What’s the best crypto to list your NFTs? Certainly not ApeCoin according to Twitter user Cirrus (@CirrusNFT). He then narrated his experience as an example of why you should avoid listing your NFTs using ApeCoin at all costs.
An Example of Why You Should Not List Your NFTs in ApeCoin
Cirrus said he bought a certain Bored Ape NFT listed in ApeCoin. Then he sold it and gained 9 Eth (around $20,000) last night.
According to him, it started when he noticed the BAYC NFT listed at 28,000 $APE during the day. Then at night, he observed that $APE took a -25% plunge in a couple of hours. The dip immediately lowered the price the NFT was listed by 25 Eth which is around $60,000 at the time.
He subsequently purchased the BAYC NFT for 92 Eth worth of $APE when the floor price of the collection was 103 Eth at that time of transaction. Then he sold it for 101 Eth 30 minutes later, gaining 9 Eth.
“Listing NFTs using a hyper-volatile token is a recipe for disaster. I’m sharing this so that you don’t let yourself fall victim to the risks associated with dealing in $APE. There is literally 0 reason to do it. Protect your jpegs my friends,” Cirrus said.
About ApeCoin
APEcoin DAO created ApeCoin — an ERC-20 governance and utility token built on the Ethereum blockchain with a 1 Billion total token supply.
Around 62% of the tokens is allocated to the ApeCoin community. Within this allocation, 16% was airdropped to BAYC, MAYC, and BAKC NFT owners. On the other hand, 14% of the tokens will be for the launch contributors. Lastly, 8% will go directly to the 4 founders of BAYC.
The token is entirely separate from the BAYC founders. However, BAYC has declared $APE as the primary token of Yuga Lab’s ecosystem.
The History of Its Price Fluctuations
Everyone seems to be thrilled about the token during the its launch on March 2022. In fact, it was also already listed in all major cryptocurrency exchanges on the day of its release. During that time, there wasn’t too much price movement compared to other tokens.
The fluctuations in ApeCoin’s price came a month later. It happened when Yuga Labs said its Otherside mint would exclusively be in ApeCoin. The announcement caused the price of the token to skyrocket. In fact, ApeCoin reached its all-time high price of $27.51 on April 28.
However, the surge in price only continued until the Otherside launch on April 30. Then, as most predicted, it went down after the mint. On May 1st the price plummeted by 16%.
What unexpectedly led to another spike in the token’s price is Elon Musk changing his PFP on Twitter into a BAYC NFT. This caused the ApeCoin price to go up by 20% on May 5, but only momentarily.
As of writing, ApeCoin is down by 32.6% with a current value of $5.66.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
