After a turbulent launch, Bored Ape Yacht Club’s new ApeCoin token has entered price discovery mode.
The APE token is currently trading at a fully diluted valuation of roughly $15 billion.
APE is currently outperforming its associated NFT collections.
Share this article
As the dust slowly settles on ApeCoin’s extremely volatile launch, the Bored Ape Yacht Club-affiliated token appears to be entering price discovery mode. After dropping to a low of $6.21 yesterday, APE appears to be finding temporary equilibrium around the $15 price mark.
Bored Ape Token Hits $15B Fully Diluted Valuation
ApeCoin, a new token affiliated with Bored Ape Yacht Club, is soaring following yesterday’s airdrop.
Bored Ape Yacht Club, arguably the world’s most sought-after NFT collection, launched a new token called ApeCoin Thursday. Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders could claim 10,094 and 2,042 APE tokens per each NFT they owned from the respective collections and boost their allocations if they held a Bored Ape Kennel Club NFT. At the current price of around $15 per token, yesterday’s airdrop easily ranks as one of the biggest airdrops to date, netting claimers around $151,410 per Bored Ape and $30,000 per Mutant Ape NFT.
The APE token was released by ApeCoin DAO, a newly-founded decentralized autonomous organization that says it’s separate from Yuga Labs, the company behind the popular cartoon monkey collection. It’s planning to grant token holders governance rights over the DAO and help APE gain utility as a currency across various Web3 applications and games within the Bored Ape Yacht Club ecosystem.
And while Bored Ape Yacht Club is one of the largest and fastest-growing brands in the nascent NFT space having successfully attracted the likes of Justin Bieber and Paris Hilton, the APE token’s performance so far will likely come as a shock to some given its jaw-dropping $15 billion valuation. APE currently has little to no utility and merely promises of potential integrations with many of its current and future ecosystem products, but its fully diluted valuation is already higher than that of The Sandbox, Aave, and Polygon.
Interestingly, the major airdrop doesn’t appear to have significantly boosted the floor prices of the token’s associated NFT collections. Both collections briefly surged upon the token’s announcement but quickly erased their daily gains following the actual drop. For now, it appears that market participants are more interested in “aping into” the APE token.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Audience Survey: Win A $360 Subscription To Pro BTC Trader
We’re doing this because we want to be better at picking advertisers for Cryptobriefing.com and explaining to them, “Who are our visitors? What do they care about?” Answer our questions…
Despite the Hype, Bored Ape Yacht Club’s Token Sank
Following yesterday’s ApeCoin announcement, Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders were able to claim their token allocations at 12:30 UTC today. APE plummeted once trading…
ApeCoin Drops Tomorrow
ApeCoin DAO has announced the launch of ApeCoin (APE), which will drop to current Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders tomorrow. ApeCoin Will Drop Tomorrow…
Bored Ape Yacht Club Slammed for New KYC-Restricted Project
Bored Ape Yacht Club creator Yuga Labs has faced backlash from the crypto community after sign-ups for the company’s new collaboration with Animoca Brands requires users to undergo know-your-customer verification. …