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APECoin falls after Yuga Labs launched Dookey Dash

After Yuga Labs said what it planned to do with Dookey Dash on January 12, sales of Bored Ape Yacht Club NFTs and related projects like the Mutant Ape Yacht Club and Bored Ape Kennel Club collections went through the roof.

Dookey Dash is a skill-based online game that requires NFT and gives yet-unannounced prizes to the best players. The goal of the game is to get as many items as possible while staying alive as much as possible on a cartoony sewage landscape.

People who own BAYC or MAYC NFTs will soon be able to get a free “Sewer Pass” NFT mint from Yuga Labs. Sewer Pass members can play Dookey Dash as much as they want until it closes on February 15.

Starting on February 15, Sewer Passes can be bought and sold on the secondary market so that people outside of the Bored Ape environment can use them.

 APE still has potentials

The latest news about the BAYC and related NFTs didn’t seem to make the ecosystem’s currency, APECoin [APE], very pleased. Before the announcement on January 12, the value of APE had risen by 32%.

As of this writing, however, the daily period chart shows that it had lost about 5% of its rally. There were also signs that a change in prices could cause prices to go down even more.

Even though the price of the asset went down, the Directional Movement Index (DMI) showed that it was still in a strong uptrend. At the time the signal was seen, both the positive DI and the signal line were above 20.

The strong bull trend was also shown by the fact that the RSI line was above 75. APE was in the “overbought” range, and the position of the RSI line suggested that the price might drop.

If the new game does well, it could be good for APECoin in the long run. APE is the “currency” of the Sewer Pass ecosystem. Once the Sewer Pass NFT is on the market, it could also be used as a way to buy and sell things. So, its price and demand can rise.

About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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