Has ApeCoin really dropped 80% on the first day since its launch?

ApeCoin ($APE) — the governance token of the well-known NFT project Bored Ape Yacht Club (BAYC) was listed yesterday on Mar. 17. The price in the first few minutes were very volatile.

Data shows vast APE price discrepancies ranging from $8 to $214 at centralized exchanges, but how likely is it that holders successfully traded the top half of that range right after the airdrop?

My recently published Cointelegraph article here looks at $APE’s price minutes after the airdrop on Binance, FTX, Gate and Sushiswap and assesses the scale of the price discrepancies during the initial price discovery periods.

Using a fairer way to look at $APE’s price immediately after the launch, the token actually only dropped 12% since its peak, which is not overly dramatic given the current bearish environment. When investors read headlines such as token price falls 80% on its first day next time, make sure to take a grain of salt.

With Yuga Lab’s future plans to use $APE for all its products and services and the collaboration with Animoca Brands to build blockchain NFT games, the future outlook for $APE and the web3 economy built around NFTs could be very interesting. For more details, see my article “Fact or fiction? Did ApeCoin (APE) really drop by 80% since launch?”