Planet of the ApeCoins

Market Meditations | September 19, 2022

ApeCoin, the Bored Ape Yacht Club flagship token, was started in March as a governance and utility token. Over the weekend, ApeCoin DAO released over 25 million tokens.

  • ApeCoin launch contributors collectively received 25 million APE tokens, currently worth around $130.5 million.
  • Some have questions concerning “launch contributors“, and who exactly these people are. Launch contributors are the unnamed “companies and people that helped make [the] project a reality.
  • Many were concerned with the price of coins. Specifically, whether or not there would be a decrease in price due to a group of people dumping coins. In anticipation of the release of the coins, the price dropped just over 10% but has since recovered, and returned to the previous price before the speculation (roughly $5.20).
  • There are currently over 318 million APE tokens in circulation with a permanent supply of 1 billion tokens. The rest will be unlocked over a four-year period, beginning from last March’s launch.

While there will continue to be more tokens introduced into circulation until the volume reaches 1 billion tokens, it is a good sign that the price did not dump immediately after this big release.