If you’re a Bored Ape Yacht Club NFT holder, you may have cause to celebrate because all holders get access to the new ApeCoin DAO (APE) that launched on Wednesday, 16th March 2022.
ApeCoin in the age of Decentralization
The token launched on Wednesday the 16th, and the folks at Yuga Labs did not create it; ApeCoin DAO created it. People are commending the efforts of BAYC and Yuga Labs to let ApeCoin DAO create ApeCoin (APE) because it supports the decentralization movement on which Web3 was built around.
Although the token was “developed” by ApeCoin DAO, it bears the BAYC Skull logo. Yuga Labs plans to adopt ApeCoin as its “primary token for all new products and services.” Yuga Labs and its partners have big plans for ApeCoin, and it seems the company intends to make this coin a currency that’s relevant across its ecosystem.
The ApeCoin DAO requires members to hold the token to participate in community-based governance and voting. There are one billion ApeCoins created, and Yuga Labs will hold 9.75%. 6.25% of ApeCoins will be donated to the Jane Goodall Legacy Foundation, 8% of ApeCoins will be split among Yuga Labs founders. A further 14% will be awarded to people considered as “launch contributors, and 47% of the remaining ApeCoins will be stored in the Ape Dao Treasury.”
As a Bored Ape or Mutant Ape NFT holder, you have the right to claim your share of the ApeCoin supply. MAYC holders are eligible to claim 2,000 Ape per NFT, while BAYC holders can claim 10,000 tokens per BAYC NFT.
24 hours of turmoil for ApeCoin
Since its launch on Wednesday, ApeCoin has had one of the most unbelievable first 24 hours of any NFT token. As of Thursday, 17 March 2022, the tokens are plummeting at unbelievable rates after the cryptocurrency was airdropped to holders.
Within its first 24 hours, the value of each token peaked at $39.40. But as of the time of creating this piece, the price of each ApeCoin has plummeted to only $8. It currently has 277.5 million coins in circulation, and according to CoinMarketCap, ApeCoin’s market cap is $2.03 billion making it the 49th largest cryptocurrency within 24 hours of existence.
@apecoin shared this tweet on Tuesday, Introducing ApeCoin ($APE), a token for culture, gaming, and commerce, used to empower the decentralized community building at the forefront of web3.
What does the future hold for ApeCoin?
The first 24 hours of existence have been spectacular for ApeCoin. However, nothing out of the ordinary has happened to the cryptocurrency token. Daily, cryptocurrencies go through fluctuations, and by being a publicly controlled project, they are all subject to movements due to demand and supply.
When selling pressures become too much, holders tend to suffer. There’s still hope for the ApeCoin project. Although, as with most other things, we can only watch as the project progresses.