Bored Ape NFT volumes spike after ApeCoin launch

The Bored Ape Yacht Club (BAYC) has seen its trading volume spike on Thursday following the launch of ApeCoin.

Sales volume more than doubled from the day before to around $43.5 million for March 17, according to data from Dune by @metaland. The March 16 figure was roughly $15.9 million. 

OpenSea shows a 1,616.98% BAYC volume increase over the last 24 hours. The floor price is at 89 ETH as of Thursday afternoon.

Other projects associated with the Bored Ape Yacht Club have also seen a steep increase in volume, including the Mutant Ape Yacht Club (970.43%) and the Bored Ape Kennel Club (852.80%).

Yuga Labs, the creator of the popular non-fungible token (NFT) project, said on Twitter that ApeCoin would be used “as the primary token for the Bored Ape Yacht Club ecosystem as well as future Yuga products and services.” The new token is governed by the ApeCoin DAO. 

The ApeCoin Twitter account describes it as a “​​token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.”

On Wednesday, ApeCoin announced that 62% of token supply would go to the ApeCoin community, of which 15% could be claimed via airdrop.

Popular exchanges like Gemini, Coinbase and Crypto.com are already supporting the new token, which was valued at close to $8 on Thursday afternoon as of press time.