2 years ago
ApeCoin, the token linked to the fashionable Bored Ape Yacht Club non-fungible token (NFT) collection, is down astir 80% successful its archetypal 2 hours of trading.
The token was airdropped to Bored Ape NFT owners this greeting aft being announced yesterday arsenic a portion of a larger ApeDAO campaign, but holders rapidly selling the coin person sent its terms plummeting.
The token has fallen from its highest terms of $39.40 to a present unchangeable $8.90, trading for arsenic debased arsenic $6.48, according to CoinMarketCap. The full marketplace headdress for the token present sits astatine a whopping $2.4 billion, making it presently the 49th-largest coin.
If earlier airdrops are immoderate indication, however, that ranking isn’t apt to stick.
Owners of Bored Ape NFTs were airdropped 10,000 ApeCoins a piece, with 15% of the full proviso being disposable to assertion this morning.
Of the remaining supply, 47% volition beryllium sent to the Ape DAO treasury, 16% to genitor institution Yuga Labs, 8% to the BAYC founders and 14% to motorboat contributors.
The level terms for a Bored Ape NFT concisely fell to 79 ETH (roughly $220,000) pursuing the airdrop but has since rebounded to 90 ETH (roughly $250,000).
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