Bored Ape Yacht Club’s ApeCoin Surges 90% On Second Day Of Trading

The Bored Ape Yacht Club-linked ApeCoin (APE) is up 90% on its second day of trading, rebounding to over $15 after lows of $6.48 on Thursday.

 

iexclusivenews reports that according to CoinMarketCap, the token now has a market cap of $3.8 billion, making it the 33rd largest coin as of press time.

 

It is ranked 66th on CoinGecko, having a market capitalization of $1.7 billion.

 

“The community surrounding the Bored Ape Yacht Club and Mutant Ape Yacht Club is robust,” said Alexandre Lores, Quantum Economics’ director of blockchain research.

 

Same traders that speculate on AMC’s shares and the DOGE and SHIB cryptocurrencies, according to Lores, may be drawn to the “Ape” area of investments. “The former are suffering significant losses, and it appears to them that the Bored Apes aren’t going away,” Lores said.

 

“They are a status symbol like a Rolex or a Lamborghini. If you’ve made it, you’ve got an Ape,” he added.

 

The BAYC floor price for the initial non-fungible tokens (NFTs) is 93 ETH (about $260,000), significantly lower than its peak of 107 ETH (approximately $300,000) following the token launch on Wednesday.

 

NFT holders of the prized Ape collection received a 10,000 ApeCoin airdrop, accounting for 15% of the coin’s total supply.

 

Most major exchanges, including Coinbase, FTX, Binance, and Gemini, have listed the hot coin.

What You Need To Know

The coin is part of a wider strategy for ApeDAO, the latest monetary vehicle for the Yuga Labs-owned brand that has sparked interest from everyone from mainstream celebrities to crypto-natives.

 

The success of the coin has generated a spate of Ape-themed Twitter giveaways, including an NFT giveaway from crypto exchange Gemini.

 

Sean Farrell, head of digital asset strategy at Fundstrat, remarked, “It’s still to be defined what ApeCoin provides beyond governance.”

 

“If history teaches us anything, meme-driven tokens can

have some very wild price discovery episodes.”

 

Another factor could have influenced the ApeCoin price increase on Friday.

 

On Thursday, Animoca Brands’ free-to-play mobile game “Benji Bananas” switched to an Ethereum-based play-to-earn model and implemented APE.

 

This began with the introduction of a “Benji Pass,” a non-transferable token that allows its owner to earn special tokens while playing the game.

 

Those tokens will be exchangeable for ApeCoin at an undisclosed rate, according to the proposal.

 

“This sparked more conjecture about future use cases on APE, resulting in the price reversal,” says the author.”