ApeCoin (CRYPTO: APE) — the token launched by the wildly successful non-fungible token (NFT) project Bored Ape Yacht Club — saw astonishing volatility and great price gains following its Thursday launch.
What Happened: Market data reveals that Apecoin skyrocketed by about 141.5% from its 24-hour low of $7.35 to a high of $17.75 — before correcting to its current price of $13.83.
As Benzinga reported on Wednesday, Apecoin is the token launched by the Bored Ape Yacht Club that will be used for culture, gaming and commerce to build out the Web3 efforts for the company.
The token will be involved in the governance of the ApeCoin DAO decentralized autonomous organization — including voting on the use of the ecosystem fund — of the community but also doubles as a utility token.
A total of 150 million ApeCoin are being distributed and are claimable by Bored Ape Yacht Club NFT owners.
Furthermore, Animoca Brands, which is the company that owns The Sandbox (CRYPTO: SAND), also announced it is utilizing ApeCoin. As Benzinga reported on Thursday, ApeCoin was immediately listed on several major exchanges Thursday including FTX, Coinbase Global (NASDAQ: NASDAQ:COIN), Binance, Gemini, Voyager Digital, Kraken and eToro.
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