ApeCoin (APE) Plummets by 83% on the First Day of Trading 14

ApeCoin (APE) Plummets by 83% on the First Day of Trading

Quick take:

  • ApeCoin (APE) has had an eventful first day of trading hitting an all-time high of $39.40 and a low of $6.48
  • APE has since stabilized at $7.44 after being listed on Gemini, FTX and Binance
  • However, if history is used as a guide, ApeCoin (APE) could experience more losses before prices stabilize

The highly anticipated ApeCoin (APE) token linked to the Bored Ape Yacht Club project of NFTs has seen an exciting first day of trading.

According to Coinmarketcap, ApeCoin (APE) hit an all-time high of $39.40 on its first day of trading. The token would then experience a massive drop in value of 83.55% to a local low of $6.48 before stabilizing at current levels above $7.

The volatility surrounding the ApeCoin (APE) token also resulted in a steep drop in the floor price of Bored Ape Yacht Club NFTs from 106 Ethereum (ETH) to a local low of 77.5 ETH. The floor price of BAYC NFTs has since stabilized at 88 ETH.

ApeCoin (APE) Plummets by 83% on the First Day of Trading 15
BAYC NFT Floor price. Source, CoinGecko

ApeCoin (APE) Gets Listed by Gemini and Binance

At the time of writing, ApeCoin (APE) is trading at $7.44 signifying an 81.11% drop from its all-time high and a 14.8% increment from the local low of $6.48.

Earlier today, Gemini announced that it was listing ApeCoin (APE) as the first U.S. crypto exchange to offer the token to its users. Binance was next to announce its listing of ApeCoin (APE) with trading commencing today at 14.30 (UTC). The ApeCoin (APE) token has also been listed by the FTX Exchange, Gate.io and Uniswap.

ApeCoin (APE) Could Experience More Losses

ApeCoin’s price stability seems to be increasing as more crypto exchanges start to list APE.

However, if the price history of airdrops is used as a guide, the price of ApeCoin (APE) could drop further in the days to follow. This theory has been explored by Crypto Twitter member @justintrimble through the following three-part Twitter thread.

In particular, his analysis highlights the price decline of airdropped tokens such as Uniswap (UNI), Rarible (RAR), Botto (BOTTO), SuperRare (RARE), LooksRare (LOOKS), OpenDAO (SOS), Ethereum Name Service (ENS), NFTX and Adventure Gold (AGLD).