ApeCoin, the native Ethereum token of Bored Ape Yacht Club (BAYC), rose by more than 22% overnight. A new Bored Ape music video by rappers Eminem and Snoop Dogg may have contributed to the latest price hike.
Bored Ape music video did ApeCoin wonders
The price gain represents a small recovery from what has otherwise been a disproportionately painful month for the token. ApeCoin recently plunged nearly 65% at a rate unprecedented even in the current bear market.
In late April, ApeCoin reached an all-time high of around $27 in anticipation of virtual land NFT sales for the BAYC’s metaverse game, Otherside. Holders of ApeCoin can use them to vote on ApeCoin DAO governance proposals.
Eminem, Snoop Dogg collab with BAYC ambassadors
The Friday release of a new music video by Eminem and Snoop Dogg, in which the popular rappers and noted BAYC ambassadors turn into animated versions of their Bored Ape avatars, may have contributed to ApeCoin’s recent price increase.
The music video has received over 7.5 million views after trending on YouTube over the weekend.
Eminem and Snoop Dogg performed “From the D 2 The LBC” live at ApeFest, an annual meeting of BAYC and Mutant Ape Yacht Club (MAYC) holders, on Friday. LCD Soundsystem, Haim, Lil Wayne, Lil Baby, and Future, among others, performed at the exclusive festival.
It speaks to the expanding popularity and cultural impact of well-known NFT collections that well-known artists like Eminem and Snoop Dogg used the BAYC brand in a dedicated music video.
Not all good news
But last week, the BAYC brand was also criticized for supposedly featuring racist images and covert, sarcastic “Nazi dog whistles” after a designer unveiled a knockoff Bored Ape NFT collection.
Yuga Labs, the parent company of BAYC, vehemently denied the claims and on Friday sued the artist Ryder Ripps, claiming that his parody NFT collection was a fraud.