Following ApeCoin’s first launch, the price of a Bored Ape Yacht Club (BAYC) NFT has decreased significantly over the last 24 hours.
ApeCoin’s price has dropped significantly today, altering the landscape of the BAYC NFT ecosystem as a whole.
According to CoinkGecko’s statistics, the price of a BAYC NFT decreased in less than an hour from about 106 ETH ($296,000) to 77.5 ETH ($218,000). This is a substantial price disparity and a decline of $78,000 in sixty minutes. The price has already stabilized, at 88 ETH ($247,000).
What caused the price of a BAYC NFT to decrease?
According to yesterday’s publication, all BAYC ecosystem members would be eligible to claim a percentage of the new ApeCoin. The BAYC, MAYC, and BAKC are all included in this. One billion ApeCoins are available, with 15% reserved for NFT holders.
ApeCoins are given to people who own many NFTs. Notable is the fact that the ApeCoin claim is only valid for a short time. If you purchase a BAYC NFT that has previously claimed $APE, you cannot claim it again.
This claim is effectively a dividend payment to BAYC stockholders already on the books. On Twitter, @wuestenigel succinctly describes this position. “You don’t want to pay too much for a disputed NFT,” he said. According to the $APE claim, a dividend cut might result in a large price loss, which is consistent with asset behavior.”
While the price of NFTs has decreased, purchasing a BAYC NFT with the potential to claim $APE may be a better long-term investment.