ApeCoin Drops Tomorrow – Crypto Briefing

Bored Ape Yacht Club has formally announced ApeCoin ($APE), which will drop to current Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders tomorrow.

ApeCoin Will Drop Tomorrow

The highly-anticipated governance and utility token for Bored Ape Yacht Club will be released tomorrow at 8:30 AM EST, according to a tweet from the official Bored Ape Yacht Club Twitter account.

Holding APE will bestow membership to the ApeCoin DAO, a decentralized autonomous organization that will vote on governance issues for the ecosystem. The Ape Foundation, which the “legal steward” incorporated to facilitate the direction and development of the ApeCoin DAO and ecosystem, is headed by a board that includes Alexis Ohanian (Reddit’s Co-Founder), Amy Wu (of FTX), Maaria Bajwa (Sound Ventures), Yat Siu (Animoca), and Dean Steinbeck (Horizen Labs).

15% of the tokens total supply of 1 billion will be made available tomorrow via airdrop to holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs, with additional tokens allocated to those who hold Bored Ape Kennel Club NFTs alongside their BAYC or MAYC NFT.  In total, 62% of the total token supply will ultimately be allocated to the DAO, 16% to Yuga Labs, 14% to launch contributors, and 8% for the founders.

According to a Twitter thread from the official Coinbase Assets account, Coinbase will support APE on an experimental basis beginning tomorrow at 12:00 PM EST, assuming key liquidity thresholds are met.

Secondary markets for the Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club collections are all reacting, with the volume of all three up over threefold in the last 24 hours. The news comes only days after it was announced that Yuga Labs, the creator of Bored Ape Yacht Club, had acquired the CryptoPunks and Meebits NFT series from Larva Labs.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.