ApeCoin (APE) skyrocketed by 173 percent during the first 24 hours of trading. Launched by the Yuga Labs, the creators of the most successful Bored Ape Yach Club NFT collection, APE immediately became the new cryptocurrency market darling.
Its price accordingly went through the acrobatic wild swings during the first trading day. First of all, APE made a breathtaking nosedive from $40 to $8, losing around 80% value in less than 5 minutes after BAYC native token got listed on major crypto exchanges.
No matter the fact, the demand kept strong and brought ApeCoin to the new peak of $17.75 on Friday morning, marking the 173% price change. The total APE trading volume on different platforms surpassed $7.77 billion within 24 hours, according to CoinMarketCap.
Although APE has corrected to $14.90 at the time of writing, it still is the 31st biggest crypto, with over $4.1 billion market capitalization.
The token comes with a 1 billion APE maximum supply, of which 277 million are already in circulation. As ApeCoin’s official website declares, 62% of APE supply will be dedicated to
The Bored Ape Yach Club and The Mutant Ape Yacht Club NFT holders and treasury of the ApeCoin DAO.
ApeCoin holders will be able to use their APE tokens to influence the governance of ApeCoin DAO and also to participate in the ecosystem and access exclusive games, merch, events, and services.
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