Ethereum gas prices have soared as the ApeCoin token recorded staggering transaction and withdrawal volumes on popular decentralized exchange Uniswap. The governance token inspired by the highly-rated NFT collection Bored Apes Yacht Club has also experienced significant activity of crypto platforms like FTX.
Due to massive surges in the trading activity of the ERC-20 token called ApeCoin (APE), gas prices on the Ethereum network increased.
Data from on-chain analytics provider Nansen showed that the average price for transactions on the ETH blockchain hit as high as 340 gwei on Thursday.
Since its launch on Wednesday APE has also seen significant activity on centralized crypto exchanges as well. The coin reportedly reached an all-time high of $40 on FTX.
Barely 24 hours after launch, APE already boasts over $100 million in trading volume, per data from CoinMarketCap. The token’s market cap also crossed $1.8 billion, a hefty 590% gain since its debut in the crypto market.
ApeDAO, the decentralized organization behind ApeCoin, announced an airdrop for BAYC holders. Wallet with Mutant Apes Yacht Club and Bored Apes Kennel Club (BAKC) NFTs are also eligible to claim free tokens.
The work done by Yuga Labs is supposedly a core inspiration behind the creation of ApeCoin. Yuga Labs is credited for its multi-million dollar NFT project Bored Apes Yacht Club (BAYC) which has attracted attention from both crypto proponents and mainstream celebrities like Justin Beiber.