ApeCoin, the ERC-20 token created by the ApeCoin decentralized autonomous organization, is now available on exchanges.
However, early trading data suggests that the path hasn’t been easy, with the coin selling for as much as $214 on one exchange, $40 on others, and as low as $6 on some of the CEXs that listed it.
Regardless of its price performance, despite being accessible for only a few days, the ApeCoin token has emerged as a popular item in the crypto business. This is certainly due to its link with the Bored Ape NFTs (BAYC).
ApeCoin’s introduction was announced with great enthusiasm on Twitter. According to the token’s official website, the currency has a total quantity of 1 billion, and 15% of it will be airdropped to Ape NFTs holders, i.e., those who own Bored Apes or Mutant Apes.
Those who do not own any of those priced NFTs, on the other hand, would have to rely on crypto exchanges such as Coinbase, Binance, Uniswap, FTX, KuCoin, OKX, Bitfinex, and Huobi, which had gone head over heels to launch the new coin.
Notably, it is rare for big centralized crypto exchanges to list a new currency on the day of its birth, but the excitement around ApeCoin and its link with the Bored Ape community most likely drove them to do so.
According to available statistics, over 10,000 different Ethereum addresses were able to claim the tokens out of the eligible 15,201, and many more would have likely purchased it via crypto exchanges that listed the asset.
ApeCoin reached an all-time high of $17.17 on the day of its release before plummeting to a low of $6.21, according to Coingecko statistics, and it is now trading for roughly $13.
However, a review of trade data reveals differences in its trading price shortly following its airdrop across exchanges on the day of its introduction.
On FTX, for example, the coin reached a high of $40 before plummeting to roughly $15 on the day of its release. Binance reported a lower amount of $28, although the commodity traded for as much as $214 on Gate.io.
However, a glance at the coin’s trading volume across each exchange reveals that Binance had the most trades and, as a result, its price was the more accurate cost of the coin.
Because of the great interest in the token, nefarious actors have had a plethora of options. There have been cases of scammers stealing from unsuspecting investors by exploiting verified Twitter identities and phishing websites.
The Certik alert system revealed that someone took advantage of the airdrop by redeeming BAYC tokens for BAYC NFTs, earning 293 ETH in the process. This was a smart attack in which the attacker took advantage of the fact that the airdrop only assessed the spot state.
The anonymous attacker employed flash loans to borrow five BAYC NFTs and used the borrowed NFTs to claim APE tokens in the airdrop while returning the loan promptly. To claim the tokens, the attacker just needed to discover a vault containing NFTs that had not yet been utilized.
So they just purchased one Bored Ape NFT and used it as collateral for a flash loan to borrow the 5 NFTs, claim the tokens, return the loan, and sell off the other NFTs.
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