The Bored Ape Yacht Club took the NFT scene by surprise and now its token Apecoin has just become the favorite among crypto whales.
ApeCoin becomes the most traded token among Ethereum whales
The Bored Ape Yacht Club (BAYC) collection provided 145,000%+ returns to anyone who bought at the minimum price less than a year ago. And a similar thing is happening with its new Apecoin token.
ApeCoin (APE) has become the most traded token by Ethereum whales in the last 24 hours, reaching an owner count of over 36,500 wallets just 6 days after being listed on major crypto exchanges Best. This means that betting on APE is just as important as betting on NFT collection.
APE Coin is the native cryptocurrency of the BAYC ecosystem. Since launch, each BAYC holder has been rewarded with 10,094 APE ($128,000) for each NFT they hold as a reward. People with Mutant Apes (MAYC) receive 2,042 APE ($26,068). In other words, they rewarded buyer loyalty by giving them 62% of the total APE token supply.
On the other hand, Yuga Labs, the parent company of BAYC, will keep the total supply 16% to continue developing new products and tools such as the game “Otherside”, which is expected to launch in late 2022.
Additionally, thanks to their social media popularity, Yuga Labs has acquired the rights to two of the most iconic NFT collections of all time.
Another key factor in BAYC’s success is undoubtedly the marketing strategy that Yugal Labs implemented, turning the new native cryptocurrency into a token used by several crypto games for transactions. their NFTs.
For example, Animoca Brands, a software company specializing in the development and distribution of free games, announced the adoption of ApeCoin for a secret project being developed in conjunction with BAYC. A day after the announcement, Yuga Labs posted a video showing the company’s star character drinking a drink that can teleport him to another world where CryptoPunks and other NFT characters are described.
nWayPlay, is another game developer that announced 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. Although the game is not yet available, the quality of images it offers suggests that it will give a lot to talk about in the ecosystem.
The team behind BAYC has had a very demanding and promising start to the new year, so we’ll likely continue to see news that will help drive the adoption of the project, which is currently selling itself.
Read more:
- ApeCoin (APE) Has Become The Most-Traded Digital Asset Among The Top 1,000 Ethereum Wallets
- Let’s Have A Closer Look At What Really Went Down When A Bot Seemingly Sold 2.4 Ape Coin (APE) For 946 ETH