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 nonfungible.com 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.
