- ApeCoin Project backers are expected to receive rewards worth $115 million in APE tokens.
- Treasury of ApeCoin DAO scheduled to unlock 25million APE tokens which are assigned for “launch contributors.”
- Ahead of the unlock, the APE’s price is down about 9%.
Launched back in March with immense hype, ApeCoin is the Ethereum-based token designed for the Bored Ape Yacht Club NFT ecosystem. Now that some of the project’s backers are likely to get rewards worth around $115 million in APE tokens, also the holders are concerned that how to unlock would affect the token’s price.
The treasury of the ApeCoin DAO is scheduled to unlock 25 million APE tokens which are assigned for “launch contributors” on Saturday. As per the website, these are the “unnamed businesses and people that helped make this project a reality.” The 25 million tokens will become available six months after the March 17 launch of ApeCoin.
With over $115 million worth of tokens entering the market at the current token price of $4.61, it will result in an increase in the circulating supply of the tokens by about 8%.
ApeCoin currently has around 318 million Apes in circulation out of a total of 1 billion tokens that were generated as a permanent supply. The rest of them will be unlocked across a four-year period from March’s launch.
Who falls under the category of launch contributions is unknown. But as per the new report of a well-known crypto industry research firm, the list might also include contributors of Yuga Labs, the company that founded Bored Ape Yacht Club and received $450 million at a $4 billion valuation in March.
The research company also highlighted FTX Ventures, Animoca Brands, and investment firm Andreessen Horowitz as possible candidates.
APECoin’s price has already fallen by almost 9% during the past 24 hours prior to the unlock, and In the last 30 days, it has dropped by 26%.