ApeCoin can be used as payment in the US
Stay up to date with the latest ApeCoin (APE) news as it happens
- 16 December 2022: ApeCoin issues phishing warning over staking system
- 6 December 2022: ApeCoin staking now live
- 24 November 2022: ApeCoin DAO marketplace launched
ApeCoin (APE) can now be used as payment in stores in the United States through Flexa which describes itself as “the fastest, most fraud-proof payment network in the world”.
From 16 December APE can be spent at 45,000 retail locations across the US.
APE is now listed in the SPEDN app, which is powered by Flexa, which makes it possible to spend certain cryptos without the need to cash out to US dollars.
As of 7:54am GMT on 20 December, APE was trading at $3.53, up by 1.76% compared to the previous day, according to CoinMarketCap.
16 December 2022: ApeCoin issues phishing warning over staking system
ApeCoin (APE) has issued a warning about scam phishing sites plaguing its staking programme, which only started on 5 December.
Horizen Labs, which developed the staking programme, and describes itself as a leader in Web 3.0 tools originally issued the warning via Twitter, and ApeCoin retweeted it.
Horizen Labs wanted to remind everyone that there is only one official link for APE staking and that is ApeStake.io.
This warning has been issued because scam phishing sites “are popping up”, the company said. Horizen Labs has advised users not to access the site via Google search, but to bookmark the original website address.
As of 8:32am GMT on 16 December, APE was trading at $4.04, up by 1.86% compared to the previous day, according to CoinMarketCap.
6 December 2022: ApeCoin staking now live
ApeCoin (APE) staking is now live at ApeStake.io, this system was developed by Horizen Labs.
Horizen Labs describes itself as a leader in Web 3.0 tools.
As of 8:00am GMT on 6 December, APE was trading at $4.11, down by 1.77% compared to the previous day, according to CoinMarketCap.
24 November 2022: ApeCoin DAO marketplace launched
The marketplace allows APE staking and non-fungible token (NFT) metadata integrations.
Snagsolutions has partnered with the ApeCoin community.
Snagsolutions said: “It’s up to us to build the future, and we’re thrilled to join you all on this journey!”
As of 8:24am GMT on 24 November, APE was trading at $3.39, up by 3.51% compared to the previous day, according to CoinMarketCap.
22 November 2022: ApeCoin looking for white-hat hackers to secure staking
ApeCoin (APE) is calling on white-hat hackers to help secure APE staking.
A white-hat hacker is an ethical security hacker. White-hat hackers aim to identify any vulnerabilities a current system has.
Llamas, which claim to be the home for decentralised autonomous organisation (DAO) contributors, is running a bug bounty programme for APE staking.
It is offering white-hat hackers the chance to earn more than $1m in pay outs if they find vulnerabilities.
As of 9:04am GMT on 22 November, APE was trading at $2.89, down by 4.66% compared to the previous day, according to CoinMarketCap.
16 November 2022: ApeCoin Foundation held no assets on FTX
ApeCoin describes its foundation as the “steward of ApeCoin”.
The foundation said it “did not and does not hold any assets on FTX”. It does, however, have its treasury held in “segregated custody accounts via Coinbase Custody”.
Coinbase is the largest cryptocurrency exchange in the United States.
As of 7:57am GMT on 16 November, APE was trading at $3.04, up by 3.11% compared to the previous day, according to CoinMarketCap.
19 October 2022: Bored Ape Yacht Club meet-up being held in San Francisco
A Bored Ape Yacht Club (BAYC) member is hosting a meet up in the San Francisco Bay Area.
Chris, AKA Crypto Logically, the BAYC member, is hosting a BAYC meet up at Sunset Squares Pizza on 22 October.
Chris told the Bored Ape Gazette, a news site “that covers all things Ape”, that there will be free giveaways, raffles and pizza. He said: “We’ll be having a special guest chef and making a Bored Ape-themed pizza, free for those early arrivals.”
ApeCoin is used to fund the Bored Ape Gazette.
6 September 2022: ApeCoin staking website ‘sneak peek’ released
Horizen Labs, which is developing a staking system for ApeCoin (APE) released a “sneak peek” video of what it will look like.
The company, which describes itself as a leader in Web 3.0 tools, has set up a website called ApeStake.io, where, it says, you can “stake your $APE and earn rewards.”
26 August 2022: Eminem and Snoop Dogg to perform Bored Ape theme track at MTV VMAs
The two global rap icons Eminem and Snoop Dogg will perform at the MTV Video Music Awards (VMAs) their song, From The D 2 The LBC, which featured the two rappers turning into their Bored Ape Yacht Club (BAYC) avatars in its music video.
The ceremony will be held at the Prudential Center in Newark, New Jersey, on Sunday 28 August.
The two rappers, whose real names are Marshall Mathers and Calvin Cordozar Broadus Jr, have also received a VMA Best Hip-Hop nomination for the song.
The upcoming performance has been described by Eminem’s website as the “first of its kind” from “inside the world of the Otherside metaverse in partnership with Yuga Labs.”
The Otherside is a collaboration between Yuga Labs’, creator of BAYC non-fungible tokens (NFTs), and Animoca Brands, a Hong Kong-based game software company and venture capital company.
MTV has also partnered with Yuga Labs “to help bring the performance to life”.
Despite the song receiving further attention due to the announcement, it has not led to an increase in the price of ApeCoin (APE), as it was trading down by 4.35% for the past 24 hours to $5.16 as of 26 August 2022, according to CoinMarketCap.
When the two rappers first released the song, and it received a VMA Best Hip-Hop nomination, APE increased in value.
25 August 2022: Bored Ape design on boxes of M&M’s pushes ApeCoin higher
KINGSHIP, the supergroup of Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) created by 10:22PM, Universal Music Group’s next-gen Web 3.0 label, has collaborated with the confectionary brand M&M’S to create collectable boxes of confectionery with Bored Ape designs placed on them.
The M&M’s brand is owned by Mars Wrigley, the American multinational manufacturer of confectionery behind Mars bars and Milky Way bars.
The M&M boxes and chocolates with Bored Ape designs on them were only available for a limited time only as only 4,000 were released on 24 August. The chocolates have already sold out.
KINGSHIP Key Cards NFT owners were the first to know about this collaboration and were given an early opportunity to purchase one of the products on mms.com.
Jane Hwang, global vice-president at Mars Wrigley, said: “Consumers’ expectations for what they want from their favourite brands has shifted, and at Mars, we know we need to be more innovative than ever with such a culturally famous brand like M&M’S. We're excited to continue our Mars foray into the metaverse through this partnership with 10:22PM and KINGSHIP, as a way to engage our fans in a new and exciting space.”
23 August 2022: BitPay supports ApeCoin
This means BitPay users can now store, swap and spend ApeCoin in the BitPay Wallet, as well as spend the crypto instantly via the BitPay Card.
8 August 2022: TAG Heuer watches can now be bought with ApeCoin
There are two ways in which customers can use ApeCoin to buy TAG Heuer watches. One is paying directly from your crypto wallet on the TAG Heuer online boutique.
However, this function is only available in the United States.
3 August 2022: Gucci accepts ApeCoin payments
Gucci, the Italian high-end luxury fashion house, has become the first major brand to accept ApeCoin as payment.
Gucci said the move was “yet another step in the house’s exploration of Web 3.0”.
In May 2022, Gucci announced a pilot project where certain stores would accept cryptos as payment. These included BTC, Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC), Dogecoin (DOGE) and five stablecoins pegged to the US dollar. Gucci said it plans to extend this pilot service to all its North American stores by the end of the summer.
29 July 2022: ApeCoin used to fund Bored Ape Gazette news site
ApeCoin will be used to fund the Bored Ape Gazette, a news site “that covers all things Ape”.
The ApeCoin community voted to pass proposal AIP-70, which means a portion of the ApeCoin ecosystem fund will be used to improve the news site.
The cost of updating and operating the news site is predicted to be $150,000 (£124,098) for the first year.
The ApeCoin Foundation will start to work on implementing the proposal in line with the governance protocols of the decentralised autonomous organisation (DAO). The improved news site will include an ApeCoin price chart, an APE calendar and a DAO tracker.
28 July 2022: Eminem and Snoop Dogg’s VMA nomination leads to ApeCoin boost
ApeCoin has risen in price as Eminem’s and Snoop Dogg’s song From The D 2 The LBC received a Video Music Award (VMA) Best Hip-Hop nominee.
The two rappers, whose real names are Marshall Mathers and Calvin Cordozar Broadus Jr, transformed into their Bored Ape avatars in the music video while performing the song.
According to CoinMarketCap, ApeCoin was up on the morning of 28 July by 15.15%.
The Bored Ape Yacht Club (BAYC) has asked its Twitter followers to cast a vote for the song to win Best Hip-hop nominee.
27 July 2022: Law firm seeks to sue Yuga Labs over price of NFTs and ApeCoin
A proposed class-action lawsuit is being put together by the international law firm Scott & Scott against Yuga Labs for the alleged “inflated price” of its Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs) and ApeCoin.
The law firm is accusing Yuga Labs of using celebrity promotions to allegedly “inflate” the price of its NFTs and token to “unsuspecting investors”.
Scott & Scott said: “Once it was revealed that the touted growth was entirely dependent on continued promotion (as opposed to actual utility or underlying technology), retail investors were left with tokens that had lost over 87% from the inflated price high on 28 April 2022.”
The law firm is encouraging investors who “suffered losses in association with the purchase of Yuga Labs tokens or NFTs” between April and June to contact Scott & Scott to learn more about what the firm says are their legal rights.
25 July 2022: ApeCoin to develop a staking system
The ApeCoin Foundation has given a grant to Horizen Labs to develop a staking system for the crypto.
ApeCoin said that work is “well under way in line with AIPs 21 and 22”. AIPs 21 and 22 were two proposals passed by the ApeCoin community that requested the foundation provide a staking system.
Horizen Labs, which describeds itself as a leader in Web 3.0 tools, said it would “build out the most Ape-worthy staking protocol on the planet.”
It has been estimated the staking system will be built in a 12 to 16-week timeframe.
20 July 2022: ApeCoin rises after unveiling of Otherside metaverse demo
ApeCoin has enjoyed a rise in price after the Bored Ape Yacht Club (BAYC) unveiled a demo release of its Otherside metaverse.
According to CoinMarketCap ApeCoin is up by 9.67% to $6.29 after the Otherside demo.
Otherside invited 4,300 “voyagers” to take part in a first-look tech demo.
The Otherside ecosystem uses ApeCoin.
30 June 2022: ApeCoin showcases what Larry David would look like as a Bored Ape
ApeCoin has revealed what Larry David would look like as a Bored Ape via Twitter.
Jonathan Nash, an artist who creates NFTs, displayed a Bored Ape avatar that mimics David’s mannerisms.
The scene that Nash used is from the US TV sitcom Curb Your Enthusiasm, created by David who also co-created the 1990s sitcom Seinfeld.
ApeCoin retweeted Nash’s David Bored Ape with the comment: “Prettayyy, prettayyy cool” – aping David’s catchphrase from Curb Your Enthusiasm “prett-ay, prett-ay good”.
29 June 2022: ApeCoin call Eminem and Snoop Dogg the GOAT
It comes after the two rappers released their song From The D 2 The LBC and transformed into their Bored Ape avatars in the song’s music video.
Since its release on YouTube, the music video now has been watched more than 12 million times.
27 June 2022: Eminem and Snoop Dogg’s music video boosts ApeCoin
ApeCoin has enjoyed a rise in value following the release of Eminem’s and Snoop Dogg’s song From The D 2 The LBC.
The boost came after the two rappers in the music video for the song transformed into their Bored Ape avatars.
The music video has already attracted 8.5 million views on YouTube despite only being released on 24 June.
Over the weekend ApeCoin was up by 12%, according to CoinMarketCap.
22 June 2022: Iconic Funds launches ApeCoin ETP
Global crypto asset management firm Iconic Funds has announced the listing of the world’s first exchange-traded product (ETP) backed by ApeCoin – the Iconic Physical ApeCoin ETP.
The ETP, which has a total expense ratio (TER) of 1.49%, provides investors with exposure to ApeCoin. It finished its last trading session up by roughly 25% at €4.24.
The Iconic Physical ApeCoin ETP tracks the spot price of ApeCoin via the CMBI ApeCoin Index, which is provided by Coin Metrics Bletchley Indexes.
The ETP is 100% collateralised by coins held in an institutional-grade custody solution with Coinbase Custody, while the American custodian State Street Bank will serve as the ApeCoin ETP administrator.
Michael Geister, head of crypto ETPs at Iconic, said: “The Iconic Physical ApeCoin ETP will provide exposure to the ecosystem built around the Bored and Mutant Ape Yacht Club [non-fungible tokens] NFTs developed by Yuga Labs.
“BAYC (Bored Ape Yacht Club) is one of the most valuable NFT collections available, made famous by stars like Make Cuban or Serena Williams. Through ApeCoin investors have access to the growing NFT market.”
The new listing – which began trading on the Stuttgart stock exchange on 15 June – complements Iconic’s offering of crypto exchange-traded products, mainly covering Bitcoin (BTC) and Ether (ETH).
After having touched a record low in the past seven days at around $3.10, according to CoinMarketCap, ApeCoin (APE) has rebounded and is changing hands at $4.80 – up 17% over the past 24 hours.
Values are correct as of 08:45 BST (UTC +1).
9 June 2022: ApeCoin DAO votes to remain on Ethereum chain by narrow majority
The ApeCoin (APE) DAO voted by a narrow majority to keep the ApeCoin within the Ethereum ecosystem, with some whales in favour of leaving the blockchain.
After a six-day voting period, the final results showed that 53% of participants wanted the APE token, governing the Bored Ape Yacht Club (BAYC) NFT ecosystem, to remain on the Ethereum chain.
However, the decision, voted on by 801 members, accounting for around 7.1 million APE tokens in total, is not definitive, as members of the community have up to three months to submit a counter-proposal.
The motion was originally proposed to the DAO as Yuga Labs, creators of the BAYC NFT ecosystem, hinted at migrating to other blockchains after disruptions and gas fees issues hit the community on the launch of the in-house metaverse lands, called ‘the Otherdeeds’.
According to CoinMarketCap, ApeCoin (APE), the governance token of the BAYC ecosystem, was changing hands on the morning of 9 June at $5.80, down 2.4% over the previous 24 hours. APE’s market cap was $1.6bn, while the trading volume was $194m, lower by 23% over the previous 24 hours.
Values were correct as of 08:15 BST (UTC +1).
8 June 2022: Sales hit ApeCoin as whales vote to leave Ethereum
The future of ApeCoin (APE) hangs in the balance, as the Ape DAO may vote to migrate from the Ethereum blockchain, with whales starting voting for “leave” in the few hoursremaining before the ballot ends.
A few hours away from the closing date, the “remain” side is still prevailing but with 54% of the preferences, which could not be enough as whales seem to be voting against the proposal to keep the BAYC ecosystem on Buterin’s chain.
The vote came as the creator of the Bored Ape Yacht Club (BAYC) ecosystem, Yuga Labs, started hinting at leaving the Ethereum blockchain after the launch of its metaverse, the Otherside, as users witnessed disruptions and gas fees issues.
However, signers of the proposal claimed that “migrating to a different chain may be costly, risky, and complex, and result in losses.”
According to CoinMarketCap, ApeCoin (APE) is changing hands at $5.95, down by 1.3% over the past 24 hours and 11.8% down over the past seven days. APE’s market cap was $1.7bn, while trading volume was $251.9m, down 4% over the previous 24 hours.
Values are correct as of 09:15 BST (UTC+1).
7 June 2022: ApeCoin down 6% as DAO may opt to remain on the Ethereum chain
ApeCoin (APE) has more than halved in value to around $6 over the past 30 days as the Ape DAO approaches the final decision on which blockchain would power the Bored Ape Yacht Club (BAYC) ecosystem created by Yuga Labs.
Two days away from the closing date, the community seems set to vote to remain on the Ethereum blockchain, with the “leave” amounting to less than a third of the preferences. However, some whales have not voted yet, leaving the result uncertain.
The proposal came as the “Otherside” – Yuga Labs’ metaverse – witnessed gas fees issues and disruptions on the occasion of the debut sale of “Otherdeed” land plots, with Yuga Labs beginning to explore the possibility of abandoning the Ethereum blockchain.
However, some in the DAO observed that migrating to a different chain could be “costly, risky, and complex, with the possibility of resulting losses.”
According to CoinMarketCap, ApeCoin (APE) is trading down by 5.9% over the past 24 hours at $6.02. APE market cap was $1.7bn while trading volume was $261.3m, higher by 33% over the past 24 hours.
Values are correct as of 08:45 BST (UTC+1).
1 June 2022: ApeCoin down 60% in 30 days as DAO divides on merchandising
The Ape Coin (APE) was down 60% over the past 30 days as the crypto turmoil took a heavy toll on the coin-regulating Yuga Labs’ metaverse and the Bored Ape Yacht Club (BAYC) ecosystem.
The drastic drop to $6.65 for the Ape Coin came as the Ape DAO divided on the next “ApeFest ’22”, with large Ape holders seeing the opposition of all minor traders.
A few hours away from the closing of the vote, small investors are voting against the developers’ proposal to build a unique design for brand merchandising.
Moreover, on the NFT market, which slowed down over the past month, the BAYC NFT collection saw its floor price dropping by around 40% to $187,800 over the same period, in line with other top NFT series.
According to CoinMarketCap, ApeCoin (APE) is trading down by 2.2% over the past 24 hours and 60.7% lower over the past 30 days. APE’s market cap was $1.9bn, while trading volume was, at around $457.6m, lower by 26% over the past 24 hours.
Values are correct as of 08:00 BST (UTC+1).
12 May 2022: ApeCoin under the $10 level as the NFT market is bleeding
The price of ApeCoin (APE) has dropped to the $8 level from the $26 high witnessed in late April 2022 as the largest NFT collections by market cap are seeing their floor price plummeting.
Over the past seven days, Yuga Labs’ Bored Ape Yacht Club (BAYC) NFTs’ floor price in ETH fell by 25% to ETH88 (roughly $178,000), according to Niftyprice data, while over the same period the Azuki NFT floor price plummeted by 69% to ETH8.68 (about $16,500).
“The largest NFT collections by market cap are bleeding; well-established collections down over 20% in ETH terms and even more in USD terms,” tweeted Delphi Digital analysts.
According to Delphi Digital, the slump in the Azuki collection came after its founder “admitted that he was previously involved with three projects – Cryptophunks, Tendies and Cryptozunks – which their founding teams have since abandoned”.
APE – the coin powering Yuga Labs’ metaverse and the Bored Ape ecosystem – is changing hands at $8.07, up 22.4% in the past 24 hours, but down 42% over the past seven days. The APE market cap was $2.2bn, while trading volume was at $2bn, up by 14% over the past 24 hours, according to CoinMarketCap.
Prices are correct as of 16:30 BST (UTC +1).
6 May 2022: ApeCoin down 40% in 7 days as Otherside lands’ price drops
ApeCoin (APE) is down by 40% in the last seven days after a price drop in non-fungible token (NFT) metaverse land sold as part of the Bored Ape Yacht Club’s metaverse, The Otherside.
The rush to buy Otherdeeds – the NFTs representing Otherside land parcels – caused transaction fees on Ethereum to skyrocket. Now, it seems, investors may be operating at a loss in the secondary market.
As DappRadar reported: “Users paid around $6,000 (305 ApeCoin) for each land parcel, plus another $6,000 in gas fees during peak hours, amounting to a total cost of roughly ETH4.24 on the minting day”. Since then, Otherdeeds have been changing hands for ETH3.59, “which means investors who bought those NFTs at the gas peak are actually losing money,” added DappRadar.
APE – the governance and utility token of the APE ecosystem inspired by Yuga Labs’s Bored Ape Yacht Club NFT series – was trading down by 7.3% at $13.39 and down 40% over the last seven days, according to CoinMarketCap earlier today. APE market cap was $3.8bn while trading volume was at $1.8bn, down 9.5% in the last 24 hours.
3 May 2022: Yuga Labs’s metaverse land sale hits Ethereum blockchain
Ethereum gas fees reached an average of $474 per transaction on 1 May as Yuga Labs completed a $600m sale of 95,000 metaverse lands for around $6,000 each, according to a DappRadar analysis.
Otherside land non-fungible tokens (NFTs) – which allow Bored Ape Yacht Club members access to the play-to-earn game launched recently by Yuga Labs – witnessed a peak in their floor price at ETH6 from ETH2 immediately after the sale. However, there was also a price correction to around ETH4 in the last few hours as some buyers were put off by the high gas fees.
Yuga Labs apologised for disrupting the Ethereum blockchain in a tweet. “We're sorry for turning off the lights on Ethereum for a while,” it said. “It seems abundantly clear that ApeCoin will need to migrate to its own chain in order to properly scale. We'd like to encourage the DAO to start thinking in this direction.”
Meanwhile, on the crypto market, ApeCoin (APE), the governance and utility token used in the Ape ecosystem and the only currency accepted for land purchases, dropped from a high of almost $25 on 30 April to $15.33 at the time of writing.
According to CoinMarketCap, APE was trading down 2.9% at $15.33 with a market cap of $4.3bn and a trading volume of $1.9bn, which fell by 21.8% in the last 24 hours.
29 April 2022: Yuga Labs ditches metaverse land auction for flat-rate sale
The developers behind Bored Ape Yacht Club (BAYC) non-fungible token (NFT) project, Yuga Labs, has cancelled its plan of auctioning off land in the BAYC-themed metaverse, The Otherside.
The network said instead of an auction there will be a $374m sale of 55,000 deeds for a flat rate of APE305 ($6,800). The Otherside, the new metaverse venture announced by the Yuga Labs team for BAYC NFT holders, launches tomorrow, Saturday 30 April.
“Dutch auctions are actually bullshit, so Otherdeeds will be sold for a flat price of 305 ApeCoin,” tweeted the BAYC developers’ team, Yuga Labs.
As reported by the Bored Ape Gazette, in total, the mint will take around APE16.7m out of circulation, which will be locked for one year. ApeCoin (APE) is the governance and utility token used within the APE ecosystem.
At the time of writing, APE was trading at $21.79, up by 5.3% in the last 24 hours and 53% higher over the last seven days. The APE market cap was at $6.2bn while the trading volume was $7.5bn, up a whopping 288% in the last 24 hours, according to CoinMarketCap data.
26 April 2022: BAYC users lose $2.8m after Bored Ape Instagram account hack
The official Bored Ape Yacht Club (BAYC) Instagram account has been hacked, with users thought to have lost around 100 valuable non-fungible tokens (NFTs) – estimated to be worth about $2.8m.
As the BAYC network explained in a Twitter.com post, the hacker posted a fraudulent link to a copycat of the BAYC website with a fake airdrop, where users were prompted to sign a ‘safeTransferFrom’ transaction. This transferred their assets to the scammer’s wallet.
The attacker exploited the fake announcement for the launch of The Otherside – the new metaverse venture from the BAYC network starting officially on 30 April, which BAYC developers had announced today.
The Otherside is a play-to-earn game for BAYC members created in partnership with Asian metaverse giant firm Animoca Brands.
At the time of writing on 26 April 2022, Ape Coin (APE) is changing hands at $18.12 up by 4%, according to CoinMarketCap, with a market cap of $5.1bn and trading volume of $2.2bn, which is 20% higher in the last 24 hours
4 April 2022: Ape Coin down 15% in seven days as scammers hit Yuga Labs network
Scammers are again targeting the Yuga Labs network as a hacker managed to steal a Mutant Ape Yacht Club (MAYC) from the iconic collection, while several bad actors have been reportedly trying to attack the Bored Ape Yacht Club (BAYC) Discord community.
The incident prompted an alert from the Yuga Labs network on Twitter: “STAY SAFE. Do not mint anything from any Discord right now. A webhook in our Discord was briefly compromised. We caught it immediately but please know: we are not doing any April Fools stealth mints/airdrops etc. Other Discords are also being attacked right now.”
Meanwhile, Yuga Labs’ Ape Coin (APE) witnessed sales on the crypto market. At the time of writing, APE is changing hands at $11.92, lower by 5.7% in the last 24 hours and 15% in the last seven days. APE trading volume was $11.9bn, lower by 5.7% in the last 24 hours, while APE market cap was standing at $3.3bn.
The Yuga Labs NFT dominance
Despite the incident, Yuga Labs NFTs still dominate the NFT market. The network improved its position as it acquired the Meebit and Crypto Punks NFTs’ IP rights from creators Larva Labs in early March 2022.
According to DappRadar, the inclusion of the two collections into the Yuga Labs fold elevated the estimated market cap of the brand’s NFTs to $8.1bn, representing 42.6% of the $19.1bn market cap of Ethereum’s top 100 NFT collections.
The analytic firm estimated the four NFT collections in the BAYC ecosystem to be worth around $5.5bn and account for 29% of the floor market cap of the Top 100 Ethereum NFT collections.
18 March 2022: ApeCoin goes bananas after launch as BAYC NFT sales surge
ApeCoin (APE) has been on a rollercoaster ride since its launch – with Bored Ape Yacht Club non-fungible tokens (NFTs) witnessing a 16-fold increase in trading volume of more than $46m in the past 24 hours.
After the token hit the market yesterday, it has since recorded an $8.4bn trading volume (at the time of writing), with the price increasing by 1,400% in the past 24 hours, while APE’s market cap has been standing at around $4.2m.
APE is currently changing hands at around $15. However, it launched at $20.40, but witnessed an initial crash as the ApeCoin decentralised autonomous organisation (DAO) distributed tokens to NFT ‘hodlers’ – representing a sell-off for the crypto market.
The ERC-20 governance and utility token, which was made to empower the decentralised community, was adopted by the Bored Ape Yacht Club (BAYC) ecosystem, created by Yuga Labs, as the primary token for new products and services, including play-to-earn games. The DAO has estimated that the overall set-up costs for the network will be more than $3m.
The APE distribution
According to the ApeCoin DAO, the total supply of APE is capped at one billion, with the DAO initially launching just more than 277 million tokens on the market. The DAO will keep some coins locked for the first three years of activity.
By the end of the three years, 62% of the total supply will be in circulation, while 30% – of which 6.5% will go to charity – will be divided between Yuga Labs and the main contributors who helped with the coin’s issue and could so remain locked. Finally, 8% of the total supply will go to the four Yuga Labs founders.
The DAO has planned huge rewards for BAYC and Mutant Ape Yacht Club (MAYC) NFT holders – with the former receiving 10,094 APE per NFT or NFT pair while the latter will receive 2,042 APE. A little under 900 APE will go to owners of Kennel Club NFTs. The initial accreditation process, which will last 90 days, determined the initial crash of the coin to around $6.40.
Consequently, Yuga Labs’ NFTs are topping the sales on the secondary market with BAYC witnessing a $46m volume in the last 24 hours, while Mutant Ape Yacht Club NFTs have recorded a $33m sales volume following a seven-fold increase in the past 24 hours, with Bored Ape Kennel Club NFT following a similar pattern.
The future of the ApeCoin
While the coin caught the attention of all crypto investors after its launch, the DAO has been filing trademarks to protect the brand, suggesting the coin could be then used to buy Yuga Labs gadgets and merchandising or to buy a meal in BAYC restaurant. The trademark, registered recently, includes also jewellery, toys and spirits.
As for the price, is still too early to determine where APE is going. However, the recent history of token launches shows that most of the time after the initial race to the new coin, profit-taking sales starts prevailing, prompting a second bullish and bearish cycle before the price stabilises.
“So what does this pattern show us? It shows us that in the first days we see a lot of buying momentum, after that we most of the times see a first sell-off with a rebound,” explained Twitter user MoonCat2878, adding: “After that so far every project has been slowly bleeding lower and lower, and interest faded.”
MoonCat2878 went to say that BAYC owners “are emotionally attached to their BAYC, but I don’t think they will be emotionally attached to their APE tokens and it will be easier to sell, take profits and secure some life savings in the space or re-invest to diversify”.
With additional reporting by Raffaele Redi.