‘ApeCoin (APE)‘ shot up in value by 173 percent in its first 24 hours of trading. Launched by Yuga Labs, the creators of the most successful NFT collection, ‘Bored Ape Yacht Club’, APE immediately became the cryptocurrency market’s new darling.
Accordingly, its price went through wild acrobatic swings during its first trading day. Initially, APE made a gut-wrenching nosedive from $40 to $8, losing around 80% in value less than 5 minutes after the BAYC native token was listed on major crypto exchanges.
Despite this, demand held strong and brought ApeCoin to a new peak of $17.75 on Friday morning, marking a price change of 173%. The total APE trading volume on different platforms surpassed $7.77 billion within 24 hours, according to CoinMarketCap.
Although APE has since corrected to $14.90 at the time of writing, it is still the 31st biggest crypto, with over $4.1 billion in market capitalization.
The token comes with a 1 billion APE maximum supply, of which 277 million is already in circulation. As declared by ApeCoin‘s official website, 62% of the total APE supply will be dedicated to NFT holders of the Bored Ape Yacht Club and the Mutant Ape Yacht Club, and treasury of the ApeCoin DAO.
ApeCoin holders will be able to use their APE tokens to influence the governance of the ApeCoin DAO, and to participate in the ecosystem to access exclusive games, merch, events, and services.