Timeline of the Decline
April 2022
$26.70
All-Time High - Peak euphoria
May 2022
$10.00
Otherside mint causes gas crisis
June 2022
$4.00
NFT market crashes, metaverse hype dies
Current
$1.00
Post-collapse trading
What Went Wrong
-
NFT Market Collapse
The entire NFT market crashed in 2022. BAYC floor prices dropped 80%+, dragging APE value down with them.
-
Metaverse Hype Exhaustion
Otherside metaverse promises failed to materialize. The broader metaverse narrative collapsed as Meta struggled.
-
Token Unlocks
Continuous token unlocks created persistent sell pressure as early investors and team members cashed out.