BAYC's ApeCoin up 50% this week as its creator raises $450M in new funding
ApeCoin (APE) continued its rebound move Thursday as the firm behind it raised hundreds of millions of dollars in a funding round led by Andreessen Horowitz.
APE's price surged 7.5% intraday to reach around $14.50 per piece. Notably, the token's upside move came as a part of a retracement rally that started at the beginning of this week when it was changing hands for as low as $9.50.
That pushed APE's week-to-date profits up by 50%, making it one of the best-performing digital assets since March 21.
To recap, ApeCoin digital currency came to existence on March 17, via an "airdrop" backed by Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC), a collection of nonfungible tokens (NFT) popular among celebrities, sportsman, and venture capitalists alike for its so-called status symbol.
Yuga Labs dropped 150 million APE — out of the total 1 billion created — among the owners of the Bored Ape NFTs, with each getting 10,904 tokens, worth over $158,000 as of Thursday, for "free."
Meanwhile, owners of rarest BAYC NFTs, the "Mutant Apes," received 2,042 APE, which costs around $30,000 as of today's price.
The firm projects APE as a governance and utility token to allow its holders to oversee and manage the so-called ApeCoin DAO, a decentralized autonomous organization. As a result, holding an APE gives users the right to vote on decisions proposed within the BAYC ecosystem.
"It will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse," reads an excerpt from the ApeCoin's official website.
The ApeCcoin community has issued 5 proposals, including the DAO structure; the voting process; the allocation of the ecological budget; the rules for staking and the allocation of
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