APE IN: Bored Ape Yacht Club Members Can Trade Their Apes For A New $BAYC Memecoin That's Backed By Bored Ape NFTs

Bored Apes were tokenized today after notable Bored Ape Yacht Club member and ApeFi founder MachiBigBrother launched a ‘BAYC’ memecoin that lets Bored Ape holders trade their JPEGs for 100 million $BAYC tokens!

While some memecoins are based on animals or vaporware, MachiBigBrother and the Ape Finance team’s new $BAYC memecoin is backed by genuine Bored Ape JPEGs.

 

“Introducing BAYCcoin $BAYC,” ApeFi tweeted this afternoon. “A new memecoin that is fully backed by BAYC NFTs. Go to http://Ape.fi and mint 100m $BAYC for each BAYC NFT you send in. ETH: 0x28c3501fd8a248c6ac334C065FE7907062953CfD Solana: 6FfQTtgDcUQDXCWfgNHvFiwL4WPvtGLjF4BK7Kr141xE.”

 

“For too long, Apes have desired to play in the memecoin swamps,” MachiBigBrother tweeted after the token’s launch. “Today, your fellow Apes at ApeFi have made this possible. $BAYC Introducing BAYCcoin $BAYC. A new memecoin that is fully backed by BAYC NFTs. Go to http://Ape.fi and mint 100m $BAYC for each BAYC NFT you send in.”

 

ApeFi’s new $BAYC token is a cross-chain memecoin, and community members can purchase it on Ethereum and Solana, according to the website.

At the time of this article’s publication, the current market caps of the Ethereum and Solana Wormhole versions of $BAYC are $311,000 USD and $241,000 USD, respectively.

With the creation of $BAYC, not only will BAYC holders be able to trade their NFTs for 100 million $BAYC tokens, but also, token holders who accumulate 100 million $BAYC will be able to exchange their coins for a Bored Ape that was previously sent into the contract.

 

“Total supply of the token will oscillate at x100M of the total apes in the contract,” Web3 creator 0xBreadguy tweeted. “Worth noting: Because the cost of withdrawing an ape is hard-coded in the contract it means there will, invariably, be some Ape locked in this contract forever as tokens are lost to DEX games. Machi making Apes deflationary through degeneracy.”

For more information on the $BAYC coin, check out ApeFi's website here: https://ape.fi

 

The Bored Ape Gazette is working to find out more about the $BAYC token and will continue to follow its impact on the swamp. Stay tuned for updates!