ApeCoin Crashes 30% With Over $200M Gas Burnt In Hours

Apecoin crashes 30% with more than $200 million gas burnt in hours after the Otherdeed mint went live yesterday and led to surging gas fees so let’s read more today in our latest altcoin news.

The virtual land sale related to the Yuga Labs metaverse proejct went live a few hours ago and affected a huge portion of the entire market. The huge demand led to ETH Fees worth about $200 million while Apecoin’s price crashed by double digits after the sale and led to surging gas fees and gas burnt in hours. Since Yuga Labs annoucned the Otherside metaverse project, the anticipation for the sale surged. This led to a huge price increase for BAYC native coins ApeCoin as the organization said it will be used to buy virtual land. APE charted a new high a few days before Yuga Labs’ sale went live.

Gas optimization 1: Remove the ERC721Enumerable extension.

The ERC721Enumerable extension is used to track the owners of an NFT on-chain. Mints that remove the ERC721Enumerable extension save around 70% in gas costs. This tiny change would have saved around $70M this hour. pic.twitter.com/nzmwjsVm2K

— Will Papper ✺ (@WillPapper) May 1, 2022

A few hours ago, the sale went live and caused huge disruptions for the ETH network which is the blockchain that is built. The data from Etherscam shows that the users paid about 64,000 ETH in fees that equal over $175 million in the past day in relation to Otherside. Will Papper, the Syndicate DAO co-founder said the contract had zero gas optimizations and provided a new trick that can save millions. Yuga labs addressed the event and noted that the mint was big enough that Etherscan crashed and apologized for turning off the lights on the ETH network. BAYC creators promised to reimburse gas fees for the users that failed transactions and suggested that ApeCoin will be mitigating to its own blockchain in the future.

Apecoin crashed 30% after the sale while previously it was the best performer on the market. It is now trading at $17, a drop from $27 which is expected as investors rushed in to buy APE before the sale to take part in the sale.

This has been the largest NFT mint in history by several multiples, and yet the gas used during the mint shows that demand far exceeded anyone’s wildest expectations. The scale of this mint was so large that Etherscan crashed.

— Yuga Labs (@yugalabs) May 1, 2022

As earlier reported, The Ethereum-based governance token used in the BAYC ecosystem -Apecoin surged in value over the past week. In the buildup to today’s Otherside drop by the Bored Ape Yacht Club creators Yuga Labs, the leading NFT market OpenSea announced it is now accepting Apecoin. It came just days after APE became the biggest metaverse token by market cap.