Earlier this week, the creators of the Bored Ape Yacht Club ($BAYC.NFT) launched ApeCoin, an Ethereum token representing ownership in the ApeCoin DAO. The token – and ownership in the DAO – will allow holders to participate in governance, receive rewards, and make proposals.
As part of that launch, Bored Ape Yacht Club or Mutant Ape Yacht Club NFT holders were offered 15% of the $APE.X tokens in an airdrop. That airdrop made many Yacht Club members even more wealthy than they already were – and many of them took the opportunity to take profits.
It helped that CEXes such as Coinbase, FTX, Binance, and Gemini jumped at the opportunity to list the asset. However, the downward pressure sent $APE.X’s price collapsing over 80% in its first day of trading – falling from over $20 to a low of $6.48.
In retrospect, it was probably inevitable that people would come back – $APE.X reversed a good portion of its losses today, rising 60% to $14.00.
The team behind the Bored Apes, Yuga Labs, indicated that $APE.X wouldn’t just be just a coin for the Apes. Among other things, they hope to leverage $APE.X in a greater context – and perhaps their partnership with Animoca Games and their recent acquisition of the CryptoPunks will play a role in that.