APE Token Tied to Bored Ape Yacht Club NFTs Sinks 80% in Opening Hours

The ApeCoin token airdropped to Bored Ape NFT owners is off to a rough start, falling from $39.40 to as low as $6.48.

AccessTimeIconMar 17, 2022 at 3:31 p.m. UTC
Updated May 11, 2023 at 4:58 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

ApeCoin, the token linked to the popular Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, is down about 80% in its first two hours of trading.

The token was airdropped to Bored Ape NFT owners this morning after being announced yesterday as a part of a larger ApeDAO campaign, but holders quickly selling the coin have sent its price plummeting.

The token has fallen from its highest price of $39.40 to a now stable $8.90, trading for as low as $6.48, according to CoinMarketCap. The total market cap for the token now sits at a whopping $2.4 billion, making it currently the 49th-largest coin.

If earlier airdrops are any indication, however, that ranking isn’t likely to stick.

Owners of Bored Ape NFTs were airdropped 10,000 ApeCoins a piece, with 15% of the total supply being available to claim this morning.

Of the remaining supply, 47% will be sent to the Ape DAO treasury, 16% to parent company Yuga Labs, 8% to the BAYC founders and 14% to launch contributors.

The floor price for a Bored Ape NFT briefly fell to 79 ETH (roughly $220,000) following the airdrop but has since rebounded to 90 ETH (roughly $250,000).

More from CoinDesk on Bored Ape Yacht Club and NFTs:

  • The startup is seeking a valuation of as much as $5 billion in the proposed funding round.
  • With Bored Apes and CryptoPunks under the same corporate roof, the NFT market barrels toward further centralization.
  • In the world of digital art, one of the few constants is the “fear of missing out” on the next major project. But is there a right time to buy an NFT to increase your chance of making a profit?

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eli Tan

Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.