Dogecoin (DOGE) co-founder Billy Markus criticized the enthusiasm for a newly launched altcoin, ApeCoin (APE), in a recent tweet. Markus explained that he believes such tokens are harmful to the non-fungible token (NFT) space. Here are the details…
ApeCoin has made its mark on the market: Dogecoin founder is not happy
As we have also reported as Kriptokoin.com, after it was officially announced yesterday, it is an Ethereum-based token for the growing Bored Ape Yacht Club ecosystem. ApeCoin (APE) is now in the markets. There are approximately 93 million distributed in the token available to NFT holders. This is worth about $810 million.
However, Dogecoin founder Billy Markus believes that the introduction of tokens is detrimental to the NFT space, as they lead to the creation of “toxic” and “hopeless” communities. According to the Dogecoin founder, holders of such cryptocurrencies are becoming more and more “ugly” during their bullish and bearish cycles. The cryptocurrency was recently launched by the team behind the Bored Ape Yacht Club (BAYC) NFT collection. It was announced by a decentralized autonomous organization called ApeCoin DAO.
APE price jumped
NFT in BAYC collection Holders of the cryptocurrency can get the APE token for free on the official website of the cryptocurrency. It can also be used by anyone on trading platforms like Coinbase and Binance. The coin rose sharply in the first minutes of trading on major spot exchanges and peaked at $39.40, but was followed by an 80 percent drop.
According to data, the Ethereum-based coin is currently changing hands at around $11. The launch of the management and utility token was accompanied by a surge in popularity of BAYC NFTs. The base price of the collection rose to around $300,000 shortly after the token’s launch. However, this growth was short lived. It is not yet clear whether the APE token will reach any meaningful level of adoption. Last month, Markus urged the cryptocurrency community to focus on real benefit rather than hype-driven price action. Dogecoin price dropped 84.12% from its record high.
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