ApeCoin’s Value Rises After Airdrop Before Falling Rapidly

AppCoin, a token tied to the popular Bored Ape Yacht Club (BAYC) NFT collection, had a rough start. The token, which was circulated to bored app NFT owners, saw its price fall from a high of $39.40 (approximately Rs.3,000) to a 24-hour low of $6.21 (approximately Rs.473). Despite the popularity of Bored App Yacht Club, a collection of 10,000 unique NFTs on the Ethereum blockchain, the price of Apcoin fell. However, at the time of this writing, the price of the BAYC project token is around $16 (approximately Rs 1,220).

token, which bored monkey And Mutant Ape Yacht Club NFT holders can claim for free, initially peaking at $39.40 (about Rs 3,000) per token. statistics From CoinMarketCap. However, it sank sharply and is hovering below the $20 mark (approximately Rs 1,525) since early Friday.

However, not every data source agrees that there was such a huge top – and heavy fall – to match. For example, CoinGecko, shows All-time high of just $10.36 (approx Rs. 790) for ApeCoin. In any case, the data sources are now more closely aligned, with both CoinGecko and CoinMarketCap showing current prices of around $16 for the coin.

Colin Wu, a Chinese journalist, pointed out that the withdrawals and transactions of Apecoin increased gas fees on the Ethereum network. The average transaction fee on the Ethereum network was 340 Gwei, at one time skyrocketing in response to activity in the smallest unit of ether, ApkCoin.

Apcoin will initially be used as an in-game token for Era Labs titles, starting with the action-adventure mobile game Benji Bananas. Going forward, the sale of Apcoin will be used to finance various digital and physical projects. Each token provides a single vote allowing individual holders to have their say on future ventures.

According to Yug Labs Website Dedicated to ApeCoin, only 1 billion ApeCoins will be minted forever, and 9.75 percent will be held by Era Labs, 14 percent will go to launch contributors, 8 percent to launch. Yug Labs founders, and 6.25 percent will be donated to the Jane Goodall Legacy Foundation, which aims to preserve chimpanzee habitats and inspire young people to care about wildlife and the planet.

Meanwhile, Chennai-based crypto platform Giottus became the first Indian exchange to list ApeCoin, joining the likes of Binance, FTX, Coinbase, KuCoin and OKX among other global exchanges to list the new governance and utility token for the APE ecosystem. joined in.

Fully diluted, according to CoinMarketcap data Market capitalization ApeCoin’s numbers have already crossed $15 billion (approximately Rs 11,41,200 crore), placing it among the top 35 cryptocurrencies in terms of market cap ranking.