ApeCoin rose despite NFT hack threats. How long will it last?

APEs are ready to use ApeCoin strategies in the future to deal with risks from NFT hacks.
A new trend in cyberattacks or NFT hack threats from the dark web is to go after NFT holders on the international market. According to a warning sent to the whole NFT market from Yuga Labs, a group that keeps launching cyberattacks has started threatening to hack NFTs using social media accounts and inciting NFT holders. Even though many people are afraid of NFT hacks, ApeCoin’s price has been going up. The APE token is the star of the market because it has gone up by more than 36% in the last week.

ApeCoin proves its legitimacy

Apecoin is the name of the decentralized ecosystem for the BAYC (Bored Ape Yacht Club) project. APE was set up to keep an environment open to all NFT holders so that they could take part in permissionless governance procedures. The NFT also votes on suggestions for how ApeCoin DAO should be run. ApeCoin is an ERC-20 governance and utility currency that aims to help the decentralized community that is at the forefront of Web 3.0. As the open-source protocol layer, APE serves many purposes, such as governance, consolidation of spending, access, incentive systems, and many more. Since there is no way to make more ApeCoin, there are only one billion tokens available on the NFT market.

Hacks of NFTs and what it’s like to be an ape

ApeCoin is trying to stay in the NFT market, even though there have been warnings about possible NFT hack risks, a lack of demand, and a 7 percent drop. After hackers broke into two official Discord groups for BAYC and OtherSide NFTs, the public was warned about the risk of NFTs being hacked. It lets the cyberterrorist group spread out a lot of phishing URLs that can be used in effective cyberattacks.

In another case, hackers stole about US$375k from 314 NFT wallets belonging to Premint Ecosystem. In the last few months, the threat of an NFT hack has gotten a lot worse. This is due to fake offers and links that are dangerous. Coordinated NFT hacking threats are making the market nervous. Businesses have started to improve their security systems with the help of a new security firewall.

Even though hackers have made it hard, ApeCoin has kept showing how well it works as a popular NFT. APE is currently trading at US$6.40, with a worldwide market size of US$1,957,561,612.64, a volume of US$712,016,181, and a rank of 32 on the global market. With a maximum supply of one billion tokens, the price of an APE token has gone up by 8.23% in the last 24 hours. It has only been on the NFT market for a month, but its market capitalization already makes it one of the biggest Metaverse NFT tokens. The staking mechanism is expected to be put in place in May 2022. It became well-known because its APE price went up by 126.8% on its first day on the market and reached US$16.47.

The NFT holders were shocked when ApeCoin hit its all-time high of US$26.19 in April 2022 for the three new ideas for the members. Because of its track record and reputation in the market, its price may go up under any circumstances and over a long period of time. It also shows where cyberattacks come from and possible NFT hacking risks. We have to be patient and hope for the best if we want APE coins.

Even though there were threats of an NFT hack, ApeCoin went up. But, how long will it last? when it first showed up.

APEs are ready to use ApeCoin strategies in the future to deal with risks from NFT hacks.

A new trend in cyberattacks or NFT hack threats from the dark web is to go after NFT holders on the international market. According to a warning sent to the whole NFT market from Yuga Labs, a group that keeps launching cyberattacks has started threatening to hack NFTs using social media accounts and inciting NFT holders. Even though many people are afraid of NFT hacks, ApeCoin’s price has been going up. The APE token is the star of the market because it has gone up by more than 36% in the last week.