Crypto-Follow logo Crypto-Follow logo
Seeking Alpha 2022-03-17 16:20:46

ApeCoin tokens crash after airdrop to Bored Ape Yacht Club NFT

ApeCoin tokens are plummeting Thursday after the cryptocurrency was airdropped to Bored Ape Yacht Club, one of the most popular non-fungible token collections. In less than a day, the virtual currency has fallen to sub $8 from a peak of $39.40 as selling pressure takes hold. ApeCoin is already ranked the 49th largest crypto with a $2.03B market cap, according to data from CoinMarketCap. It has 277.5M coins in circulating supply which is more than the maximum 21M Bitcoin's (BTC-USD) that exist. Owners of Bored Ape NFTs were each airdropped 10K ApeCoins, with 15% of the total supply being available to claim Thursday morning, CoinDesk reported. 47% of the remaining supply will be sent to the Ape DAO treasury, 16% to parent company Yuga Labs, 14% to launch contributors and 8% to the Bored Ape NFT founders. Previously, (Feb. 3) Bored Ape's Yuga Labs was in funding talks with Andreessen Horowitz.

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer