ApeCoin Skyrockets 141% Following Launch: What You Need To Know

ApeCoin (CRYPTO: APE) — the token launched by ApeDAO — saw astonishing volatility and great price gains following its Thursday launch. 

What Happened: Market data reveals that Apecoin skyrocketed by about 141.5% from its 24-hour low of $7.35 to a high of $17.75 — before correcting to its current price of $13.83. 

As Benzinga reported on Wednesday, Apecoin is the token launched by ApeDAO that will be used for culture, gaming and commerce to build out the Web3 efforts for the company.

The token will be involved in the governance of the ApeCoin DAO decentralized autonomous organization — including voting on the use of the ecosystem fund — of the community but also doubles as a utility token.

A total supply of ApeCoins is 1 billion. 

Furthermore, Animoca Brands, which is the company that owns The Sandbox (CRYPTO: SAND), also announced it is utilizing ApeCoin. As Benzinga reported on Thursday, ApeCoin was immediately listed on several major exchanges Thursday including FTX, Coinbase Global (NASDAQ: COIN), Binance, Gemini, Voyager Digital, Kraken and eToro.

Photo via Pixabay.