BAYC Floor Prices Touch 90 ETH As ApeCoin Token Lists Today

Key Insights:

• BAYC launched its utility and governance token ApeCoin yesterday.
• Holding APE NFT will be the only requirement for membership in the ApeCoin DAO.
• ApeCoin floor price touched 90 ETH today.

The Bored Ape Yacht Club (BAYC) NFT collection has launched its ERC-20 utility and governance token, ApeCoin. This is a step toward diversification for profile-picture projects (PFPs) to focus on culture, gaming, and commerce in the Web3 space.

The asset was created and released by the ApeCoin decentralized autonomous organization (DAO), a distinct legal entity from Yuga Labs, which has established a six-month tenured council committee led by Alexis Ohanian, Amy Wu, Maaria Bajwa, Yat Siu, and Dean Steinbeck to manage the DAO.

The ApeCoin team said that obtaining APE will be the “only requirement for membership in the ApeCoin DAO.” BAYC NFT holders, including prominent personalities like Neymar and Eminem, will get a part of the overall supply as an airdrop.

Bored Ape Yacht Club (Bayc)

Bored Ape Yacht Club is a community of 10,000 NFT Apes with distinct characteristics. Some characteristics are rare, which means collectors place a higher premium on them. As a member of BAYC, you may acquire future collections and other benefits and special access to other exclusive features.

The official Twitter account of ApeCoin announced Thursday that the members of the BAYC ecosystem would get 90 days to claim their share of 10,000 tokens beginning at 12:30 p.m. UTC on Thursday.

Token claim is now open. If you own a BAYC Ecosystem NFT, go here: https://t.co/NLOB0m4cqf Reminder: the claim period will be open for 90 days, and tokens associated with an NFT can only be claimed once.

— ApeCoin (@apecoin) March 17, 2022

Consequently, investors rushed to buy BAYC NFTs to acquire the new token. According to Opensea, the floor price of BAYC NFTs rose from 92 ETH to around 107 ETH within a day or so.

This indicates that each BAYC NFT was worth roughly around $300,000. However, the same had declined and, at the time of writing, stood at 90 ETH. 

Regardless, others have taken advantage of the market frenzy by releasing similarly named tokens, such as APECoin.dev. The project has over $1.5 million market capitalization and is selling at $0.145.

ApeCoin Ape Price Drops by 80% on Its Debut Day

The Bored Ape Yacht Club (BAYC) NFT collection’s native token, ApeCoin (APE), rose to $40 before falling to $6.4 following its listing on various crypto exchanges. The price of the ApeCoin is fluctuating between $10 and $20 presently.

On the first day of trading, APE holders suffered as the price for their coins dropped rapidly right after listing. At the time of writing, The APE coin was trading at $8.23 with a market capitalization of $2.3 billion.