Within the first three hours of trading, the Apecoin token has lost 80% of its value. The token is linked with the NFT collection of top digital collectible creators, BAYC. The token airdropped happened this morning following an announcement yesterday that the token would be one of the Ape DAO campaign collections.
Airdrop And Apecoin Token Price
However, vast sell-offs of the coin resulted in a massive decline in the coin’s price. The token price was $39.41 at launch time before an enormous crash to $8.92, with CoinMarketCap data displaying $6.49 as the token price. Currently, its overall evaluation stands at $2.45B, making it rank among the top 50 cryptos. Based on past experiences with previous airdrops, it is likely that this token will still drop lower in rankings.
(1/3) Airdrops: A Brief History pic.twitter.com/UWMh5dqVmt
— JUSTIN // BrainDrops: A Platform for AI-Gen Art (@justintrimble) March 17, 2022
While 10K Apecoins were airdropped for each BAYC NFT holder, 14% of the total supply was still unclaimed. The remaining supply has been assigned 46% to APE DAO treasury, 17% to Yuga Labs (the parent firm), 7% to BAYC founders, and 15% to launch contributors.
The transaction volume of NFTs belonging to BAYC surged past 6,600 ETH within the last 24 hours, indicating a 408% increase. Also, BAYC’s floor price surged past 100 ETH to nearly 107 ETH following the Apecoin launch announcement. Similarly, the floor price of MAYC surged to about 24 ETH as of this writing. The surge in MAYC’s floor price caused it to rank among the NFT collection that has made over $1B in sales.
Sales Figures Of BAYC Soar Following The Issuance Of Apecoin Tokens
According to the on-chain analytics platform, DappRadar, sales figures of NFT projects belonging to BAYC and MAYC surged significantly in the last 24 hours. However, BAYC NFTs’ sales surpassed that of MAYC. The DappRadar data suggested that BAYC’s Apecoin (APE) issuance is the primary reason for the surging sales stats.
Like other decentralized projects, the Apecoin token will be supported by Apecoin DAO and Apecoin foundation. The token’s total supply is fixed at one billion because the contract interface does not allow minting capability. Gemini crypto exchange was the first to take advantage of the momentum when it tweeted that the exchange has started supporting Apecoin deposits.
1/2 Incoming: @ApeCoin $APE is now supported for deposits and can be stored in Gemini Custody. Welcome APE!🚀
Learn more about ApeCoin on our blog👇 https://t.co/xBQV5cjGLr
— Gemini (@Gemini) March 16, 2022
Spotify Sets The Stage For A Web3 Breakout
Regardless of anyone’s perspective about NFTs, many consumers have been enchanted by them and would continue to be the most popular way that many would adopt the Web3 technology. Hence, it is no surprise that many companies are incorporating blockchain tech and NFTs into their services. Sweden-based streaming behemoth, Spotify, recently posted several job vacancies for Web3 related positions.
You’d recall that Instagram owner, Mark Zuckerberg, announced that the platform would soon have NFT features earlier in the week. Also, Limewire (a P2P file-sharing platform) recently announced a revamp of its platform to become an NFT marketplace.