What is ApeCoin? Everything you need to know about APE

ApeCoin grants token holders the ability to participate in the governance of the DAO and https://www.xcritical.com/ provides them access to exclusive features of the ecosystem, including games, events, merchandise, and services. ApeCoin (APE) is an ERC-20 governance and utility token that serves a variety of functions within the APE ecosystem, which is made up of individual token holders and the products and services utilizing the token. It’s affiliated with a non-fungible token (NFT) project known as the Bored Ape Yacht Club (BAYC), a massively successful and valuable collection launched by Web3 company Yuga Labs. ApeCoin stands out in the crowded cryptocurrency market due to its unique features and benefits. One of the primary factors that make ApeCoin unique is its use within the APE ecosystem, which offers exclusive events, games, services, and merchandise to token holders.

Crypto Futures Vs. Traditional Futures:  Understanding the Trading Landscape

Additionally, ApeCoin serves as the ecosystem’s utility token, providing participants with a unified and open currency, eliminating the need for centralized intermediaries. ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes while also offering what is ape coin access to members-only features of the ecosystem like games, events and other services. One potential factor to consider when deciding whether to buy ApeCoin is its unique features and use cases. ApeCoin has a strong focus on community and building a robust ecosystem for developers and users.

Step 2: Complete KYC and deposit funds in your exchange account

ApeCoin seeks to offer its users a new way of investing, blending humor with financial options. It is an emerging player in the world of cryptocurrency, offering investors the opportunity to participate in the rapidly growing market for NFTs and other digital assets. Decentralized exchanges are smart contract-powered online trading platforms that enable users to trade crypto on a peer-to-peer basis without the need for a central authority. Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC).

Everything About ApeCoin: An Ape-powered Cryptocurrency

These decentralized authoritative frameworks are designed to create a fair and inclusive ecosystem in which the coin can flourish. ApeCoin has some actual utility within the APE ecosystem, so it’s more than just a speculative “meme coin”. However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing.

Yuga Labs strives to be one of the biggest players in the Metaverse and already created a few retail opportunities. With all eyes on them, the demand for its own crypto token rose – and so it was delivered. Enjoying viral success and arguably one of the most successful NFT collections to date, the 10,000 unique BAYC cartoon drawings earned cult status when their prices soared and big celebrities started buying them. To date, the most expensive BAYC NFT sold for a staggering $3.4 million. The next 16% (160 million tokens) was distributed to Yuga Labs itself (150 million tokens) and 10 million tokens (or equal value) went to the Jane Goodall Legacy Foundation.

Though it is unclear as to how the structure will look like, power distribution DAO is usually directly correlated to the number of ApeCoin a member holds. Get crypto market analysis and curated news delivered right to your inbox every week. To check ApeCoin’s price live in the fiat currency of your choice, you can use Crypto.com’s converter feature in the top-right corner of this page. Sign up for an account in minutes to buy crypto using credit card or bank transfer. Get started with BLOX and buy your favourite coins easily and quickly.

While the Foundation oversees day-to-day activities like project management and bill payment, the DAO community is ultimately in charge and decides and directs who works as a steward at the Foundation. The ApeCoin initiative will be a tool to advance, according to the official ApeCoin website. Another factor contributing to ApeCoin’s fall could be the changes in investor sentiment.

When the enthusiasm for the BAYC NFT was at its peak, the fans were stunned by the launch of ApeCoin, a cryptocurrency with strong future prospects tied to it. The five-member Board of elite crypto investors oversees certain ApeCoin DAO-related proposals in place of a centralized authority. Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation. Next, 140 million APE goes to “the companies and people that helped make this project a reality” – an as yet unnamed group that most likely includes members of the Yuga Labs team. All these coins are “locked” for the first 12 months, so holders can’t just cash out and tank the price.

The crypto community has greeted ApeCoin with open arms, despite the hype surrounding Bored Ape NFTs. $APE soared over 1000 percent shortly after its debut, putting it on the multi-bagger list. In the future, the price may also surge and slip based on the excitement coming from BAYC. When there is an enormous demand, and acceptance for BAYC NFT, it will advance ApeCoin’s price. Importantly, distributed tokens are locked for an initial 12 months period. Holders of ApeCoin can employ the token for services and transactions without any interference from the centralized authority.

Firstly, the growing adoption and use of the APE ecosystem by developers and users increases the demand for ApeCoin. Additionally, the limited supply of ApeCoin and its deflationary tokenomics model, which reduces the supply of tokens over time, also contributes to its increasing value. The partnerships and collaborations with other projects in the blockchain space also add to the positive sentiment surrounding ApeCoin, as well as the overall bullish market trend. Furthermore, any positive news or developments related to ApeCoin, such as new product launches or upgrades to the ecosystem, can also drive up its price. Overall, these factors create a positive feedback loop that can lead to a sustained increase in the value of ApeCoin.

The APE ecosystem followers envision that ApeCoin will be used to purchase digital land, games, and other Metaverse activities in the future. Those who own a Bored Ape can get 10,094 tokens, which is a good amount of money based on ApeCoin’s current trading price. Mutant Ape Yacht Club members are allowed to claim 2042 tokens for each Mutant Ape they possess. Third-party developers can contribute to the APE ecosystem through games and services using ApeCoin.

APE, for example, is used as an incentive for players in Animoca Brands’ Benji Bananas, a play-to-earn smartphone game. Benji Bananas offers a Membership Pass (‘Benji Pass’), an NFT that allows owners to earn unique tokens while playing Benji Bananas and then exchange those tokens for ApeCoin. Operating on the Ethereum blockchain, Ape Token fits well into the larger puzzle of digital assets, functioning as more than mere currency. It is also used as a utility token, with multiple purposes within the Ape ecosystem, such as yield farming, liquidity mining, and governance voting. The ApeCoin (APE) is an ERC-20 token with a 1 billion maximum supply that is permanently fixed.

Moreover, to pass an exchange’s KYC (Know Your Customer) process, you will also need to provide a copy of your government-issued ID and proof of address. You may also be asked questions about your income and your level of expertise as an investor. Let’s take a look at the requirements to open an account on a crypto exchange. The Bored Ape Yacht Club (BAYC) is a highly popular NFT collection composed of 10,000 unique images of cartoon apes. During the height of the NFT boom in 2021, Bored Ape emerged as one of the most popular NFTs, with rare Apes selling for hundreds of millions of dollars. Individuals can buy $APE by creating an account on any of the convenient platforms.

Zengo is one of the safest and most user-friendly wallets on the market. The Zengo wallet is flexible, intuitive and prioritizes security and guaranteed recovery, making it a trusted choice for crypto traders around the world. NFT’s of mentioned Bored Ape Yacht Club are also favourited by some celebrities. Eminem, Paris Hilton and other have already invested hundreds of thousands of dollars in them. Besides all that, there has been a lot of talks lately about the Yuga Labs’ pending metaverse project launch.

• Investing in cryptocurrencies, decentralized finance (DeFi), and other initial coin offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile.
• Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. (SIPC).
• That’s around $150,000 at today’s prices – about half of what you’d need to buy yourself another Bored Ape.
• The integration of ApeCoin with the upcoming metaverse Otherside may make it the most highly sought-after metaverse coin this year.
• For instance, there are various fur types, facial expressions, outfits, jewelry, and other accessories in the BAYC NFT collection.
• They are transforming the way the world perceives finance and wealth management.

However, it only gives you the authority to vote on DAO topics and to elect the board members. Holders of ApeCoin will get access to certain parts of the ecosystem that are otherwise unavailable. For third-party creators, ApeCoin acts as a means to participate in the ecosystem.

Yuga Labs has emerged as the predominant NFT brand, notably recognized for its Bored Ape and Mutant Ape NFT collections. These exclusive NFTs have cultivated an exclusive community within the Bored Ape Yacht Club, consisting of influential individuals. To fortify the ecosystem supporting Yuga Labs’ apps and services, as well as those of third-party brands, the introduction of ApeCoin became pivotal. When the company announced the minting of 55,000 parcels of digital real estate NFTs called “Otherdeeds,” they were priced in APE. In total, Yuga Labs generated more than $300 million through the sale—all transacted in ApeCoin. The private company Yuga Labs are a Web3 creative lab and creators of BAYC.

People who enjoy gaming, the arts, and other forms of entertainment are more likely to use this cryptocurrency, so its long-term viability is promising. Owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club received ApeCoin first via a claimable airdrop. More than 90% of all eligible addresses reportedly claimed the ApeCoin airdrop within the first two weeks after launch, as claimed by Dune Analytics. The ApeCoin Foundation fosters the expansion of the ecosystem as the DAO’s official legal representative. A unique organization that carries out the community’s vision within the Foundation is called the Board.

So, in addition to the ApeCoin protocol (the code behind ApeCoin tokens), there’s the ApeCoin DAO, the Ape Foundation and the ApeCoin DAO board. This percentage will continually increase following launch day at regular intervals over a 48-month period. Get the receiver’s wallet address, enter it into the prompts, tap send, and let the person receiving know they will get a confirmation. Zengo makes it simple and secure to buy, sell, send, or trade APE in just a couple of taps.

With your freshly gained knowledge, now it’s on you to decide if you start stacking ApeCoin. But before you get there, you’ll have to set up an account to store it. To do so, you’ll need to set up an Ethereum account on your Ledger device if you haven’t already. To learn how to do this, check out this support article on adding an Ethereum account to your Ledger. Every wallet address holding ApeCoin can vote on live proposals by signing the vote on Snapshot (In Favor / Against). The mechanism is low-cost for every ApeCoin holder and makes votes as transparent as possible.