BAYC Token Floor Price Crashes 30% After APE Coin Claim: Report

The BAYC token floor price crashes 30% after the APE coin claim earlier today, and we saw that the token had quite the rollercoaster today so let’s read more in today’s latest altcoin news.

Today was a tumultuous day for BAYC members and the long-awaited APE Coin has been officially released with those who held the NFTs can claim the airdrop. Right after the claim, the price of the collection crashed by 30%. the reports show that the BAYC token floor price of the NFT reached over 100 ETH and to be fair, it reached around 109 ETH at one point in the day.

The APE coin is available for claiming and trading on certain exchanges and it seems that the people who bought the token and the BAYC NFTs are selling them right now. At the time of writing, the floor price for the BAYC collection sits at 78 ETH which is a huge drop from the 30% of today’s high. In the meantime, FTX already started trading the aPE coin and the price there sits at $7 at the time of writing.

ApeCoin launches today and will allow the holders of Bored Ape Yacht club NFT to get another reward for being in the club. The coin launched in an effort to show decentralization and it was not launched by Yuga Labs, rather by the ApeCoin DAO. Reddit co-founder Alexis Ohanian and FTX Amy Wu will be on the board of the new BAYC-inspired DAO. The BAYC holders will also get another reward for being in the club. With that being said, ApeCoin sports the BAYC Skull logo, Yuga Labs is adopting Apecoin as the man token for all products and services including the blockchain game that is upcomign later this year, and Animoca Brands’ Benji Bananas will also implement Apecoin.

Also, BAYC’s Yuga Labs is the company behind the biggest NFT collections in the industry and it announced today that it purchases the rights to the intellectual property of the Meebits and CryptoPunks collections from Larva Labs. Another step for Yuga Labs is to grant commercial licnese to the holders.

Yuga Labs launched the BAYC collection back in 2021 and granted all Bored Ape NFT owners full licnese to use the image their own for commercial use of their choice. Brands, celebrities, and entrepreneurs capitalized on the BAYC phenomenon and launched various Bored Ape-branded enterprises like the Arizona Iced Tea ad campaign and a Gorillaz-inspired metaverse band from Universal Music Group.