ApeCoin is one of the top performers this week, rising more than 30% this week to a record $ 27. But today, the price of ApeCoin has fallen significantly by more than 15%. Just four days after the $ 1 million BAYC NFT hack, a thief abused Instagram to access the official Bored Ape Yacht Club account, post a phishing link, and steal an NFT. User’s account. Let’s see what the future holds for ApeCoin.
$ 1 million worth of BAYCNFT stolen
This week began with a hacker misusing an official Bored Ape Yach Club account to post a phishing link to a fake airdrop. When an unsuspecting user accessed the link and connected the wallet, the thief wiped the NFT from the wallet and forwarded it to his address.
The thief escaped with an NFT of over $ 1 million. The change in a very tragic event reminds us that cryptocurrencies are still in the wild west and holding thousands of dollars worth of NFTs in hot wallets is a terrible idea.
However, since AirDrop was announced via BAYC’s official Instagram account, we can’t necessarily blame NFT holders for this hack. The BAYC Foundation or Yuga Labs seems to be accountable for user losses and need to compensate victims of this hack.
After the hack, the price of ApeCoin continued to rise, despite the fact that the rest of the crypto market traded flat and showed a slight bearish momentum. Cryptocurrencies have recovered all week long, with APE dropping more than 15% in a single day.
Looking at the CoinMarketCap chart above, most of the APE trading volume is around $ 20. Many have brought FOMO to market for over $ 25, but most traders have decided to sell or buy dips at the $ 20 level without expecting a further drop to $ 18. Did.
Overall, the market is still relatively healthy, the APE fix today could simply be due to the weekend, and the rally could come back next week.
ApeCoin’s current valuation is relatively high at $ 6 billion, surpassing all Metaverse crypto coins, including Decentraland and The Sandbox. As such, cryptocurrencies are still in their infancy and were just launched last month, so a 10-20% fix is not surprising. The true rally begins as ApeCoin begins to expand its ecosystem, provide utilities and build the Web3 economy.
For ApeCoin News, After two proposals launched last week, Both voted last night. Voting will end on May 4, so please vote before that.
The AIP-21 and AIP-22 proposals relate to launching an existing staking system for BAYC NFT holders and allocating funds to the pool to reward participants.
It is important to note that ApeCoin focuses on encouraging existing NFT holders to invest in tokens and participate in their ecosystem. At the moment, the biggest beneficiaries of APE are the early adopters who own the Yuga Labs NFT.
What is ApeCoin?
Launched March 17, 2022, ApeCoin is a governance token for the Bored Ape Yacht Club NFT collection. Digital assets provide holders with voting rights that influence proposals initiated by the DAO that governs the project.
ApeCoin aims to expand the Web3 ecosystem in the future to become the leading Metaverse coin. The project is currently focused on laying the foundation for the economy in the form of staking, partnerships and utilities.
APE is an ERC-20 token that resides on the Ethereum blockchain. The maximum supply is 1 billion and the current supply is 284 million. Due to the economics of tokens, their supply will not exceed one billion.
APE can be purchased at Binance, KuCoin, Gate.io, Coinbase Exchange, FTX, Huobi Global, Uniswap, Kraken, Gemini, Bitfinex, Poloniex and more.
Disclosure: This is not trading or investment advice. Investigate before buying Metaverse crypto coins or investing in crypto projects.
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