The long-awaited APEcoin went live on DEXes & major exchanges following its initial release to BAYC members. Unfortunately, Thursday brought tricky tides as the price of the coin peaked then fell 80% in the same hour. As a result, APEcoin sits just above $8.00 after falling from its all-time high of $39.40 in less than five minutes.
Credit: TheBoredroom
Perks Of APEcoin
The APEcoin is an ERC-20 governance and utility token built on the Ethereum blockchain. APEcoin DAO, the creators behind the new governance token, is entirely separate from the BAYC founders. However, the creator behind BAYC has officially declared the APEcoin as the primary token of the BAYC ecosystem.
However, many investors remain skeptical about the value of APEcoin given the failed history of previous airdrops such as $LOOKS. In addition to the BAYC ecosystem, APEcoin will also function as payment for future Yuga Labs services and products. Currently, APEcoin’s price has recently consolidated above $8.00 after its recent fall.
The dynamic lowers the tokens liquidity, which can make it far more volatile in the near term, which isn’t a problem for well-positioned BAYC holders who essentially received the tokens for free. But it could seriously hurt retail investors thinking of buying in today.” – “Rug Doctor,” founder and CEO of the startup crypto rating firm, RugDocIO
Following the coin release, BAYC’s trading volume saw a massive spike. In addition, sales volume reported nearly double the volume from the project’s numbers on the previous day. However, the market was reportedly affected by frontrunning MEV bots that began emptying the token’s liquidity pool.
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