ApeCoin is an NFT-backed token created for the Bored Ape Yacht Club ecosystem. It was launched in March and it was used to reward members and investors holding the Bored Ape or Mutant Ape holders.
The project backers are set to reap more rewards as 25 million APE tokens are set to be unlocked during the weekend. Some Ape token holders are in dilemma showing concerns over the impact the new APE tokens released might have over the current price. At the time of reporting 25 million APE tokens are worth $118,500,000 with one APE token currently trading at $4.74.
According to their website, the 25 million ApeCoin that will be unlocked represents 8% of the total circulating supply. They also have other unlocking events scheduled in the future that will take the total supply of ApeCoins to 1 billion, from the current 306 million in circulation.
The release of the new tokens could add to the sell-off which currently sits at more than 20% from the last month. It is unknown who could get a share of the 25 million tokens that will be released and whether those that will receive the tokens will sell them or keep them.
This weekend’s unlock is only for the launch contributors, and BAYC and Yuga Labs founders will receive their tokens in March 2023. While the identity of those that will receive the new tokens remains hidden it is expected that Animoca Brands and FTX Ventures will be among the beneficiaries.
ApeCoin staking to be launched
ApeCoin staking is expected to be launched soon, and it is expected to be a reason why investors might hold onto their APE tokens. The new feature coming to the ecosystem may be a much-needed boost that will add value to the coins and reduce the sell-off pressure.
Horizen Labs has been in charge of building the staking system that will reward users who stake APE tokens or NFTs related to the ecosystem. They recently shared their progress and they plan to also host a Twitter space to discuss more details about the staking service.
According to data from Coinmarketcap, ApeCoin’s price is down by 3.10% over the last 24 hours. It is trading at $4.74 as of the time of reporting.
