During the past 24 hours, the cryptocurrency community has been discussing the launch of a new token called Appcoin (APE), issued by the newly formed Apcoin DAO. At launch, the coin exchanged hands for $10.36 per coin, but fell more than 40% to $6.21. As the token is getting its all-time low and a major airdrop for Bored Ape Yacht Club (BAYC) owners, the price of APE has moved closer to the price it first revealed.
Apcoin DAO gives tokens to NFT owners, forms App Foundation
There is a new crypto token among the 13,243 cryptocurrencies in existence and it is already ranked in the top 100. Appcoin (APE) was launched after the creation of a decentralized autonomous organization called the Appcoin DAO, which was started by the firm Yug Labs. According to the non-fungible token (NFT) startup, the Apcoin DAO will be managed by members of the council. Additionally, an App Foundation has been formed to help the DAO manage the governance process.
“Apecoin is owned and operated by Apecoin DAO, a decentralized organization where each token holder gets a vote on governance and use of ecosystem funds,” the social media account dubbed Apcoin famous in a Twitter thread on Wednesday. “Membership in the Appcoin DAO requires only possessing Appcoin. The DAO is supported by the App Foundation, which was created to act as the legal manager of Apcoin and to administer decisions made by the Apcoin DAO community. (Originally) requires someone to sign the cheque.)”
Furthermore, the team said that 62% of the total Apecoin (APE) supply will be “allocated to the Apecoin community,” with 15% initially distributed at 8:30 a.m. (ET) on Thursday. “Airdrop claim 15% of the total supply of Apcoin will be made available [Bored Ape Yacht Club] NFT holders (boring apes and mutant apes, as well as BAKC dogs combined with BAYC or MAYC).”
Apecoin Lists Major Exchanges, Funds Claimed by Over 10,000 Unique Addresses
Statistics from analytics site dune.xyz show that a large number of addresses claimed their airdrop tokens throughout the day. Those who do not have the criteria for specific NFTs from BAYC-related NFT collections have the option to purchase tokens through several popular exchanges. While the token is extremely new, Apcoin is already listed on Binance, Uniswap, FTX, Coinbase Exchange, Okx, Bitfinex, Huobi and Kucoin. The statistics also show that a large number of Ethereum addresses claimed their airdrop tokens throughout the day.
Data indicates that 15,201 unique addresses can claim APE airdrops and at the time of writing, 10,783 addresses have claimed funds. This is 70.92% of the claimants so far and out of this a total of 99,661,960 APEs have been claimed. Furthermore, after exchanging APEs on the trading platform for most of Thursday, there are 21,373 unique addresses that currently hold APEs. Etherscan data indicates that the newly launched ERC20 is divisible by 18 decimals and the token has currently seen 74,267 transactions.
The hype surrounding the Apcoin airdrop has also seen problems. certificate alert systemA community alert created by security firm Certik, revealed The Apcoin airdrop was attacked by a flash loan. “At 12:13:14 PM UTC, an attacker claimed a large amount of [apecoin] At an airdrop event by Flash Loans using BYAC tokens to redeem for BAYC NFTs,” Certik Alert Systems said. “The total profit of the attack is approximately ~$820K (293 ETH).” Additionally, written by Blocksec A blog post also described how the Apcoin airdrop was attacked by a flash loan.
“We believe this is due to the vulnerability that the APE token airdrop process only considers the spot position, which can be manipulated by attackers,” the BlockSec post tells. Furthermore, the Apcoin DAO web portal has been suffering from excessive traffic throughout the day and at times, the server is unable to handle the load.
What do you think about Apcoin (APE) and Apcoin DAO? Let us know what you think about this topic in the comment section below.
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