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. 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


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP