ApeCoin in for Volatile Ride as Exchanges List Bored Ape Yacht Club-linked Crypto

The token plunged from $39.4 to $6.31 Thursday morning, according to Coinbase

article-image

Source: ApeCoin

share

key takeaways

  • Investors can now trade ethereum utility token ApeCoin on cryptocurrency exchanges
  • Reports emerged of scammers setting up phishing websites and Twitter accounts to mislead prospective token investors

Major cryptocurrency exchanges began listing ApeCoin (APE) Thursday — the token with performance closely tied to Bored Ape Yacht Club (BAYC).

Coinbase, FTX, Gemini and Kraken have all added APE to their platforms. 

David Ma, FTX’s head of listings, deemed the token a “high quality cryptoasset” that has garnered “great interest from the FTX community who were eager to take part in the Yuga Labs ecosystem.”

“[We] will continue to support projects that are innovative, beneficial to the crypto ecosystem and advance the adoption of blockchain technology,” Ma told Blockworks. 

Binance, Kraken and Coinbase did not immediately respond to requests for comment. 

ApeCoin is an ethereum utility token, which is governed and launched by a decentralized autonomous organization — the ApeCoin DAO. Holding a token is the only requirement for DAO membership. 

“The token will provide access to exclusive merchandise, games and events happening in the ecosystem itself,” Binance said in a statement.

APE will serve as a decentralized protocol layer for new products and services that “drive culture forward into the metaverse,” according to ApeCoin’s website. Token holders can vote on how the DAO’s funds will be used. 

Loading Tweet..

During the token drop, reports emerged of scammers setting up phishing websites and hacking verified Twitter accounts to lure investors in and drain their digital wallets.

The ApeCoin token — airdropped to BAYC NFT holders — got off to a rocky start on exchanges Thursday. The token plunged from $39.4 to $6.31, according to Coinbase. The token traded at $8.26 at time of publication.

Starting Thursday, Ape NFT (non-fungible token) holders were eligible to claim 10,000 APE tokens, 15% of ApeCoin’s total supply. 16% were allocated to Yuga Labs and 8% to BAYC founders.

“Bored Apes showcase the modern playbook of ‘NFT first, token second,’” Yury Lifshits, CEO of DAO infrastructure company Superdao, told Blockworks. “More and more DAOs and all kinds of projects will do free NFT drops first, NFT sales second and token launch third.”


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png

Research

Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.

/

article-image

Hut 8 also announced it broke ground on a Texas mining site

article-image

Uniswap aims to become a “complete platform for swapping” following its latest product releases

article-image

Continued demand for bitcoin ETFs coupled with greater demand for bitcoin from exchanges is contributing to price moves, analysts say

article-image

Morpho Blue is designed in a way where risk management is externalized, Morpho Labs’ CEO said

article-image

Snowflake, a cloud-based data warehouse solution, has partnered with Dune to make curated blockchain data available to its clients

article-image

Crypto is fast and it’s only getting faster as bitcoin threatens to retest its own highs set more than two years ago