ApeCoin (APE) opens strong! Owners of a bored ape NFT could receive tens of thousands of dollars for free

The highly anticipated ApeCoin APE token launched on FTX at 8:30 PM. Prior to the deadline, the trading volume on the spot market of FTX reached $21.47 million. The opening price was around $5, with a peak trading price of $40 and a low of $4.4. At the time of the deadline, the current price is $7.6.

The trading volume of APE/ETH on the decentralized exchange Uniswap is also quite remarkable:

A Bored Ape Receives Airdrop of Tens of Thousands of Dollars

Calculated at around $7.6 per airdrop:

• BAYC holders: 10,094 tokens worth $76,714
• MAYC holders: 2,042 tokens worth $15,519
• BAYC + BAKC holders: 10,950 tokens worth $83,220
• MAYC + BAKC holders: 2,898 tokens worth $22,024

Binance is expected to open trading at 10:30 pm, with market prices reflecting fair value more accurately. Currently estimated at 1 billion tokens, it ranks around the top 20 by market capitalization, higher than Chainlink and FTX token.

Contract Market Shows More Bears

The contract market is dominated by bears, with a negative funding rate before the deadline and a trading volume of $116 million.

Preliminary Analysis

According to TokenInsight's analysis, if ApeCoin is priced at $5, the fully diluted valuation will reach $5 billion, exceeding the $2.5 billion of the gaming guild YGG, and roughly equivalent to Decentraland. If the price is $10, the FDV will be $10 billion, approximately equal to Sandbox's $9.7 billion.

Furthermore, in an especially optimistic scenario, if the price reaches $30, the airdrop value received by BAYC holders will be around $300,000, nearly the current floor price of BAYC in the secondary market.