One of Dogecoin’s founders, Billy Markus, tweeted that BAYC’s Apecoin launch will negatively impact the crypto market space.
Markus’ Reasons For Criticizing The Apecoin Launch
Markus opined that he doesn’t support BAYC’s Apecoin launch because newly launched tokens usually spark toxicity in the crypto market space and, in this case, the NFT space. Part of his tweet reads: “Sorry, I don’t support this Apecoin launch. The hyper-toxicity and desperation common among token communities (including the Apecoin token community) will extend to the NFT space.
The hype and crash that usually affect this kind of token lead to some levels of distrust in the project itself.” BAYC founders, Yuga labs, announced the launch of Apecoin on March 16, including the launch of the project’s governance token, Apecoin.
The Launch And Demand For BAYC Nfts
The launch of the Apecoin token coincided with the spike in demand for BAYC NFTs. Shortly after the token launch announcement, the floor price of BAYC’s NFT collection surged to about $300k. However, the surge was only temporary. The asset management will be the responsibility of the Apecoin DAO, while the holders can vote and invest in projects in the community.
On its first trading day (on Wednesday), the Apecoin token price was $39.5. However, a considerable selloff has caused its price to decline to its current price of $14.73, according to Coinmarketcap data. The doge co-founder concluded his tweet by saying, “an argument for or against my opinion should be done constructively. Any argument attacking my personality or Dogecoin will only validate my views about this token launch.
Constructive Criticism Of Crypto Ecosystems
Markus has been highly vocal in his criticism of digital asset ecosystems. His dissatisfaction with crypto communities before the launch of Dogecoin was one of the reasons he teamed up with his friends (including Jackson palmer) to launch the meme-themed coin. He has also criticized the doge community via his tweets and suggested that the best way to facilitate the growing adoption of Dogecoin is to focus on the coin’s utility and not its price.
Speaking of utility for Dogecoin, Noyack logistics, a Los Angeles-based REIT, has announced a new partnership with Bitpay (a blockchain payment tech firm) so that it can accept Bitpay-supported cryptos such as DOGE, SHIB, and BTC. Bitpay chief executive, Stephen Pair, commented that the partnership would enable more crypto holders to invest in physical assets such as real estate without converting their cryptos to fiat before making their investment.
It is worthy of note that Markus has resigned from the doge team, even though he still owns Dogecoins. Hence, he only offers the team and community advice as one of the project’s founders. Doge has lost 1.35% in value within the past 24 hours and currently exchanges hands at $0.12. Time will tell whether there will be a fast adoption of the Apecoin token or it will crash and burn as Markus predicts.