The crypto sphere has been welcoming and generous to a myriad of newcomers to its directory. The residents of the crypto town are now finding no bounds of joy, as the latest entrant exhibits 4-digit gains. The latest entrant, ApeCoin from the house of prominent NFT player BAYC is now the talk of the town.
Successively, investors and traders are now keen on the digital asset, following its gargantuan spike on the charts. Whilst BAYC NFT holders get to enjoy airdrops of APE. The digital token goes for grabs on leading exchanges like Binance, Coinbase, FTX, amongst others. However, the coin does face criticism coming from Billy Markus, who believes it to harm the NFT space.
What Is ApeCoin And What Is The Hype About?
ApeCoin is an ERC-20 governance and utility token, which will also represent culture, gaming, and commerce. The token aims to empower decentralized community building at the forefront of Web 3.0. Whilst the digital asset comes from the house of BAYC, it is the creation of ApeCoin DAO. Which will be in charge of the operations of the digital assets.
The ecosystem enables each token holder to vote on governance and use of the ecosystem’s monetary funds. That said, holding APE would be a prerequisite for membership in DAO. Coming to tokenomics, 62% of the total supply of the ApeCoin is allocated to the ApeCoin community. And 15% of the total supply is available for airdrop claims.
Successively, the airdrops will be made available for BAYC NFT holders. Including holders of MAYC, as well as BAKC dogs paired with BAYC or MAYC. Amidst the buzz around ApeCoin, BAYC sales volume saw a spike from $15.9 M on Wednesday to $43.5 M on Thursday.
There’s More Power To APE’s Strengths?
ApeCoin has brought impetus to NFTs from its parent company. At press time, OpenSea shows a weekly rise of over 368.83% in the volumes of BAYC. And over 329.61% weekly rise in the volumes of MAYC. On the other hand, BAKC witnesses a spike of 708.89%.
Whilst the eligible NFT holders get their own perks, other investors can bag ApeCoin through a host of leading exchanges. As ApeCoin is now available for trades on Binance, Coinbase, FTX, amongst others. Conversely, APE also finds a number of adoptions, one comes as Animoca Brands cites its plans to integrate APE in a project under development with BAYC.
However, the digital asset faces backlashes from sections in the industry. One such comes from Dogecoin co-founder Billy Markus, who thinks it can harm the NFT space. The DOGE creator cites that he thinks it hurts the NFT space to bring in tokens. As token communities he believes are generally hyper toxic and toxic, as tokens hype and crash, that makes people obnoxious.
APE Price Projections!
APE price at the time of press is changing hands at $15.94, with astonishing gains of ~15000%. Whilst the market cap hovers around $4,424,640,185, the volume of trades for around the clock is at $9,296,080,789. The digital asset’s range for 24-hours has been from the lows of $6.21 to the highs of $17.17.
Concluding, the astonishing rise of APE has brought immense optimism to the community. Who are glad to have been witnessing a remarkable rise of the digital asset, that has been a distinctive trait of the industry. That said, the possibility of a drastic fall cannot be ruled out, as the business has previously come across similar instances.