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In the Darwinian world of NFTs, the Bored Ape Yacht Club (BAYC), erstwhile superstar of the digital token landscape, is discovering that not every ape can evolve into a gorilla.
Suffering from a 93% plummet in their eponymous ApeCoin value, the Bored Ape universe now seems less like a thriving colony and more like a forlorn wildlife documentary – where viewers are tuning out.
BAYC on the lows
These digitally rendered primates, which were once perched atop the crypto-ecosystem like triumphant silverbacks, have found their value sinking faster than a chimpanzee on a sinking log, crashing down to a humble 37 ETH, reminiscent of their early days in November 2021. Remember, that’s an 83% drop from the dizzying heights of $435,000.
This dismal display is leading the tribe to question their Special Council, a group of elite apes responsible for navigating their banana republic through this bear-infested jungle. Especially since it’s been revealed that these upper crust apes have been slyly pocketing $20,000 a month in eucalyptus leaves.
One observer, OKHotshot, voiced the sentiment of many in the ape community: “Just how many of these furry freeloaders started clamoring for a spot on the council after seeing those lucrative bunches of bananas?”
Past council members included illustrious apes like Alexis Ohanian, Reddit co-founder, and Yat Siu, the alpha male behind web3 behemoth, Animoca Brands. But, even these stalwarts have decided to swing to other branches, leaving their positions open for new apes come July.
The treasury confusion
Despite being the NFT jungle’s kingpin, Bored Ape Yacht Club and its affluent treasury is now a tableau of confusion, much like a troop of primates flinging its own poop.
With ApeCoin DAO and Yuga Labs, the parent company behind BAYC, scratching their heads over who’s responsible for what, the ApeCoin saga is beginning to look less like an inspiring journey and more like a comedic rendition of “Planet of the Apes.”
Adding to this spectacle, the ecosystem has seen prominent exits with bored apes, such as FranklinIsBored, tossing aside their digital monkeys as if they’re yesterday’s banana peels.
As Bored Ape’s currency continues to tumble like a clumsy orangutan, there are fears of a dreaded “liquidation cascade” – a fancy term for “we might be broke soon.”
Perhaps the newly elected Special Council can stave off this digital extinction. After all, even an average American house once cost less than a single bored ape.
As Yat Siu gracefully swings away from his position, he gave a parting statement that bore a striking resemblance to a “hold my banana” moment. He expressed full faith in the newly elected council, urging the ape community to see the current situation not as a failure but as an opportunity to evolve and adapt.
So, as we watch this unfolding primate drama from the safety of our computers, one thing is clear: in the digital wilderness, it’s survival of the “techiest.”
Featured image by Markus Spiske
