Owners of the Bored Ape Yacht Club were just recently airdropped the ApeCoin or $APE. Shortly after, the token's price plummeted, going from $39.40 to as low as $6.48 or down by 80% after just two hours since the coin launched.
BAYC Launched Its ApeCoin Token
As recently reported by Tech Times, the creators of the famed Bored Ape Yacht Club bought the IP rights of Cryptopunks and Meebits. During the time of purchase, a number of other NFT projects also rose in price.
Despite its success, Bored Ape Yacht Club, per the story by CoinDesk, launched the ApeCoin token. This launch was announced to be a "part of a larger ApeDAO campaign," but hodlers of the NFT who received the airdrop unfortunately had different thoughts.
BAYC NFT Owners Decided to Sell the $APE Token Right Away
Shortly after receiving the coins, BAYC owners decided to sell them off, which set the price immediately plummeting. From the token's highest price of $39.40, it went all the way down to its all time low at $6.48 before steadily trading at $10.79 as of press time, as seen on CoinMarketCap.
According to CoinGecko, the $APE has a market cap of $1.29 billion with a trading volume of $2.64 billion. Per the token's description on the website, the "ApeCoin is for the Web3 Economy," expressing how it will become a "community member in the ApeCoin DAO and will adopt APE as the primary token across new projects."
Owners of the BAYC NFT Received 10K ApeCoins Each
The amount of BAYC NFT owners received totalled 10,000 ApeCoins each. 15% of the coin's total supply was available to claim. 8% of the supply, on the other hand, went to the BAYC founders, 16% went to Yuga Labs, the project's parent company, and 14% to launch contributors.
To promote stability, 47% of the token was sent directly to the Ape DAO treasury. According to the report by CoinDesk, the price of the BAYC NFT also fell along with its token, dropping to 79 ETH after the airdrop.
It has since been able to recover to 90 ETH.
$APE Token Fixed Supply of 1 Billion Tokens
Per the coin's description on CoinMarketCap, there is currently a fixed one billion token supply for the ApeCoin, which was all minted at once.
ApeCoin is an ERC-20 token and as per CoinGecko, the coin is available to trade on multiple platforms.
Where $APE Can Be Bought:
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Binance - purchased through APE/USDT
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Uniswap version 3 - purchased through APE/ETH
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Coinbase Exchange - APE/USD
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FTX - APE/USD
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OKX - APE/USDT
Per the BAYC price on CoinMarketcap, the floor price of the BAYC NFT sits at $85.49 ETH or about $237,368.46, which is down by 12.1% in the last seven days.
As for its market cap, the project also experienced the same drop and is now worth 854,814.51 ETH or about $2,373,447,184.37.
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This article is owned by Tech Times
Written by Urian B.
