BAYC’s ApeCoin ($APE) Price Falls By 80% On First Day Of Trading

Bored Ape Yacht Club (BAYC) NFT collection’s ApeCoin (APE) native token surged to $40 before falling back to $6.4 after its listing on crypto various crypto exchanges. Currently, the ApeCoin price is fluctuating between $10-$20. The fully diluted volume (FDV) has jumped over 10 billion and the market cap is nearly 2 billion.

Yuga Labs, the creator behind the Bored Ape Yacht Club NFT, announced the launch of ApeCoin, an ERC-20 governance and utility token, created by ApeCoin DAO.

ApeCoin (APE) Listing on Exchanges

Blockchain analytics platform Nansen reported that transactions of ApeCoin (APE) resulted in the gas fee of Ethereum to soar higher, with the median soaring to 340gwei at one point.

Yuga Labs is adopting the ApeCoin token for all its products and services. The aim is to develop a decentralized community at the forefront of the web3 economy. The token was about to list first on the crypto exchanges such as FTX, Coinbase, and Binance on Thursday.

Holders of the Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs will get a share of the ApeCoin supply via airdrop. Bored Ape Yacht Club (BAYC) holders can claim about 10,094 APE per NFT, while Mutant Ape Yacht Club (MAYC) holders will only be able to claim about 2,042 APE per NFT.

As per the ApeCoin website:

“9.75% of tokens will be held by Yuga Labs, 14% are being given to launch contributors, 8% are being given to the four founders of Yuga Labs specifically, and another 6.25% is being donated to the Jane Goodall Legacy Foundation.”

According to data from Etherscan, holders of the NFTs have claimed more than 38 million ApeCoins. In addition, the floor price of BAYC and MAYC has decreased rapidly after the opening of the airdrop.

Reddit co-founder Alexis Ohanian, explaining the advancements for the Web3 ecosystem, said:

“Today we’re making the ‘Club’ bigger with ApeCoin. Web3 is being integrated into our art, music, and culture more and more everyday and it all starts with community. I believe this community will build, expand, partner, and disrupt in a massive way.”

APE coin price loses 80% on first day of listing

The first day has not gone very well for APE holders as APE price fall sharply hours after listing. At the time of writing, APE coin was trading at $7.6 with a marketcap of $2.1 Billion.

The coin reached an all time high of $39.4 before tumbling down to a low of $6.4.