September 21, 2022
By Sharan Kaur Phillora
Launched back in March with immense hype, ApeCoin is the Ethereum-based token designed for the Bored Ape Yacht Club NFT ecosystem. Now that some of the project’s backers are likely to get rewards worth around $115 million in APE tokens, also the holders are concerned that how to unlock would affect the token’s price.
Here’s what we know:
APE is the native token of the ApeCoin decentralised autonomous organisation (DAO), a community-focused effort established to steer the growth and development of the Bored Ape ecosystem. The tokens were launched in March and airdropped to holders of the Bored Ape NFT lineup.
The 25 million tokens – representing 8% of ApeCoin’s current circulating supply – are part of a planned series of unlocks that will eventually lead to a final supply of 1 billion APE tokens, up from the current 314 million. The rest will be unlocked across four years from March’s launch.
Who falls under the category of launch contributions is unknown. But as per the new report of a well-known crypto industry research firm, the list might also include contributors of Yuga Labs, the company that founded Bored Ape Yacht Club and received $450 million at a $4 billion valuation in March.
The research company also highlighted FTX Ventures, Animoca Brands, and investment firm Andreessen Horowitz as possible candidates.
APECoin’s price has already fallen by almost 9% during the past 24 hours before the unlock, and In the last 30 days, it has dropped by 26%.
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About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.