September 21, 2022<\/p>\n\n\n\n
By Sharan Kaur Phillora<\/p>\n\n\n\n
Launched back in March with immense hype, ApeCoin is the Ethereum-based token designed for the Bored Ape Yacht Club NFT ecosystem. Now that some of the project\u2019s backers are likely to get rewards worth around $115 million in APE tokens, also the holders are concerned that how to unlock would affect the token\u2019s price.<\/p>\n\n\n\n
Here’s what we know:<\/strong><\/p>\n\n\n\n APE is the native token of the ApeCoin decentralised autonomous organisation (DAO), a community-focused effort established to steer the growth and development of the Bored Ape ecosystem. The tokens were launched in March and airdropped to holders of the Bored Ape NFT lineup.<\/p>\n\n\n\n The 25 million tokens \u2013 representing 8% of ApeCoin\u2019s current circulating supply \u2013 are part of a planned series of unlocks that will eventually lead to a final supply of 1 billion APE tokens, up from the current 314 million. The rest will be unlocked across four years from March\u2019s launch.<\/p>\n\n\n\n Who falls under the category of launch contributions is unknown. But as per the new report of a well-known crypto industry research firm, the list might also include contributors of Yuga Labs, the company that founded Bored Ape Yacht Club and received $450 million at a $4 billion valuation in March.<\/p>\n\n\n\n The research company also highlighted FTX Ventures, Animoca Brands, and investment firm Andreessen Horowitz as possible candidates.<\/p>\n\n\n\n APECoin\u2019s price has already fallen by almost 9% during the past 24 hours before the unlock, and In the last 30 days, it has dropped by 26%.<\/p>\n\n\n\n The post A total of 25 million APE tokens are to be unlocked by the ApeCoin Treasury for \u201claunch contributors\u201d appeared first on Today NFT News.<\/p>\n\n\n\n About the author<\/strong><\/strong><\/p>\n\n\n\n Sharan Kaur Phillora\u2019s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology \u2013 two emerging technologies that will change how we interact with each other in the future. When she isn\u2019t exploring a new idea or concept, she enjoys reading literary masterpieces.<\/p>\n","protected":false},"excerpt":{"rendered":" September 21, 2022 By Sharan Kaur Phillora Launched back in March with immense hype, ApeCoin is the Ethereum-based token designed for the Bored Ape Yacht Club NFT ecosystem. 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