APE Token Tied to Bored Ape Yacht Club NFTs Sinks 80% in Opening Hours
Apecoin which was airdropped to bored APE NFT owners because of a ApeDAO campaign owned by Board ape yacht club (BAYC) has dropped by almost 80 percent during the first two hours of trading on Wednesday 17th March 22.
Apecoin which is currently 49th largest coin was sold quickly by the traders, reaching from 39.40 to 6.48 at one moment after stabilizing at 8.90.Presently, the total market cap for the token is at 2.4 billion US Dollars. Ape DAO have been given 47 percent of Apecoins. Owners of APE NFT were provided with 10000 Apecoins with15 percent tokens available for supply. Out of the remaining 8 percent went to BAYC founders,16 percent to parent company YOGA Labs and launch distributors got 14 percent shares.
Floor price of Bored APE NFT went down to 79 ETH (nearly 220,000) US dollars but subsequently reversed upward to 90 ETH (almost 250,000) US dollars.
Source: Coindesk
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