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ApeCoin price recovers from losses despite criticism from Dogecoin co-founder Billy Markus

  • ApeCoin price posted a recovery from double-digit losses; the Bored Ape Yacht Club's token crossed $13. 
  • Billy Markus, the co-founder of Dogecoin, criticized ApeCoin, arguing that the token hurts the NFT space. 
  • Coinbase listed Bored Ape Yacht Club's ApeCoin, pushing the token's adoption higher. 
ApeCoin price recovers from losses despite criticism from Dogecoin co-founder Billy Markus
Ekta MouryaEkta MouryaFXStreet

ApeCoin price recovered from a double-digit drop. Leading cryptocurrency exchange Coinbase listed ApeCoin, pushing the token's adoption higher. The NFT token received criticism from Dogecoin co-founder Billy Markus. 

Also read: Gold Price Forecast: Why is XAUUSD under pressure?

ApeCoin price recovered after Coinbase listing announcement

ApeCoin price retraced its losses from March 17, 2022. The Bored Ape Yacht Club's NFT token suffered a colossal drop hours after its launch. Billy Markus, the creator of Dogecoin, who is now off the meme coin project, commented on ApeCoin. 

Markus believes that NFT tokens like ApeCoin rally based on the token's hype. Markus argues that ApeCoin is hurting the NFT space. 

Coinbase, the largest cryptocurrency exchange by volume in the United States, announced ApeCoin's listing on its platform today. 

The developers launched ApeCoin behind the Bored Ape Yacht Club NFT collection. The ApeCoin DAO is the decentralized organization that launched APE. Owners of Bored Ape Yacht Club NFTs can receive APE tokens for free by claiming them on the official website of ApeCoin. 

ApeCoin is available for traders on the world's largest exchange, Binance and Coinbase. Binance unveiled trading for ApeCoin on its exchange platform for users. 

On Seychelles-based cryptocurrency exchange OKX, APE became the asset with the fifth largest turnover in spot trading overnight. 

@tedtalksmacro, a cryptocurrency analyst, analyzed the unlock schedule of ApeCoin. The total supply of ApeCoin is capped at 1 billion tokens. 28% of the token's supply is currently circulating across exchanges, and the remainder would be released consistently, increasing downward pressure on the NFT token.

Based on the unlock schedule, the analyst argues $56 million worth of ApeCoins would be unlocked every month, increasing the selling pressure on the circulating supply on Binance, Coinbase and other cryptocurrency exchanges. This could influence ApeCoin price negatively. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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