ApeCoin, the token linked to NFT collection Bored Ape Yacht Club (BAYC), was down over 80% within the first 2 hours of its public offering.
The token was first announced yesterday through the ApeCoin Twitter account.
The coin was released to the public today, within its first few hours it dropped from a high of $39.40 to a low of $6.48 according to CoinMarketCap data. The cause of the 80% drop was an airdrop of the token to the holders of a Bored Ape NFT, who were quick to make free money from the coin. Although the coin has since recovered and is now sitting at $12.45.
The owners of a Bored Ape NFT, were airdropped 10,000 APE tokens per NFT. 15% of the total supply was made available this morning with the release of the coin to the public. The remaining supply consists of 47% being sent to the Ape DAO treasury, 16% to the parent company Yuga Labs, 14% to contributors of the launch, and the remaining 8% to the founders of BAYC.
The release of the token comes mere days after the announcement that Yuga Labs purchased an additional two NFT collections; Cryptopunks and Meebits. The token will support ApeCoin DAO, an organization that aims to put control in the hands of the community in regard to the NFT collection.
