ApeCoin, the token linked to the Bored Ape Yacht Club NFT, or non-fungible token, collection, had rough debut on Thursday.
The token, which was airdropped to the Bored Ape NFT owners, saw its price tumble from a high of $39.40 to $7.75 at last check, according to CoinMarketCap.
‘A Token for Culture, Gaming, and Commerce’
“Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3,” the token’s official Twitter handle proclaimed.
ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the ecosystem fund.
“For everyone else who wants to ape in: ApeCoin will be available to all and is expected to begin trading on major crypto exchanges ASAP,” the thread continued. “We’ll tweet as that happens!”
The Bored Ape Yacht Club is an NFT collection of 10,000 simian avatars created by Yuga Labs. Celebrities like Paris Hilton, Jimmy Fallon and Eminem all have their own special apes.
Yuga Labs said last week that it had…