ApeCoin is still up 1,200% from its debut rate on Binance, suggesting APE investors are hopeful about its long-term upside growth under the creator Yuga Labs' shadow.
. Then they airdropped 10,000 APE to each BAYC NFT owner, amounting to 15% of the total supply.
Meanwhile, APE gained listing across some of the leading crypto exchanges, including FTX and Binance, on the same day, providing avenues for BAYC owners to liquidate their APE rewards instantly. As it happened, APE rose from nearly $1 to nearly $41 on its March 17 debut, but has since seen a strong correction.
Josh Ver, co-CEO of SparkWorld — a prediction platform for NFTs, noted that APE's current valuation — still around 1,200% higher than its debut price on Binance — is a result of the"hype, excitement, and exuberance" around Yuga Labs' success as a"blue-chip" startup "Yuga Labs, the studio behind the collection, are a commercially viable business; last year they saw over $127 million in revenue," he explained, adding that"if ApeCoin holders received a share of these profits, then APE would hold considerable fundamental value.", raised concerns about ApeCoin's inflationary model that could weigh its valuation down in the future.
He said that 9.4 million APE would likely enter the market each month over the next year as Yuga Labs, the four BAYC Founders, and will be able to unlock their allocated tokens."This implies a need for about $132 million of monthly demand or $4.
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