ApeCoin did not "fall 80% on its first day" and it's manipulative to say so

People on here just love to hate on some coins. So much, that they will just bend the truth or straight up lie to get approval from the others that also circlejerk-hate the coin. You know which ones I'm talking about, Doge is the classic, but also newer stuff like ICP.

So yesterday, a coin called ApeCoin got listed on quite a few big exchanges. It has some connection to BAYC and honestly, I have zero interest in it. Won't buy it, so didn't do any research on it. Maybe it's a scam, I don't know. Probably not. Maybe it's just a bad coin. That seems more likely. This post is not about the quality of the project.

People already decided it will be the next coin they hate. Animal in the name check, something with NFTs check... it's the perfect coin to hate! So There have been multiple posts, for example here and here saying that it "fell 80% on its first day". And you know what? That's completely wrong.

Looking at Coingecko, it seems the coin is up almost 50% in the past 24 hours. And looking at their chart, we also don't see any 80% fall. Why do people say this then? Well, if you look at the candles at FTX, which was, I think, the first exchange that listed them you will see why:

In the first two minutes, the coin pumped to $40 and it corrected to $10 within a few more minutes, and then keept going down to about $6. Since then it has been continually rising and is currently at about $15. So you can see, if you picked the top value and one close to the lowest, you would get to the 80%.

But that's not how we usually measure this, is it? People who have been in crypto for more than a few weeks have seen similar patterns again and again, when there is a highly anticipated launch of a project on a big exchange - for example when Binance launches some coin via Launchpad, there's almost a crazy spike in the beginning, followed by a hard drop (and I've seen much harder ones than this one). I would guess - and someone correct me on this if I'm wrong - that very few coins actually are sold/bought at that high price, but that these are just the first ones to go through.

If you look at the chart, you'll see that everyone that didn't buy ApeCoin in the first five minutes (!) is now in profit, if you bought soon after you are now up like 150%. Saying it "fell 80% on its first day" is just wrong.