Billy Markus, one of the creators of meme coin, DOGE, has revealed why he’s not in support of the idea of the creation of ApeCoin. He expressed his belief that introducing tokens to the NFT space would ignite toxicity to the space. Markus revealed that the speculations around markets involving tokens tend to bring out a lot of negative reactions from people.

“sorry, I am not a fan of apecoin, mostly because I think it hurts the NFT space to bring in tokens, as token communities are generally hyper toxic and desperate… as tokens do the hype and crash thing like every token does, often people start to get pretty obnoxious about it all.”

Yuga Labs, the creators of the BAYC collection announced ApeCoin on Wednesday. The creators revealed that ApeCoin would be the governing token for the ecosystem. The ApeCoin DAO would manage the asset, and holders of the token would be able to vote and fund projects in the ecosystem.

Yesterday, the coin was made available for trading for the first time. Its highest value point per token is about $39.4, with a low of $1.00 on its opening. Currently, it is trading at $14.71 on major exchanges and naturally showing a lot of volatility .