Bored Ape Announces ApeCoin Token; floor price reaches maximum of 100 ETH

The team behind the Bored Ape Yacht Club (BAYC) collection has announced the creation of its own cryptocurrency, ApeCoin. According to the developers, the cryptocurrency will be distributed among the owners of each NFT in the collection.

The new token has barely been launched, but it already has a strong support: the exchange Binance, which has announced support for the token. Trading started from this Thursday (17) and involve three pairs: APE/BTC, APE/BUSD and APE/USDT.

As a result of the launch, demand for BAYC’s NFTs soared and set a new record. The floor price of the cheapest NFT in the collection has surpassed the 100 ETH.

The creators of BAYC are launching ApeCoin

According to the announcement, 62% of the total supply will be distributed among the owners of the NFTs. Of this total, 15% can already be claimed from this Thursday.

ApeCoin will have the APE code and is already listed in the CoinMarketCap and is priced at $ 11.61. It is described as a “token for culture, games and commerce” that could be used in “creating a decentralized community at the forefront of Web3”.

Its management will be done by an Autonomous Decentralized Organization (DAO) called ApeCoin DAO, managed entirely by the owners of the tokens. Each holder will be able to vote on the governance and use of the community fund according to how many coins they have.

Therefore, the cryptocurrency is not created by Yuga Labs, the company responsible for BAYC, but by this DAO. But the developers stated that the team provided support and will also use ApeCoin.

The only requirement to earn the APEs and enter the DAO is to have an NFT from the collection, that is, all owners will earn cryptocurrencies. In this way, names like Brazilian player Neymar and rapper Eminem will receive a certain share of ApeCoin via airdrop.

For those who want to trade their APEs, the cryptocurrency will be traded through the platform of Binance, which announced support on Wednesday.

As anticipation for the token’s launch grew, investors rushed to buy a copy of the NFTs to receive the new coin. Demand drove up the price of the collection, which reached a new historic floor price level above 100 ETH. The floor price is the amount charged by the cheapest NFT for each collection.