Metaverse Coin ApeCoin Loses Value In 30 Minutes

Lutfi

Metaverse Coin ApeCoin Loses Value In 30 Minutes
Metaverse Coin ApeCoin Loses Value In 30 Minutes

Rancakmedia.com – In an effort to create a community around the Bored Ape Yach Club NFT collection, Yuga Labs has introduced Metaverse Coin ApeCoin as its newest cryptocurrency.

After several stories were published in major media such as The Verge and Tech Crunch advertising the token's introduction, ApeCoin lost more than half of its value within 30 minutes of being listed on CoinMarketCap. Let's take a look at ApeCoin and find out why its price has dropped drastically?

What is Metaverse Coin ApeCoin

When it comes to Web3, ApeCoin bills itself as the token for Web3. To manage the APE Foundation, the main purpose of this Metaverse crypto coin is to be useful. The future of the Bored Ape Yacht Club project is being shaped through community-based governance made possible by the Foundation.

Using the DAO, Apecoin holders will be able to have a say in everything from the distribution of the project's Ecosystem Funds to collaboration and governance rules. ApeCoin DAO membership is open to all ApeCoin holders.

Additionally, the APE Foundation offers a special board, called the DAO “board,” whose job is to propose ideas and help the community. The initial board serves for six months, after which DAO members will vote annually on new board members.

ApeCoin is an ERC-20 token that operates on the Ethereum network. It has a circulating supply of one billion tokens, and that number will never increase. A portion of the tokens is frozen at launch, while another portion will be awarded to BAYC and MAYC NFT holders.

Depending on the NFT you own, users can earn up to 10.094 tokens and claim them starting March 17 at 8:30 ET.

The reason is that Metaverse Coin ApeCoin is down

ApeCoin started on CoinMarketCap at $20, after 30 minutes the price fell below $10 with a 24-hour trading volume of $570 million. At a fully diluted valuation of $9 billion, ApeCoin is still worth an impressive $2,5 billion, despite the recent price drop.

It is clear that the current price crash is caused by NFT holders claiming their ApeCoin tokens and immediately dumping them on the market. After all, 10.094 tokens at $10 = about $100k in free money that the NFT holder just got.

While the base price of the Bored Ape Yacht Club NFT is currently at 88.88ETH (around $248k), $100k is still a lot of money to pay for free by dumping ApeCoin on an exchange.

Additionally, the token was just introduced on Binance, and since Binance is where most of the trading activity comes from, we may see more sell-offs in the near future.

While the launch of ApeCoin is great news for BAYC NFT holders, as it implies their NFTs will definitely increase in value as the APE Foundation creates more utility around them for someone outside the Bored Ape Yacht Club circle, investing now is extremely dangerous.

As token prices continue to fall, claims to see an increase in the number of NFT holders selling their tokens on exchanges.

Conclusion

ApeCoin is an ERC-20 token that operates on the Ethereum network. It has a circulating supply of one billion tokens, and that number will never increase.

The future of the Bored Ape Yacht Club project is being shaped through community-based governance. ApeCoin started on CoinMarketCap at $20.

After 30 minutes the price fell below $10. The token was just introduced on Binance, and since Binance is where most of the trading activity comes from, we may see more sell-off.

Also Read

Share:

Lutfi

Hi, let me introduce myself, Lutfi Hulasoh, I am a writer and techno blogger. I started creating a personal blog writing informative articles about the latest trends and developments in technology. My writing covers a wide range of topics, from mobile applications to artificial intelligence, and I can also provide easy-to-understand explanations to help readers understand complex concepts.