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Pharrell promotes Doodles, Apecoin isn’t going crazy anymore, and more…

Pharrell Williams, a well-known artist, has been appointed Chief Brand Officer of the Doodles NFT project. Solana will introduce a smartphone with a crypto-focused design. And art economist says NFTs are good for the entire art market.

The market cap of Apecoin fell by 67.2 percent or $4.3 billion in May and has since continued to decline.

May in particular was a challenging month for cryptocurrency. Despite unfavorable macro concerns hanging over both the cryptocurrency and stock markets into 2022.

The price of Apecoin plunged from $21.27 to $6.97 on May 31, and like many other assets: it was unable to withstand the effects of this slump. According to statistics from CoinGecko, its market cap decreased by $4.3 billion, or about $2.1 billion, during this time.

At the beginning of May, trading volume was about $5.7 billion.But by the end of the month, it had dropped to $498 million.

Since then, the market cap has decreased further. It reached $1.3 billion at the time of writing, with a price of $4.40 per token and a 24-hour trading volume of roughly $264 million. That represents the lowest level since the March launch.

Overall, since reaching an all-time high market cap of $6.81 billion at a price of $26.70 per token on April 28, Apecoin has decreased by 83.5 percent.

NFT market

2021 was a milestone year for NFTs. Data from shows that weekly sales have fallen by more than 80% from a peak of around $1 billion in January. Additionally, the market value of all cryptocurrencies has shrunk to below $1 trillion this month from over $3 trillion last year.

The most popular cryptocurrency, bitcoin, is currently trading at roughly $20,000 after reaching a record high of $69,000 in November. Investors are staying away from risky investments as a result of the slowing economy, rising interest rates, and soaring inflation.

However, Doodle promised that the forthcoming Doodles 2 collection will be less expensive, lowering the entry barrier.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.