ApeCoin, the ERC-20 token developed by the decentralized autonomous organization ApeCoin, has finally gone live on exchanges.
However, early trading data shows that the road has not been smooth as the coin trades at $214 on one exchange, up to $40 on others, while crashing as low as $6 on some CEXs listing it.
But regardless of its price performance, the Apcoin token has emerged as a hot commodity in the crypto industry despite being available for only a few days. This is, undoubtedly, due to its association with Bored App NFT (BAYC).
Top exchanges rush to list ApeCoin
ApeCoin announced its launch with much fanfare on Twitter. According to the token’s official website, the coin has a total supply of 1 billion, and 15% of it will be broadcast to app NFT holders, i.e. those holding Bored apps or mutant apps.
On the other hand, those who don’t own any of these pricey NFTs will have to rely on crypto exchanges such as Coinbase, Binance, Uniswap, FTX, KuCoin, OKX, Bitfinex, and Huobi, which have been on the heels of launching was stressed. new coin.
Notably, it is quite unusual for major centralized crypto exchanges to list a new coin on its launch day, but the hype around Apcoin and its engagement with the bored app community pushed them into action.
How much did apkcoin actually sell for?
Available data shows that there are more than 10,000 unique Ethereum addresses able to claim the token out of 15,201 eligible, and more likely would have bought it from crypto exchanges that list the asset.
According to data from Coingecko, ApeCoin had an ATH of $17.17 before falling to a low of $6.21 on its launch day and is currently trading for around $13.
But a look at the trading data will reveal discrepancies in its trading price immediately after the airdrop on exchanges on the day of its launch.
On FTX, for example, the coin was able to trade as high as $40 before crashing to around $15 on its launch day. Binance posted a more modest figure of $28, while the asset traded as high as $214 on Gate.io.
However, a look at the trading volume of the coin on each exchange shows that Binance recorded the most trades and thus, was priced at a more realistic cost of the coin.
Bad actors take advantage of Apcoin hot streaks
The huge interest in the token has also provided huge opportunities for bad actors. were there reports Scammers use verified Twitter accounts and phishing websites to steal from unsuspecting investors.
Certik Alert System has shown That someone took advantage of the airdrop using BAYC tokens to redeem BAYC NFTs, making a profit of 293 ETH in the process. This was a fairly sophisticated attack where the attacker took advantage of the fact that the airdrop assumed only spot state.
The unidentified attacker borrowed five BAYC NFTs with instant loans and used the borrowed NFTs to claim APE tokens in an airdrop while repaying the loan immediately. All the attackers had to do was find a vault containing NFTs that was not used to claim the tokens.
So, they simply bought a bored app NFT and used it as collateral for a flash loan to borrow 5 NFTs, claim tokens, repay the loan and sell all tokens in a single transaction.
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