Technology

The token associated with the Bored Ape Yacht Club NFT Project lowers the value despite a lot of fanfare


ApeCoin, a token linked to the popular BFT Ape Yacht Club (BAYC) NFT collection, had a rough debut. The airborne token of the Bored Ape NFT owners dropped its price from a high of $ 39.40 (approximately Rs 3,000) to $ 6.21 (approximately Rs 473) per 24 hours. Despite the popularity of the Bored Ape Yacht Club, a collection of 10,000 special NFTs from the Ethereum blockchain, the price of ApeCoin dropped. However, at the time of writing, the token price of the BAYC project had recovered to around $ 16 (approximately Rs 1,220).

The tokens that Bored Ape and Mutant Ape Yacht Club NFT owners can claim for free initially had a peak of $ 39.40 (approximately Rs. 3,000) according to CoinMarketCap data for each token. However, it sank rapidly and has been below the $ 20 (approximately Rs. 1,525) mark since the beginning of Friday.

However, not all data sources admit that there was a big upside and a huge drop in parity. CoinGecko, for example, only shows $ 10.36 (approximately Rs. 790) for ApeCoin. In any case, the data sources are closer now, with both CoinGecko and CoinMarketCap showing a token price of around $ 16.

Colin Wu, a Chinese journalist, said ApeCoin’s withdrawals and transactions led to an increase in gas quotas on the Ethereum network. The median transaction fees on the Ethereum network reached 340 Gwei, the smallest unit of Ether in an instant, rising in response to ApeCoin’s activity.

ApeCoin will initially be used as a gaming token for Yuga Labs titles starting with Benji Bananas action-adventure mobile games. From now on, ApeCoin sales will be used to fund various digital and physical projects. Each token gives only one vote so that the holders have a say in the business of the future.

According to Yuga Labs ’dedicated ApeCoin website, only $ 1 billion will be created permanently, and 9.75 percent will be for Yuga Labs, with 14 percent launching partners, 8 percent for Yuga Labs creators, and 6.25 percent. It will be donated to the Jane Goodall Legacy Foundation to care for chimpanzee habitats and to encourage young people to care for wildlife and the planet.

Meanwhile, the Chennai-based Giottus-based crypto platform became the first exchange to list ApeCoin in India, joining Binance, FTX, Coinbase, KuCoin and OKX, among other global exchanges to list the new APE ecosystem governance and usability token.

According to CoinMarketcap, ApeCoin’s fully diluted market capitalization has already exceeded $ 15 billion (approximately Rs. 111.41 billion), placing it among the top 35 cryptocurrencies in terms of market cap ranking.


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