” Yuga Labs, the parent business of BAYC, vehemently refuted the charges and launched a lawsuit against Ryder Ripps on Friday, stating that his satirical NFT collection was a hoax.
At least for the time being, today’s ApeCoin price increase demonstrates that the issue has had no economic influence on the BAYC ecosystem, much as ApeFest proved the brand’s sustained support from a dedicated group of celebrities boosters.