Why is ApeCoin going down?

Could you elaborate on the reasons behind the recent decline in ApeCoin's value? I've noticed a significant drop in its market capitalization and am curious to understand the potential factors driving this trend. Is it a result of market sentiment, technical indicators, or a fundamental shift in the coin's use cases or underlying technology? Also, what is the broader context of this downturn, and how does it compare to previous price fluctuations in the cryptocurrency market?