New Ethereum-Based Altcoin Shatters $700,000,000 Market Cap As Coinbase and Binance Announce Surprise Support

A brand new crypto asset created by the founders of the popular Bored Ape Yacht Club (BAYC) is leaping out of the starting gate with serious momentum.

Top crypto exchanges Coinbase and Binance have both added ApeCoin (APE) to their roster of digital assets despite the altcoin being less than a day old.

The project announces in a tweet,

“Introducing ApeCoin (APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of Web3.”

BAYC was founded by Yuga Labs and is known throughout the blockchain world for its signature ape-themed non-fungible token (NFT) artwork.

The Ethereum-based APE governance token will help facilitate the workings of ApeCoin’s community-run decentralized autonomous organization (DAO).

Coinbase says in a tweet that APE will be accompanied by the Experimental label, which the company applies to “assets that are either new to our platform or have relatively low trading volume compared to our broader crypto marketplace.”

Coinbase users can send and receive APE across the entire platform, but trading is currently limited to Coinbase Pro in the Tether (USDT) trading pair.

In the Binance listing announcement, the exchange says APE will be available to trade in the Bitcoin (BTC), Binance USD (BUSD) and USDT pairs.

ApeCoin debuted today priced at $7.40, then quickly jumped by 20% to $8.94 before correcting to its current valuation of $7.95.

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Featured Image: Shutterstock/Vink Fan/Fotomay

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