BAYC’s ApeCoin token has Peaked at $40 after listing on FTX

ApeCoin token reached $40 when listing on FTX

After being listed on FTX, BAYC’s $APE price reached $40 before falling deeply to $8.

Users who hold BAYC NFT will be airdropped 10094 APE; users who hold MAYC will be airdropped 2042 APE. The APE’s market cap has surpassed 2 billion, meanwhile, its FDV has exceeded 8 billion, and it can already be ranked in the top 20 cryptocurrencies.

According to Nansen, Ethereum’s gas fee has been skyrocketing due to the withdrawal and transaction of ApeCoin Token, with the median soaring to 340gwei at one point.

According to Etherscan, more than 38 million ApeCoins have been claimed, meanwhile, the ApeCoin foundation announced that the total amount of airdrops is 150 million. In addition, BAYC’s floor price plummeted when the airdrop was opened. The APE tokens are now trading around $8.

The ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem. ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund. Holding ApeCoin is the only requirement for membership in the ApeCoin DAO.

The DAO is supported by APE Foundation, which facilitates decentralized and community-led governance and is designed to become more decentralized over time. It is tasked with administering the decisions of the ApeCoin DAO and is responsible for day-to-day administration, bookkeeping, project management, and other tasks that ensure the DAO community’s ideas have the support they need to become a reality.

The APE Foundation utilizes the Ecosystem Fund, which is controlled by a multi-sig wallet, to pay its expenses as directed by the ApeCoin DAO and provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.

The total supply of ApeCoin is permanently fixed at 1 billion tokens. 15% of ApeCoin supply is airdropped to BAYC MAYC holders, 47% to the treasury, 16% to the Yuga Labs + Charity, 8% to the founders of BAYC, 14% to the launch contributors. The tokens will be available to claim to start tomorrow at 8:30 am ET. The airdrop claim consisting of 15% of the total supply of ApeCoin will be made available to BAYC and MAYC NFT holders.

ApeCoin DAO’s council members include Reddit co-founder Alexis Ohanian, FTX’s Amy Wu, Sound Ventures’ Maaria Bajwa, Animoca’s Yat Siu, and Horizen Labs Dean Steinbeck.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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