Bored Ape Yacht Club (BAYC) Floor Price Skyrockets Above 100 ETH on ApeCoin Announcement

The team behind the Bored Ape Yacht Club outlined plans to launch a new native token, ApeCoin, which will be distributed among owners of such NFTs. Shortly after the announcement, the floor price for BAYC NFTs skyrocketed to above 100 ETH.

ApeCoin (APE) was announced yesterday, and the team described it as a “token for culture, gaming, and commerce,” which could be used to “empower a decentralized community building at the forefront of Web3.”
A decentralized organization called ApeCoin DAO will be behind the coin, and every holder will be able to vote on the governance and use of the Ecosystem Fund.
The team noted that holding APE will be the “only requirement for membership in the ApeCoin DAO.” BAYC NFT holders, some of which include prominent names like Neymar and Eminem, will receive a certain portion of the total supply in the form of an airdrop.

The airdrop claim consisting of 15% of the total supply of ApeCoin will be made available to @BoredApeYC NFT holders (Bored Apes and Mutant Apes, as well as #BAKC dogs paired with either #BAYC or #MAYC).

— ApeCoin (@apecoin) March 16, 2022

As the anticipation for the launch of the token grew, investors rushed to purchase BAYC NFTs to receive the new coin.
Consequently, the floor price skyrocketed, as shown by CoinGecko. It went from 92 ETH to nearly 107 ETH in just a day. From a USD perspective, this means that the floor price is now almost $300,000.