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BAYC floor price soared to 100 ETH ahead of ApeCoin launch

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TL;DR Breakdown

  • ApeCoin will be distirbuted to BAYC and MAYC holders later today.
  • The news of $APE launch raised BAYC floor price to over 100 ETH.

The launch date for the long-rumored utility token for Bored Ape Yacht Club (BAYC) was announced late Wednesday, and following the announcement, the floor price for the collection-style NFT skyrocketed. 

The token in question, ApeCoin ($APE), was announced on Wednesday by ApeCoin DAO as “a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.” APE is not directly owned by BAYC. However, the development firm behind BAYC “Yuga Labs” plans to adopt $APE as “the primary token for all new products and services.”

For this reason, perhaps, the DAO will distribute a certain amount of APE to Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders as the token launches later today. Also, the DAO mentioned that holders would get to participate in the government of the project. “Holding ApeCoin is the only requirement for membership in the ApeCoin DAO,” says the DAO.

ApeCoin supply distribution

Per the announcement, about 62% of ApeCoin’s shall be allocated to the community. Up to 15% will be distributed to Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders, claimable later today. The DAO also mentioned that the token would be available for everyone else as token trading is expected to begin immediately after the release. 

Already major cryptocurrency trading platforms have announced their support for $APE. These include FTX, Binance, Gemini, KuCoin, and many others.

BAYC floor price soars

The BAYC project was only launched in April 2021, yet it ranks amongst the highest collection-type NFT projects. Following the news and hype around $APE, BAYC’s price skyrocketed to more than 100 ETH, an equivalent of over $280,000 at current market price. At the time of writing, the floor price has declined to 78.0 ETH. The floor price of MAYC also increased slightly to 22 ETH but has dropped to 15.8 ETH.

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