What is the best crypto to list your NFTs? Definitely not ApeCoin according to Twitter user Cirrus (@CirrusNFT). He then recounted 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 it purchased a certain Bored Ape NFT listed in ApeCoin. Then he sold it and earned 9 Eth (about $20,000) last night.
According to him, it started when he noticed that BAYC NFT was quoted at APE$28,000 during the day. Then, overnight, he observed that $APE had plunged -25% within hours. The drop immediately lowered the price, the NFT was quoted by 25 Eth, which was around $60,000 at the time.
He then bought the BAYC NFT for 92 Eth of $APE while the floor price for the collection was 103 Eth at the time of the transaction. Then he sold it for 101 Eth 30 minutes later, earning 9 Eth.
“Listing NFTs using a hyper-volatile token is a recipe for disaster. I’m sharing this so you don’t fall victim to the risks associated with trafficking $APE. There’s literally 0 reason to do so 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 total token supply of 1 billion.
Around 62% of the tokens are allocated to the ApeCoin community. Of this allocation, 16% was airdropped to owners of BAYC, MAYC and BAKC NFT. On the other hand, 14% of the tokens will be for launch contributors. Finally, 8% will go directly to the 4 founders of BAYC.
The token is entirely separate from the founders of BAYC. However, BAYC declared $APE as the main token of the Yuga Lab ecosystem.
The history of its price fluctuations
Everyone seems thrilled with the token when it launched in March 2022. In fact, it was also already listed on all major cryptocurrency exchanges on its release day. During this time, there has not been too much price movement compared to other tokens.
The fluctuations in the price of ApeCoin came a month later. It happened when Yuga Labs declared that its Otherside workshop would be exclusively in ApeCoin. The announcement caused the price of the token to skyrocket. In fact, ApeCoin reached its all-time high of $27.51 on April 28.
However, the price spike only continued until Otherside launched on April 30. Then, as most predicted, she went down after the mint. On May 1, the price fell by 16%.
What unexpectedly led to another spike in the price of the token was that Elon Musk changed his PFP on Twitter to a BAYC NFT. This pushed the price of ApeCoin up 20% on May 5, but only momentarily.
At the time of writing, ApeCoin is down 32.6% with a current value of $5.66.
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This article is educational material.
As always, do your own research before making any type of investment.