The ApeCoin token airdropped to Bored Ape NFT owners is off to a rough start, falling from $39.40 to as low as $6.48.
ApeCoin, the token linked to the popular Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, is down about 80% in its first two hours of trading.
The token was airdropped to Bored Ape NFT owners this morning after being announced yesterday as a part of a larger ApeDAO campaign, but holders quickly selling the coin have sent its price plummeting.
The token has fallen from its highest price of $39.40 to a now stable $8.90, trading for as low as $6.48, according to CoinMarketCap. The total market cap for the token now sits at a whopping $2.4 billion, making it currently the 49th-largest coin.If earlier airdrops are any indication, however, that ranking isn’t likely to stick.