The Bored Ape Yacht Club (BAYC) has unveiled ApeCoin (APE), an ERC-20 utility and governance token that marks a shift away from profile-picture projects (PFPs) and toward “culture, gaming, and commerce” inside the Web3 world. The ApeCoin decentralised autonomous organisation (DAO), a notable entity from Yuga Labs, developed and launched the asset. The DAO’s development is overseen by a six-month tenured council committee, which includes Alexis Ohanian, Amy Wu, Maaria Bajwa, Yat Siu, and Dean Steinbeck. The participants of the BAYC ecosystem will be given a 90-day window to claim their allocation of 10,000 tokens, beginning Thursday at 12:30 p.m. UTC, according to ApeCoin’s official Twitter account.
The average price of the BAYC collection increased dramatically over the last seven days as a result of the asset’s introduction, rising from 76.11 Ether (ETH) last Friday with a total volume of 913 ETH to 110.15 ETH and a volume of 9,583 ETH in the hours leading up to the launch on Thursday.
In a similar vein, the floor price rose dramatically before plummeting after the ApeCoin launch, from about 108.69 ETH to 78 ETH at the time of writing. Furthermore, the floor prices of the associated collections, Mutant Ape Yacht Club and Bored Ape Kennel Club, have fluctuated significantly, and are currently at 15.85 ETH and 5.8 ETH, respectively.
Hmm, BAYC investors must be thankful for this announcement.