Bored Ape Yacht Club NFT drops in value despite much fanfare

ApeCoin, the token associated with the Bored Ape Yacht Club (BAYC) NFT collection, has had a preliminary launch. The token, which was streamed to Bored Ape NFT holders, saw its price drop from a high of $39.40 (about Rs 3,000) to a 24-hour low of $6.21 (approximately Rs 3,000) 473 Rs). Despite the popularity of Bored Ape Yacht Club, a unique 10,000 NFT collection on the Ethereum blockchain, the price of ApeCoin has plummeted. However, at the time of writing, the price of the BAYC project token has recovered to around $16 (about Rs 1,220).

Tokens Bored Ape and Mutant Ape Yacht Club NFT holders can claim for free, initially peaking at $39.40 (about Rs 3,000) per token under data from CoinMarketCap. However, it quickly sank and has been hovering below the $20 mark (about Rs 1,525) since early Friday.

However, not all data sources agree that there is such a large number – and a large drop to match. CoinGecko, for example, Shows all-time high of just $10.36 (about Rs 790) for ApeCoin. In any case, the data sources are now more closely linked, with CoinGecko and CoinMarketCap both showing a current price around $16 for the token.

Colin Wu, a Chinese journalist, reported that ApeCoin withdrawals and transactions caused a spike in gas fees on the Ethereum network. The average transaction fee on the Ethereum network reached 340 Gwei, the smallest unit of Ether at a time, skyrocketing according to activity in ApeCoin.

ApeCoin will initially be used as an in-game token for Yuga Labs titles starting with the action-adventure mobile game Benji Bananas. In the future, ApeCoin sales will be used to fund digital and physical projects. Each token awards a unique vote allowing individual holders to have a say on future projects.

According to Yuga Labs’ website exclusively for ApeCoin, only 1 billion ApeCoin will be minted forever and 9.75% will be held by Yuga Labs, 14% will go to launch contributors, 8% to Yuga Labs founders, and 6.25 percent will be donated to the Jane Goodall Legacy Foundation, which preserves chimpanzee habitat and inspires young people to care about wildlife and the planet.

Meanwhile, Chennai-based crypto platform Giottus has become the first Indian exchange to list ApeCoin, along with Binance, FTX, Coinbase, KuCoin and OKX, among global exchanges. other, to list new utility and governance tokens for the APE ecosystem.

According to CoinMarketcap data, complete dilution Market capitalization of ApeCoin has exceeded $15 billion (approximately Rs 11,41,200 crore), placing it in the top 35 cryptocurrencies in terms of market capitalization ratings.