ApeCoin Day 1: Holders Make Over $90K, Dogecoin Creator Disapproves

ApeCoin (APE) was revealed yesterday and is already making waves in the market. The Ethereum-based token launched on March 17, and in just 24-hours, 109 million tokens have been claimed – roughly worth $1.2 billion.

However, the airdropped token fluctuated throughout its launch. It started off at $10.36, and in an hour fell to $6.21. Notably, at the time of writing, it has risen to $12 via data from Coingecko.

During this 24-hour period, ApeCoin holders have made tens of thousands of dollars. For example, one Rahim Mahtab on Twitter made $90,000 on the airdrop. Similarly, one Nathan Head on Twitter made $75,000.

Via a controversial tweet, Dogecoin creator Billy Markus stated his disapproval of ApeCoin.

sorry, i am not a fan of apecoin, mostly because i think it hurts the NFT space to bring in tokens, as token communities are generally hyper toxic and desperate

as tokens do the hype and crash thing like every token does, often people start to get pretty obnoxious about it all

— Shibetoshi Nakamoto (@BillyM2k) March 18, 2022

Markus further tweeted that he thinks tokens on the NFT space will only “cause division, communities to demand tokens, big corporations of rich people taking over web3, etc.”

yeah – i am sure everyone with an ape thinks it’s good 🤣

i have an outside perspective and i just think it’ll cause division, communities to demand tokens, big corporations of rich people taking over web3, etc.

i don’t personally like the direction. but also, whatever 🤣

— Shibetoshi Nakamoto (@BillyM2k) March 18, 2022

Unsurprisingly, there was a backlash from the community who disagreed with Markus’ take. In response, Markus tweeted that disagreements were fine; however, personal attacks on him or Dogecoin only proved his point. Markus added, “toxicity hurts the brand and the NFT space.”

In other news, Giottus becomes the first Indian centralized exchange to launch APE. Giottus users were able to deposit APE tokens on March 17 via the ERC-20 blockchain. Users will likely be able to trade and withdraw APE in the days to come.

ApeCoin is the official token of the Bored Ape Yacht Club and is a reward for holders of Bored Ape NFT collectibles. However, the token wasn’t created by Yuga Labs (the creators of Bored Apes), but rather by ApeCoin DAO.

ApeCoin DAO is a new decentralized autonomous organization that exists to govern the token and its roadmap moving forward.

Notably, ApeCoin DAO has recruited prominent personalities from the crypto community to serve on its board. This includes Reddit Co-Founder — Alexis Ohanian and FTX’s Head of Ventures Fund — Amy Wu. The two will serve for six months; afterward, APE holders will hold a vote for the next members annually.