“ApeCoin is for the Web3 Economy.”
– ApeCoin
Note: This is part of Nebeus’ new Coin Analysis series, where you can discover the latest crypto coin news.
ApeCoin ($APE) is a cryptocurrency built on Ethereum by Yuga Labs and used by Bored Ape Yacht.
Club (BAYC) was a big topic of conversation in the first three months of 2022.
Because of its active community and, more so, since the March 2022 launch of the Bored Ape Yacht Club-affiliated cryptocurrency ApeCoin, the BAYC has been consistently ranked among the top non-fungible token (NFT) collections.
Yuga Labs promises that it will become the coin of choice for a new metaverse ecosystem.
What is ApeCoin ($APE)?
ApeCoin is a Web3 coin that is functionally identical to all other coins. Since ApeCoin is a widely used ERC-20 token, it is recognized and accepted by most merchants.
Additionally, the coin is already used as NFT rewards, and BAYC holders received free APE that they can immediately cash in.
Since its launch, ApeCoin has managed to monopolize the spotlight at a time when NFTs are still sweeping the cryptocurrency landscape. The developers of the token have used a variety of incentives to promote the token's usefulness, including:
- Allowing third-party developers to participate in the ecosystem and include the token in their services, games, and other projects. For instance, the coin is used as a player incentive in the play-to-earn (P2E) mobile game Benji Bananas from Animoca Brands. When playing, users can collect unique tokens and exchange them for ApeCoins.
- Establishing an ecosystem fund to assist projects utilizing the coin.
What is BAYC?
Perhaps the most significant NFT project in the world is the Bored Ape Yacht Club (BAYC).
It trailed CryptoPunks for almost a year in the competition for the most popular collection in history. But as 2022 began and ended, the cost of BAYC NFTs skyrocketed.
The collection's NFTs are currently worth about $200k each, so if you sold every one of them, you could earn billions of dollars.
NFTs typically come in two different types:
There are independent works of art referred to as "1/1." There is only one of these, similar to real-life paintings. "Everydays" by Beeple is an illustration of a 1/1 NFT.
There are also "editions," such as the Bored Apes. These collections, which are more akin to collectible trading cards, can include any number of NFTs. Creators frequently use generative art. In this process, new variations are algorithmically generated by a computer program to produce large editions.
By combining and matching particular traits, creators make a template and produce variations. Since each trait is typically ranked according to rarity, some traits are much more uncommon than others.
For instance, there are various fur types, facial expressions, outfits, jewelry, and other accessories in the BAYC NFT collection. Overall, there are only 10,000 of the BAYC collection available. Only 49 of the Bored Apes have a dagger in their mouth, 108 have robot eyes, and 115 wear earrings with a cross.
How Does ApeCoin Work?
Collectively, holders of APE tokens make decisions about governance, voting on matters such as funding distribution, rule-making, partnerships, project selection, and more. The community's decisions regarding governance are put into action by the ApeCoin Foundation.
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. Five people from the technology and cryptocurrency communities make up the APE Board. Each year, ApeCoin users elect new Board members.
Ape Coin also has more information about the ApeCoin DAO Foundation over on its official forum. It’s worth checking out to get familiar with its unique setup.
Who is the Founder of $APE?
“APE is a token made to support what’s next, controlled and built on by the community.”
- ApeCoin
Yuga Labs, well-known for founding the Bored Ape Yacht Club, actively participates in the ApeCoin DAO community. ApeCoin has become their main token for the projects they work on.
The five-member Board of elite crypto investors oversees certain ApeCoin DAO-related proposals in place of a centralized authority. Each member serves a term.
- Alexis Ohanian, a co-founder of Reddit,
- Amy Wu, the head of FTX's venture arm,
- and Yat Siu, a co-founder of the blockchain gaming company Animoca Brands
were included in the make up the initial board.
What is the $APE Token?
ApeCoin is managed by a decentralized autonomous organization, or DAO, and serves as the APE ecosystem's governance and utility token. Any person in possession of the coin is qualified to vote on the pertinent governance decisions.
ApeCoin use cases include:
- Allowing holders to take part in the DAO's governance
- and giving holders access to the ecosystem's exclusive games, events, goods, and services.
How to buy ApeCoin? $APE
There are many cryptocurrency exchanges where you can buy APE. 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.
However, anyone with a wallet on a number of other cryptocurrency exchanges can also purchase the coin such as Nebeus where you can also hodl and stake it.
Just keep in mind to conduct your own research first and never invest more money than you can afford to lose.
Is ApeCoin a good investment?
Because ApeCoin was launched by an active and vibrant online community like the Bored Ape Yacht Club, it immediately attracted a steady stream of adopters. 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. Sales of metaverse land will also help the coin.
The ability to use APE as a payment method, earn NFT rewards, and gain access to premium features within the APE ecosystem are just a few reasons people choose to buy ApeCoin.
Despite all of these factors, you still need to exercise caution because the coin is inherently linked to NFT-related volatility.
What makes $APE different? Benefits of ApeCoin
Of course, there are a lot of advantages to ApeCoin that makes it different to other cryptocurrencies:.
It is being integrated into the Otherside Metaverse
The integration of ApeCoin with the upcoming metaverse Otherside may make it the most highly sought-after metaverse coin this year. As a result, ApeCoin will become a transaction token on metaverse marketplaces. If P2E components are included in the Metaverse, it might also be used to reward players.
ApeCoin will also presumably be compatible with other prominent NFT collections, including Mutant Ape Yacht Club, CryptoPunks, World of Women, and Cool Cats.
APE will be the currency for Yuga Labs’ new projects
Additionally, according to Yuga Labs, ApeCoin will serve as the standard currency for all upcoming projects, including the upcoming play-to-earn component of the well-known mobile game Benji Bananas, owned by Animoca Brands.
It has widespread adoption
Beyond Yuga Labs, rappers Snoop Dogg and Wiz Khalifa jointly released 8 songs that can only be purchased with ApeCoin, and Time Magazine has announced that it will soon accept ApeCoin for digital subscriptions.
How many ApeCoin ($APE) coins are there?
Max Supply: 1,000,000,000
Circulating Supply (06/04/2023): 368,593,750
Currently, approximately 36.8% of the total supply is already in circulation.
Note: We gather our information from CoinGecko. The numbers written are correct at the time of writing.
What is the Current Price and current Market Cap of ApeCoin? (06/04/2023)?
Current Price: $4.22
Current Market Cap: $1,552,786,750
Current Market Cap Position: #41
All-Time Low: $3.10 on April 28th, 2022
All-Time High: $26.70 on June 15th, 2022
Note: We gather our information from CoinGecko. The numbers written are correct at the time of writing.
What is ApeCoin’s Price Prediction?
Wallet Investor forecasts that the average price of the APE will increase to $25.414 by the end of 2023, and potentially even to $39.385 by the end of 2024, based on an analysis of its prior price performance. Unfortunately, there is still insufficient information to make a price prediction for Apecoin in 2030.
FAQ
Is ApeCoin good for the long term?
Whether ApeCoin is a good long-term investment depends on several factors, including its current market cap, APE price, and market conditions, the team behind the project, and the overall adoption and demand for the cryptocurrency. ApeCoin is a relatively new cryptocurrency, so it's important to conduct thorough research and analysis before making any long-term investment decisions.
What makes ApeCoin unique?
ApeCoin is unique in that it aims to support wildlife conservation efforts through its blockchain-based platform. ApeCoin is working with various organizations to develop innovative ways to use blockchain technology to track and verify donations to wildlife conservation efforts. This focus on social impact and environmental sustainability sets ApeCoin apart from many other cryptocurrencies on the market.
Is ApeCoin an Ethereum?
Yes, ApeCoin is built on the Ethereum blockchain. Ethereum is a decentralized platform that enables developers to build decentralized applications (DApps) and smart contracts and keeps the ApeCoin network secured. ApeCoin leverages the Ethereum blockchain to support its conservation efforts and enable secure, transparent transactions. As an ERC-20 token, the Apecoin network is secured and ApeCoin is fully compatible with the Ethereum ecosystem and can be stored in any wallet that supports ERC-20 tokens.
Conclusion
Ready to get involved with ApeCoin already? Join its thriving community of users and ape-aficionados on one of its channels:
Nebeus is a secure and reliable platform to buy, hold and transfer your ApeCoin investment. Sign up for a Nebeus account today.
La inversión en criptoactivos no está regulada, puede no ser adecuada para inversores minoristas y se puede perder la totalidad del monto invertido.
