Max E.Fri, Mar 18, 2022 7:30 PM
ApeCoin: Incredible Volatility On The First Trading Day
On March 17, The Bored Ape Yacht Club (BAYC) introduced an ecosystem-linked token. It is expected that 1 billion coins will be released, and that number will remain unchanged. 150 million APE will be distributed among the holders of BAYC NFTs, as well as its derivative assets – MAYC and NAKC.
Only a day after the launch, BAYC’s ApeCoin increased its value by 173%. The price experienced some turbulence at first: it dropped from $40 to $8, losing about 80% in less than 5 minutes after the native BAYC token was listed on the main trading platforms.
However, on Friday morning the price rose to a new high of $17.75. In 24 hours, the total trading volume on various crypto exchanges exceeded $7.77 billion.
At the time of writing, ApeCoin is trading at $14.76. Over the last 24 hours, the price increased by 110.34%. The token’s market capitalization now exceeds $4 billion.
Token holders will be able to participate in the activities of the BAYC DAO and access exclusive services, promotions and products.
In March, Yuga Labs acquired the rights to CryptoPunks and Meebits from Larva Labs, which officially acknowledged its inability to maintain an active NFT avatar project. Both Yuga Labs and Larva Labs are among the best known companies in the NFT space. However, their approaches to project development are fundamentally different. Larva Labs maintained a hands-off policy during the NFT mega boom last year and was often criticized for its lack of community engagement initiatives.
Yuga Labs, on the other hand, has been very active in promoting the commercial image of monkeys, collaborating with celebrities while providing exclusive benefits to its members.