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Fact or fiction? Did ApeCoin (APE) really drop by 80% since launch?

Published 03/18/2022, 02:01 PM
Updated 03/19/2022, 03:40 PM

ApeCoin (APE), the governance token of the well-known Bored Ape Yacht Club (BAYC) NFT project was airdropped to BAYC and Mutant Ape Yacht Club (MAYC) owners at 8.30 am EST on March 17 and only eight hours after APE became tradable in the open market, it has already jumped to the 110th most traded token ranked by CoinGecko, totaling $900 million in trading volume across all tracked platforms.

As one would expect, there were some volatile price movements minutes after the airdrop and headlines show the price of APE dropping 80% since its launch. This raises the question of whether the ordinary BAYC and MAYC owner could have sold APE at $40 instead of $14, which it is trading for at the time of publishing.

ApeCoin spot 1-minute chart. Source: FTX
ApeCoin perpetual 1-minute chart. Source: FTX
APE/USDT 1-minute chart. Source: Binance
APE/USDT 1-minute chart. Source: Gate
APE liquidity pool as of March 17. Source: Uniswap
APE/USDT liquidity pool as of March 17. Source: SushiSwap
APE/USDT first minute volume. Source: Binance

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