Popular NFT collection Bored Ape Yacht Club-linked altcoin ApeCoin, It lost nearly 80% of its value within two hours of its release.
ApeCoin Distributed Freely to Bored Ape Yacht Club Owners
The token was airdropped to Bored Ape NFT holders this morning. The project was conceived as part of the company’s broader plan, ApeDAO.
However, when the people to whom the coins were distributed immediately started selling their cryptocurrencies, altcoin There has also been a huge drop in price.
The crypto money, which entered the market at $ 39.40, fell to $ 6.48. At the time of this writing, ApeCoin is trading at $ 7.35. Cryptocurrency has a market cap of $2 billion. Thus, APE has become the 49th largest cryptocurrency in the world according to the CoinMarketCap ranking.
However, considering the price action after the airdrops, it does not seem possible for the altcoin to hold on to this level.
15% of Total Supply Distributed to Users
Each of the Bored Ape NFT holders was given 10,000 ApeCoins per NFT they owned. Thus, 15% of the total supply of the altcoin was distributed to users.
Of the remaining supply, 47% will go to the ApeDAO treasury, 16% to parent company Yuga Labs, 8% to Bored Ape Yacht Club founders and 14% to developers.
Lowest market price for Bored Ape NFTs after airdrop 79 to Ethereum ($220,000). With the subsequent jump, the ground price is 90 again. to Ethereum ($250,000) rose.
*Not investment advice.