Developed for the Bored Ape Yacht Club NFT ecosystem, Ethereum-based meme token ApeCoin was launched in March with great excitement (and significant gains for BAYC holders).
25 Million More Tokens To Be Released From Meme Token Apecoin
Now, some of the project’s backers are preparing to win $115 million worth of APE tokens in prizes, making owners wonder how this unlocking could affect the token price.
On Saturday, the ApeCoin DAO treasury is expected to unlock 25 million APE tokens allocated for “start-up participants”.
According to the information on the website, this unnamed “company and people helped bring the meme token project to life.”
25 million tokens will be unlocked today, six months after ApeCoin’s launch on March 17.
Calculated at the current price of the token at $4.61, just over $115 million will enter the market, increasing the circulating supply by about 8%.
ApeCoin was created with a fixed supply of 1 billion tokens and currently a little over 318 million APEs are in circulation. The rest will be available over a four-year period from launch in March.
It is not known who falls into the category of contributors to the launch. However, in a new report, crypto industry research firm Delphi Digital notes that the list may include supporters of Bored Ape Yacht Club creator Yuga Labs, which raised $450 million at a $4 billion valuation in March.
The research firm cited investment firm Andreessen Horowitz, Animoca Brands and FTX Ventures as possible backers.
*Not investment advice.
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