ApeCoin news propels the BAYC floor price to near-all-time highs before reversing course

Each holder of the BAYC native asset will get 10,000 ApeCoins throughout a 90-day term.

The Bored Ape Yacht Club (BAYC) has launched their ERC-20 utility and governance token ApeCoin (APE), signaling a shift away from profile-picture projects (PFPs) and toward “cultural, gaming, and commerce” inside the Web3 environment.

The ApeCoin decentralized autonomous organization (DAO) was developed and launched by Yuga Labs, who have appointed a six-month tenured council committee comprised of Alexis Ohanian, Amy Wu, Maaria Bajwa, Yat Siu, and Dean Steinbeck to oversee the DAO’s development.

ApeCoin’s official Twitter account said Thursday that participants of the BAYC ecosystem would have a 90-day window to collect their 10,000 token allocation starting March 17 at 12:30 p.m. UTC.

Numerous renowned exchanges, including Binance US, FTX, Gemini, and OKX, have already committed to list the asset and permit public trading on their platforms.

Despite this, others have benefited on the market’s frenzy by launching tokens with similar names, such as APECoin.dev. With a price of $0.145, the project has amassed a market value of nearly $1.5 million. CoinMarketCap has responded by adding a red warning tag to the page, informing users that the token is not linked with the legitimate BAYC project and should be avoided.

For an informed view on the community’s expectations for the release, we spoke with a Bored Ape owner and NFT journalist.

“There is no doubt that this airdrop will be unparalleled,” he remarked, “but historically in the area, we have seen these airdrops pump then slowly burn out as engagement dwindles.” That said, given BAYC’s momentum and their position as the number one collection in the NFT market, I believe things may be different.”

“I don’t think we will see the emotional attachment that holders have for the ape NFTs themselves, but either way this is HUGE for both ape holders and the space as a whole.”

As a result of the asset’s debut, the average price of the BAYC collection increased dramatically over the last seven days, from 76.11 ETH on March 11 with a total volume of 913ETH to 110.15 ETH with a total volume of 9.583 ETH in the hours preceding the asset’s introduction on March 17.

Parallel to this, the floor price experienced a brief surge before plummeting from roughly 108.69ETH to 78ETH at the time of writing following the ApeCoin introduction.

Additionally, the floor prices for the associated collections Mutant Ape Yacht Club and Bored Ape Kennel Club have fluctuated significantly, and are currently 15.85ETH and 5.8ETH, respectively.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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