The governance token ApeCoin ($APE), launched by the well-known Bored Ape Yacht Club (BAYC) NFT project, can now be traded on the open market.
The $APE token has sparked a huge wave of adoption since its initial launch, with APE rising to the CoinGecko ranking of the most traded tokens by volume at the time of publication.
Just eight hours after APE debuted on the open market, it had already reached the #110 position of the most traded token ranked by CoinGecko, with a trading volume of approximately $900 million across all platforms tracked.
The token of the well-known NFT project was launched via airdrop to the owners of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) on March 17 and reached that high position among the most traded, with a total of USD 900 million. in trading volume across all platforms tracked, although it has seen a considerable price decline since then.
Can price drops be avoided?
As has been the case with many similar tokens, newly issued tokens can drop in price significantly in the first few hours of trading. But it is very difficult for an average user to manage to sell the token fast enough to avoid such a sharp drop.
Immediately after the airdrop, the price of gas for $APE shot up to 10 times or more the average amount. To even claim the APE in a minute, one must be prepared to take huge risks by raising the price of gas so that the APE can be claimed before anyone else (and that carries the risk of paying sky-high fees).
Immediately after the airdrop, the price of gas for $APE shot up to 10 times or more the average amount.
Then, once the APE is in your Ethereum wallet, it must be transferred to centralized exchanges (CEX) like Binance and FTX in order to sell it. The transfer process could take some time depending on the current traffic on the Ethereum network.
Your fastest option would be to simply connect your wallet to a decentralized exchange (DEX) and exchange the APE tokens for another token.
The irony of the situation is that the average owner of BAYC and MAYC could have sold APE for $40 instead of $14, the price at which it was trading at press time.
Even with some token price declines since launch, this is one of the largest collections of NFTs in the space and the future prospects for APE and the NFT-based economy of Web 3.0 could be very exciting.
With Yuga Lab’s future plans to use APE for all of its products and services and collaborating with Animoca Brands to build blockchain-powered NFT games, it’s exciting to imagine what could happen next.
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