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.