BAYC's ApeCoin (APE) Plummets by 83% on the First Day of Trading

ApeCoin (APE) Gets Listed by Gemini and Binance

At the time of writing, ApeCoin (APE) is trading at $7.44 signifying an 81.11% drop from its all-time high and a 14.8% increment from the local low of $6.48.

Earlier today, Gemini announced that it was listing ApeCoin (APE) as the first U.S. crypto exchange to offer the token to its users. Binance was next to announce its listing of ApeCoin (APE) with trading commencing today at 14.30 (UTC). The ApeCoin (APE) token has also been listed by the FTX Exchange, Gate.io and Uniswap.

ApeCoin (APE) Could Experience More Losses

ApeCoin’s price stability seems to be increasing as more crypto exchanges start to list APE.

However, if the price history of airdrops is used as a guide, the price of ApeCoin (APE) could drop further in the days to follow. This theory has been explored by Crypto Twitter member @justintrimble through the following three-part Twitter thread.

(1/3) Airdrops: A Brief History pic.twitter.com/UWMh5dqVmt

— JUSTIN // BrainDrops: A Platform for AI-Gen Art (@justintrimble) March 17, 2022

In particular, his analysis highlights the price decline of airdropped tokens such as Uniswap (UNI), Rarible (RAR), Botto (BOTTO), SuperRare (RARE), LooksRare (LOOKS), OpenDAO (SOS), Ethereum Name Service (ENS), NFTX and Adventure Gold (AGLD).

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