BAYC's ApeCoin becomes most traded token among Ethereum whales
The Bored Ape Yacht Club took the NFT scene by surprise and now its token Apecoin has just become the favorite among crypto whales.
Bored Ape Yacht Club collection, which has provided 145,000%+ profits for anyone who bought at the minimum price less than a year ago. And a similar thing is happening with its new token Apecoin.
ApeCoin (APE) has become the most traded token by Ethereum whales over the past day, reaching a holder count of over 36,500 wallets just 6 days after being listed on the giant cryptocurrency exchanges.
APE Coin is the native cryptocurrency of the BAYC ecosystem, Since its launch, each BAYC holder was awarded 10,094 APEs ($128,000) for each NFT they held as a reward Those with a Mutant Ape(MAYC) received 2,042 APEs($26,068)
They rewarded their buyer's loyalty by giving them 62% of the total supply of APE tokens.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.
— ApeCoin (@apecoin) March 16, 2022
Yuga Labs, BAYC's parent company will keep a total supply of 18% to continue developing new products and tools like the game, which is expected to be published by the end of 2022.
YugaLabs has obtained the most iconic NFT collections of all time like CryptoPunks and Meebits.
Some big news to share today: Yuga has acquired the CryptoPunks and Meebits collections from @LarvaLabs, and the first thing we’re doing is giving full commercial rights to the NFT holders. Just like we did for BAYC and MAYC owners. pic.twitter.com/lAIKKvoEDj
— Yuga Labs (@yugalabs) March 11, 2022
Also, the Success of BAYC has been the marketing strategy that YugaLabs deployed, turning the new native cryptocurrency into the token used by several crypto games for their NFT transactions.
Suppose, Animoca Brands, is a software company dedicated to developing and distributing free-to-play games. the adoption of ApeCoin for a Secret project being developed BAYC. The day after the announcements, Yuga Labs published a video showing the company star character drinking a beverage that the CryptoPunks and other NFT characters are portrayed.
See you on the Otherside in April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS
— Yuga Labs (@yugalabs) March 19, 2022
nWayPlay, is another game developer that declared its collaboration with BAYC to create a new crypto game that will adopt the APE token and offer Play to earn (P2E) functionalities to its users. the game is not available yet.
We are super excited to be unveiling the teaser image of the P2E game we are currently developing with @BoredApeYC that will be adopting the @apecoin pic.twitter.com/1umFkHmMNt
— nWayPlay (@nWayPlayNFT) March 16, 2022
Read: Yuga Labs raises $450M in seed round at $4 billion valuation, Plans to launch metaverse