• Is the $15 billion Bored Ape Token worth it? Yes, apes say

  • The Bored Ape Yacht Club-affiliated cryptocurrency appears to be entering price discovery mode as the dust settles on ApeCoin’s extraordinarily volatile launch. APE looks to have found temporary stability around the $15 price mark after plunging to a low of $6.21 yesterday.

    The fully diluted valuation of the Bored Ape Token has reached $15 billion.

    Following yesterday’s airdrop, ApeCoin, a new token linked with Bored Ape Yacht Club, is skyrocketing.

    On Thursday, the Bored Ape Yacht Club, perhaps the world’s most coveted NFT collection, unveiled ApeCoin, a new token. Holders of NFTs from the Bored Ape Yacht Club and Mutant Ape Yacht Club may claim 10,094 and 2,042 APE tokens per NFT from the respective collections, respectively, and increase their allocations if they had a Bored Ape Kennel Club NFT. Yesterday’s airdrop definitely ranks as one of the greatest airdrops to date, netting claimants about $151,410 each Bored Ape and $30,000 per Mutant Ape NFT at the current price of around $15 per token.

    ApeCoin DAO, a newly-founded decentralized autonomous organization that claims to be separate from Yuga Labs, the business behind the popular cartoon monkey collection, created the APE coin. It intends to give token holders governance rights over the DAO and aid APE’s adoption as a currency across the Bored Ape Yacht Club ecosystem’s different Web3 applications and games.

    While the Bored Ape Yacht Club is one of the most well-known and fastest-growing brands in the embryonic NFT industry, having attracted celebrities such as Justin Bieber and Paris Hilton, the APE token’s performance thus far will likely surprise some, considering its staggering $15 billion valuation. Despite the fact that APE now offers little to no utility and only promises of potential integrations with many of its existing and future ecosystem businesses, its fully diluted valuation is already larger than The Sandbox, Aave, and Polygon.

    Surprisingly, the token’s related NFT collections’ floor prices do not appear to have risen considerably as a result of the large airdrop. Upon the announcement of the token, both collections briefly climbed, but their daily gains were rapidly wiped following the actual drop. Market participants tend to be more interested in “aping into” the APE token for the time being.

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