fxs_header_sponsor_anchor

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 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. 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.