In a recent tweet, Dogecoin co-founder Billy Markus slammed the ApeCoin (APE) cryptocurrency.
Markus feels that introducing tokens to the NFT ecosystem is detrimental since it creates “toxic” and “desperate” communities. During boom-and-bust cycles, the owners of such cryptocurrencies get progressively “obnoxious,” according to the Dogecoin founder.
Yuga Labs, the company behind the non-fungible token collection of the Bored Ape Yacht Club (BAYC), just introduced the hot cryptocurrency. Although it was apparently founded by the ApeCoin DAO, a decentralized autonomous organization, to avoid regulatory inspection.
On the official website of the cryptocurrency, owners of NFTs from the BAYC collection can get the APE token for free. It’s also available to the general public on exchanges like Coinbase and Binance.
The cryptocurrency rose sharply in the first few minutes of trade on major spot exchanges, peaking at $39.40, then plummeting by 80%.
According to CoinMarketCap data, the Ethereum-based currency is presently trading at around $11.
The debut of the governance and utility token coincided with a surge in interest in BAYC NFTs. Shortly after the token’s release, the collection’s floor price soared to roughly $300,000. This expansion, however, was only temporary.
It remains whether the APE token can gain widespread acceptance.
Markus advised the cryptocurrency community last month to focus on real utility rather than price action driven by hype. Dogecoin’s price has dropped by 84.12% from its all-time high.
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