ApeCoin Soars After Launch, BAYC NFT Prices Pump and Dump

Source: AdobeStock / Ascannio

The Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection’s new utility and governance token ApeCoin (APE) was airdropped to holders of NFTs in the BAYC ecosystem on Thursday, soaring in price as major exchanges rushed to list it.

At 10:13 UTC on Friday, APE traded at USD 14.61, up 41% for its first day of trading.

On OKX, one of the first major exchanges to list the token, APE immediately shot up in price upon listing, which happened at noon UTC time on Thursday. The price later stabilized around USD 8. Overnight, the price again started to increase, reaching a high of just over USD 18 in early trading in Europe.

APE token price on OKX:

Source: TradingView

Developed and issued by the ApeCoin Decentralized Autonomous Organization (DAO), the coin is already ranked as the 62nd most valuable cryptoasset by market capitalization on CoinGecko.