After creating a lot of noise and momentum: Dogecoin co-founder criticizes “ApeCoin”
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Answer After creating a lot of noise and momentum: Dogecoin co-founder criticizes “ApeCoin”
ApeCoin If you follow the crypto market on a regular basis, you must have come across the name of the coin or the NFT images behind it.
In previous articles, we referred to the Arab Bitcoin and touched on the news of the launch of ApeCoin by the team of the famous NFT chain BAYC, to officially launch the currency with strong momentum and marketing covered by most of the news sites specialized in crypto.
The coin is also included in most of the major cryptocurrency exchanges.
Immediately after the coin appeared, its price was estimated at about $40, but when it began trading on Binance, the price fell to $7, and it is currently trading at $14.Read:Solana Reaches Record Level of TVL on DeFi Protocols
Dogecoin co-founder criticizes “ApeCoin”:
Dogecoin co-founder Billy Marcus poured cold water on ApeCoin (APE) in a recent tweet.
Marcus believes that the launch of the coin is harming the NFT space because it leads to the creation of toxic and desperate communities, and added:
Owners of such cryptocurrencies have become increasingly obnoxious during boom and bust cycles
As we have indicated, the cryptocurrency was recently launched by Yuga Labs, the company behind the non-fungible token group Bored Ape Yacht Club (BAYC).
Although it was ostensibly created by a decentralized independent organization called “ApeCoin DAO” in an effort to avoid regulatory scrutiny, BAYC Group NFT holders can get free APE coins on the cryptocurrency’s official website.
The currency is also available to everyone on trading platforms such as Binance and Coinbase.
The cryptocurrency rallied strongly during the first minutes of trading on the major trading platforms and peaked at $39.40, but an 80% drop followed.
The launch of the digital currency APE for Governance coincided with a significant rise in the popularity of BAYC NFT.
The lowest price for a single image from the group rose to nearly $300,000 shortly after the new cryptocurrency came out.Read:To Pay Off Its Debts: BlockFi intends to sell its Bitcoin mining machines
But this growth was short-lived.
It remains to be seen if the APE coin will reach a meaningful level of adoption.
Last month, Marcus urged the crypto community to focus on real utility rather than hype-driven price action.
It is worth noting that the price of “Dogecoin” has fallen by 84.12% since reaching its record peak.
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