The launch of an APE coin (Apecoin) by Apecoin DAO has been the topic of discussion in the crypto community over the past 24 hours. Although the coin was traded at $10.36 per coin upon launch, it dropped by more than 40% to $6.21. Since the token’s all-time low and Bored Ape Yacht Club (BAYC) owners getting a sizable airdrop, the price of APE moved closer to the price it saw when it first came out.
Apecoin DAO Drops Tokens to NFT Holders, Forms The Ape Foundation
There’s a new crypto token among the 13,243 cryptocurrencies in existence and it’s already positioned itself in the top 100. Apecoin was founded after Yuga Labs created a decentralized autonomous entity called Apecoin DAO. Apecoin DAO (non-fungible token) startups states that council members will manage it. Additionally, the formation of an Ape Foundation has been constructed in order to help manage the DAO’s governance process.
“Apecoin is owned and operated by the Apecoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund,” the social media account dubbed Apecoin notedIn a tweet thread. “Holding apecoin is the only requirement for membership in the Apecoin DAO. Ape Foundation is the DAO’s legal steward and administrator of the Apecoin DAO decisions. The checks must be signed by someone.)”
Furthermore, the team said that 62% of the total apecoin (APE) supply will be “allocated to the Apecoin community,” and 15% was initially distributed at 8:30 a.m. (ET) on Thursday. “The airdrop claim consisting of 15% of the total supply of apecoin will be made available to [Bored Ape Yacht Club] NFT holders (Bored Apes and Mutant Apes, as well as BAKC dogs paired with either BAYC or MAYC).”
A number of major exchanges list Apecoin. Over 10,000 unique addresses have claimed funds
Statistic from analytics site dune.xyz shows that an overwhelming number of addresses claim their airdrop tokens every day. If you don’t have specific NFTs, or are not able to buy them from the BAYC related NFT collection collections, there is an option to purchase it via any number of exchanges. Apecoin has already been listed on Binance (Uniswap), FTX (Coinbase Exchange), Okx, Bitfinex and Huobi). A large number of airdrop tokens have been claimed by ethereum addresses throughout the day, according to statistics.
The data indicates that 15201 distinct addresses may claim APE airdrop funds. At the time of writing 10,783 addresses claimed funds. That’s a percentage of 70.92% of the claimants so far and out of that total 99,661,960 APE has been claimed. APE can be exchanged through trading platforms on Thursday for 21,373 unique addresses. Etherscan data shows that the ERC20, which was just launched, is divided by 18 decimal points. Currently the token has been involved in 74 267 transactions.
There have been problems with the hype surrounding Apecoin’s airdrop. It is the Certik Alert systemCertik Security created the community alert “Community Alert” revealedThe flash loan used for the Apecoin drop was taken by an attacker. “At 12:13:14 PM UTC, an attacker claimed a large amount of [apecoin] in the airdrop event by flash loan using BYAC tokens to redeem for BAYC NFTs,” the Certik Alert system said. “The total profit of the attack is around ~ $820K (293 ETH).” Additionally, a blog post written by Blocksec also describes how the Apecoin airdrop was attacked by a flash loan.
“We think it’s due to the vulnerability that the airdrop process of the APE token only considers the spot state, which can be manipulated by the attacker,” the Blocksec post explains. The Apecoin DAO website has also been experiencing extreme traffic all day and the server sometimes is not able to cope with the load.
How do you feel about apecoin and the Apecoin Digital Asset Owner (DAO)? Please comment below to let us know your thoughts on this topic.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. This is not an invitation to purchase or sell directly, nor a suggestion or endorsement of products, services or companies. Bitcoin.com is not a provider of investment, tax, legal or accounting advice. This article does not contain any information, products, or advice that can be used to cause or alleged result in any kind of damage.
