- ApeCoin price posted a recovery from double-digit losses; the Bored Ape Yacht Club's token crossed $13.
- Billy Markus, the co-founder of Dogecoin, criticized ApeCoin, arguing that the token hurts the NFT space.
- Coinbase listed Bored Ape Yacht Club's ApeCoin, pushing the token's adoption higher.
ApeCoin price recovered from a double-digit drop. Leading cryptocurrency exchange Coinbase listed ApeCoin, pushing the token's adoption higher. The NFT token received criticism from Dogecoin co-founder Billy Markus.
Also read: Gold Price Forecast: Why is XAUUSD under pressure?
ApeCoin price recovered after Coinbase listing announcement
ApeCoin price retraced its losses from March 17, 2022. The Bored Ape Yacht Club's NFT token suffered a colossal drop hours after its launch. Billy Markus, the creator of Dogecoin, who is now off the meme coin project, commented on ApeCoin.
Markus believes that NFT tokens like ApeCoin rally based on the token's hype. Markus argues that ApeCoin is hurting the NFT space.
sorry, i am not a fan of apecoin, mostly because i think it hurts the NFT space to bring in tokens, as token communities are generally hyper toxic and desperate
— Shibetoshi Nakamoto (@BillyM2k) March 18, 2022
as tokens do the hype and crash thing like every token does, often people start to get pretty obnoxious about it all
Coinbase, the largest cryptocurrency exchange by volume in the United States, announced ApeCoin's listing on its platform today.
Welcome to the club.
— Coinbase (@coinbase) March 17, 2022
ApeCoin ($APE) is now available on Coinbase! @BoredApeYC is on board too. pic.twitter.com/i9DeNJtbzJ
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.
Trading for @apecoin $APE on #Binance is officially open!
— Binance (@binance) March 18, 2022
Supported trading pairs:
APE/BTC
APE/BUSD
APE/USDT
ApeCoin is an ERC-20 governance and utility token that will power the APE ecosystem. https://t.co/3pGFBTg5ZH
On Seychelles-based cryptocurrency exchange OKX, APE became the asset with the fifth largest turnover in spot trading overnight.
$APE has become the asset with the 5th largest turnovers on #OKX spot trading last 24 hours. pic.twitter.com/YarNpR4Js5
— Jay | OKX CEO (@Jay_OKX) March 18, 2022
@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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?