Bored Ape Yach Club (BAYC) Floor Price Crashes 30% Following APE Coin Claim

It’s a tumultuous day for BAYC members. The long-awaited APE Coin has been finally released, and those who held BAYC-related NFTs could claim the airdrop. Immediately after the claim, though, the price for the collection tumbled by almost 30%.

• Earlier today, CryptoPotato reported that the floor price of Bored Ape NFTs reached over 100 ETH. To be fair, it reached around 109 ETH at one point today.
• Now, the APE coin is available for claiming and trading on certain exchanges, and it appears that people who were buying and holding Bored Ape NFTs are selling them after the fact.
• At the time of this writing, the floor price for the BAYC collection sits at 78 ETH – a considerable decline of some 30% from today’s highs.
• Meanwhile, FTX has already started trading APE coin, and the price there sits at around $7 at the time of this writing.

Chart by TradingView