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.