ApeCoin Sleeps Badly Over BAYC’s Discord Hack That Cost It A Missing Mutant

While NFT hacks in the past have mainly been observed on the NFT marketplaces, the Bored Ape Yacht Club (BAYC) witnessed the same on its Discord on April 1. The incident caused panic in the community.

BAYC hack cost a MAYC

Surprisingly, the hacker managed to steal a Mutant Ape Yacht Club (MAYC) NFT. At the time, MAYC was priced at 20 ETH ($69k). The NFT has since left the address. And it was reportedly resold for 23.64 ETH ($82k).

While the real reason behind the hack has not been revealed, the BAYC team simply sent a precautionary message proverb

“WATCH YOUR SAFETY. Now don’t mint anything from a Discord. A webhook in our Discord was briefly compromised. We noticed right away, but please know: we don’t do April Fools stealth mints / airdrops etc. Other Discords are currently under attack as well. ”

This incident was not the best for ApeCoin holders. Since launch, both the token and the network have delivered mediocre performance.

Usually, when a development like “the launch of the native token of the second largest NFT collection in the world” takes place, the crypto community gets confused. They buy hundreds of thousands of dollars worth of monkeys and pixels.

Unfortunately, that was not the case with APE.

The price action of the altcoin has not undergone any spectacular changes in recent days. Every rise since launch has been countered with a decline. As a result, the NFT token is currently trading at $13.12 – slightly above its entry level.

ApeCoin price promotion | Source: TradingView – Coin-Crypto

Second, on-chain stats show that in the two weeks since ApeCoin launched, the altcoin adoption rate has dropped significantly.

In particular, the lack of network growth may prevent APE from noticing high numbers of unique addresses.

ApeCoin network growth | Source: Santiment – ​​​​Coin-Crypto

In addition, as price levels have remained unchanged after March 17, investors’ current offerings are neither in gain nor in loss. Although it made gains two days ago, the decline of 10.62% reversed.

ApeCoin’s offering is neither in gain nor in loss | Source: Santiment – ​​​​Coin-Crypto

But the most surprising factor is the decline in his social presence. As mentioned above, this is the second largest collection of NFTs with holders like Justin Bieber. The dominance over social channels, which was about 8% on the day of launch, is currently 1.47%.

ApeCoin Social Presence | Source: Santiment – ​​​​Coin-Crypto

Transaction volume does not seem to be the main reason for low social dominance. In fact, it seems that ApeCoin’s appeal to the investors is quite low at the moment, which could hinder the growth of the token. It is undeniably difficult to judge whether APE could get its hype back.

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