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
  • 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.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.jpg

Research

Figure, founded by former SoFi CEO Mike Cagney, has emerged as a leader in onchain RWAs, with ~$17.5B publicly tokenized. The platform’s ecosystem volume is growing ~40% YoY as it expands beyond HELOCs into student loans, DSCR loans, unsecured loans, bankruptcy claims, and more. Operationally, Figure cuts average loan production cost by ~93% and compresses median funding time from ~42 days to ~10, creating a durable speed-and-cost advantage.

article-image

If the president breaks the Fed, he’ll own the budget problems

article-image

Combining Franklin Templeton’s tokenization expertise with Binance’s trading infrastructure could speed crypto adoption, companies say

article-image

The firm’s upcoming filing comes as competition heats up over the USDH stablecoin

article-image

Robinhood and Coinbase are vying for user attention with new social features that could rival Twitter

article-image

Atkins backs predictable digital asset framework through Project Crypto, marking a departure from prior enforcement tactics

by Blockworks /
article-image

Following a roundtable, the startup emerges as frontrunner, despite entries from Paxos, Ethena, and others