Apecoin, the token of Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT), gained over 1600% on its very first day on major cryptocurrency exchanges before it pared gains to 1395.39% as at the time of writing.
Listed on Binance, Coinbase, Etoro, Kraken, Gemini and 47 other exchanges, Apecoin rose from about $1 it was listed on binance.com to $28 a coin in 24 hours. While its market capitalisation went from zero to $4.152 billion.
Created by the popular BAYC for its Web 3.0 initiative token for art, gaming, entertainment and many other events, Apecoin to supply is capped at 1 billion tokens.
According to the team breakdown, 62% of the total coins will be available for purchase by its community with 150 million tokens going to BAYC/MAYC and another 470 million tokens will go to DAO.
16% or 160 million tokens will go to Yuga Labs and Jane Goodall Legacy Foundation. Yuga Labs, the company behind BAYC and continuing contributor to the growth of the community will receive 150 million tokens. The remaining 10 million will go to Jane Goodall Legacy Foundation.
Companies and individuals that helped make the project a reality will also receive 14% or 140 million tokens. BAYC founders will share the remaining 8% or 80 million tokens.
On the board of Apecoin are the following people
- Alexis Ohanian – Co-founder of Reddit; General Partner & Founder of Seven Seven Six
- Amy Wu – Head of Ventures & Gaming at FTX
- Maaria Bajwa – Principal at Sound Ventures
- Yat Siu – Co-founder & Chairman of Animoca Brands
- Dean Steinbeck – President & General Counsel at Horizen Labs
Apecoin is presently hovering around $15 a coin.
