APE drops nearly 10% after ApeCoin unlocks 7.3 million tokens

The latest crypto project to unlock a bunch of coins is ApeCoin.

On February 16, ApeCoin issued 7.3 million APEs to the market. At the time of unlocking, this was worth about $41.7 million. Additionally, unlocking accounts for approximately 0.7% of the total APE supply.

As expected, the price of the BAYC governance and utility token decreased after its latest unlock.

ApeCoin Unlocking Schedule

ApeCoin’s next token unlocking schedule is scheduled for March 17th. On or around that day, more than 40.6 million APEs will be issued with an estimated value of $215 million. Additionally, the next unlock is much larger at 4% of the entire supply. This could have a bigger impact on APE prices.

ApeCoin will continue to issue tokens on a monthly basis until March 2026. According to Token Unlocks, in addition to the big unlock next month, another major unlock is planned for September.

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Only 38.3% of the APE supply is currently unlocked, giving ApeCoin a market cap of $1.9 billion. Future unlocks aim to tailor incentives for stakeholders, but may result in more price volatility.

ApeCoin’s Tokenomic is very much in favor of the team, funding, and Yuga Labs, the company behind the BAYC series. Almost half of the APE tokens are licensed to the treasury. A whopping 38% of the funds went to Yuga Labs and startup contributors, and 15% went to airdrops.

APE prices plummet

APE price fell from an intraday high of just over $5.7 to a low of $5.15 a few hours ago this morning, February 17.

The 9.7% slippage coincides with the unlock time. However, at press time, the token has partially regained lost ground and is currently trading at $5.3.

Source: TradingView

ApeCoin has now wiped out all the profits made in the past few days. Additionally, the NFT governance token is now down 80% from its April 2022 all-time high of $26.7.

However, the BAYC series is still one of the best-selling products in the NFT market.

  • User ‘kills’ an ape for 1 Bitcoin Ordinal angers community
  • Yuga Labs’ new NFT hits over $6M in sales in just a few hours

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According to BeinCrypto

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