The co-founder of Dogecoin criticized the launch of the ApeCoin token by the popular project Bored Ape Yacht Club (BAYC).
Billy Markus, one of the creators of the DOGE cryptocurrency, explained why he does not support the idea of launching APE. He wrote on Twitter that the emergence of tokens in the non-fungible token (NFT) space is slowly killing that space. Markus believes that market speculation in tokens usually causes heated discussion among the most desperate members of the community, and this negativity can spill over into the world of collectible tokens. Markus acknowledged that users might disagree with him, asking for constructive opinions and not to criticize Dogecoin. And if users can’t resist attacking DOGE, this will only prove him right:
“Sorry, but I’m not a fan of ApeCoin. I think it will hurt the NFT space because usually tokens get hyped and then crash. As a result, people begin to distrust the entire industry. ApeCoin will make the NFT space toxic.”
Yuga Labs, creator of the BAYC collection, announced the launch of ApeCoin this week. APE runs on the Ethereum blockchain and serves as the internal token of the BAYC ecosystem. ApeCoin holders will be able to vote and participate in community development. APE was recently listed for trading on major cryptocurrency exchanges, including Binance, FTX, Huobi, KuCoin, Bybit, and Kraken. APE started trading at $1 and has now risen to $15.
Yuga Labs recently announced a new project in collaboration with gaming company Animoca Brands. However, the project has been heavily criticized by users, as it obliges them to go through the “Know Your Customer” (KYC) procedure.
Source: Bits

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