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Saturday, February 4, 2023

Bored Ape Yacht Club’s Apecoin DAO Airdrops Millions of Apecoins to NFT Owners

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Bored Ape Yacht Club’s Apecoin DAO Airdrops Millions of Apecoins to NFT Owners – The cryptocurrency community has been debating the creation of a new token called apecoin (APE), which was distributed by the newly-formed Apecoin DAO, for the past 24 hours.

The cryptocurrency initially sold for $10.36 a coin, but has since dropped more than 40% to $6.21. The price of APE has come closer to the price it saw when it initially came out since the token’s all-time low and owners of the Bored Ape Yacht Club (BAYC) received a hefty airdrop.

Among the 13,243 cryptocurrencies in existence, a new crypto coin has already established itself in the top 100. Apecoin (APE) was created after the startup Yuga Labs established a decentralized autonomous organization called Apecoin DAO.

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The Apecoin DAO will be managed by council members, according to the non-fungible token (NFT) startup. In addition, an Ape Foundation has been established to assist with the DAO’s governance process.

Also Read: Rwanda May Not Reach Decision on CBDC Issuance Until End of 2022 – Central Bank Official

On Wednesday, the Apecoin Twitter account said, “Apecoin is owned and governed by the Apecoin DAO, a decentralized organization in which each token holder gets a vote on governance and make use of the Ecosystem Fund.” “The only need for Apecoin DAO participation is that you hold apecoin.”

The Ape Foundation, which was established to operate as the legal custodian of apecoin and to administer the Apecoin DAO community’s choices, supports the DAO.

The team also stated that 62 percent of the total apecoin (APE) supply will be “assigned to the Apecoin community,” with 15 percent being distributed on Thursday at 8:30 a.m. (ET). “The airdrop claim will be made available to Bored Ape Yacht Club NFT holders (Mutant Apes and Bored Apes, and also BAKC dogs partnered with either MAYC or BAYC) and will consist of 15% of the total supply of apecoin.”

According to data from the analytics website dune.xyz, a large number of addresses have claimed their airdrop tokens during the course of the day. Those who do not meet the parameters of specific NFTs from BAYC-related NFT collections can buy the token on a variety of major exchanges.

Apecoin has already been listed on FTX, Binance, Uniswap, Coinbase Exchange, Huobi, Okx, Bitfinex, and Kucoin, despite being new. A large number of ethereum addresses have claimed their airdrop tokens, according to statistics.

According to data, 15,201 unique addresses are eligible for the APE airdrop, with 10,783 addresses having claimed payments as of this writing.

Also Read: Binance Explores Acquisition of Brazilian Securities Brokerage Firm

Bored Ape Yacht Club’s Apecoin DAO Airdrops Millions of Apecoins to NFT Owners – So far, 70.92 percent of claimants have claimed APE, and 99,661,960 APE has been claimed out of a total of 99,661,960 APE.

Furthermore, after APE was traded on trading platforms for most of Thursday, there are currently 21,373 distinct addresses holding APE. According to Etherscan, the newly released ERC20 coin is divisible by 18 decimals and has already seen 74,267 transactions.

Problems have emerged as a result of the Apecoin airdrop hype. The Apecoin airdrop was targeted by a flash loan, according to the Certik Alert system, a community alert built by the security firm Certik.

“An attacker claimed a huge number of apecoin in the airdrop event by flash loan utilizing BYAC tokens to redeem for BAYC NFTs at 12:13:14 PM UTC,” according to the Certik Alert system. “The attack’s overall profit is roughly $820K (293 ETH).” The Apecoin airdrop was also targeted by a flash loan, according to a blog post by Blocksec.

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