What Is ApeCoin? Features, Tokenomics and Price Prediction

Written by: on 6th April 2022
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Before purchasing APE, users are required to deposit fiat money onto an exchange, sequentially, APE tokens are then credited to their APE digital wallet on the exchange. Additionally, APE tokens are traded on multiple exchanges because the ApeCoin price fluctuates daily – making it favorable for arbitrage or swing trading. APE tokens have quickly grown in popularity, and as the Otherside metaverse progresses, the growth is expected to continue. APE holders have been setting social media ablaze with posts surrounding the Ape ecosystem and the latest developments in the project. After the initial release of APE, the price for the token rocketed to $30 on exchanges amidst all the hype.

How is the APE token used

However, some whales have not voted yet, leaving the result uncertain. ApeCoin (APE) has more than halved in value to around $6 over the past 30 days as the Ape DAO approaches the final decision on which blockchain would power the Bored Ape Yacht Club (BAYC) ecosystem created by Yuga Labs. However, the decision, voted on by 801 members, accounting for around 7.1 million APE tokens in total, is not definitive, as members of the community have up to three months to submit a counter-proposal. After having touched https://www.xcritical.com/ a record low in the past seven days at around $3.10, according to CoinMarketCap, ApeCoin (APE) has rebounded and is changing hands at $4.80 – up 17% over the past 24 hours. The ApeCoin community voted to pass proposal AIP-70, which means a portion of the ApeCoin ecosystem fund will be used to improve the news site. The Otherside is a collaboration between Yuga Labs’, creator of BAYC non-fungible tokens (NFTs), and Animoca Brands, a Hong Kong-based game software company and venture capital company.

ApeCoin tokenomics

The average sale price of a Bored Ape (BAYC) NFT is $285,000 as of writing this article. Celebrity names such as Justin Bieber and Eminem are Bored Ape Yacht Club NFT owners. As mentioned above, ApeCoin holders are granted governance, meaning as a holder you are entitled voting rights on projects, partnerships, applications, and beyond.

  • You may have noticed that the Federal Reserve increased its balance sheet by $4.6 trillion since 2020.
  • The ApeCoin project is still in its early stages, but the team has already made significant progress toward their goals.
  • ApeCoin has some actual utility within the APE ecosystem, so it’s more than just a speculative “meme coin”.
  • Because APE has a discrete value and is already trading on major exchanges, claiming these coins is a little like claiming free money.
  • As the serum is used up, each BAYC can only make one mutant using a single variety of it.
  • For example, a staking function for APE HODLers to earn passive income, more GameFi applications, or even collaborations with the other NFT IPs Yuga Labs owns.

The number of ApeCoin holders continues to increase at a rapid rate as the project grows in popularity – especially after Elon Musk added one of his Bored Ape NFTs as his Twitter profile picture. The Otherside metaverse is an ordinary, bright, and diverse landscape. It consists of 200,000 parcels of “land” that can be acquired by the purchase or minting of “Otherdeeds” — non-fungible tokens that serve as title deeds for the parcels of virtual land.

Where to buy ApeCoin?

Furthermore, there will be a six-month term limit for the DAO board members, and fresh members will replace them every year. Despite its fluctuating price and market size, it’s intriguing to see how ApeCoin (APE) will be employed in web3. Here we go over what ApeCoin is, how it works and the roles it plays in the NFT ecosystem. Bored Ape Yacht Club (BAYC), is almost a household name at this point and the latest NFT collection, Mutant Ape Yacht Club (MAYC), is no less popular. The team recently released its proprietary ‘ApeCoin (APE)’ crypto, which has attracted considerable interest since its debut.

How is the APE token used

The exchange is built on the Ethereum blockchain and utilizes smart contracts to facilitate trades. ApeCoin is used as the native currency of the exchange and can be used to trade a variety of assets, including other cryptocurrencies, commodities, and fiat currencies. APE token holders take governance decisions collectively, casting their votes and deciding on issues like allocation of funds, framing of rules, partnerships, project selection and more. The ApeCoin Foundation implements the governance decisions taken by the community. Acclaimed as a creator of the Bored Ape Yacht Club, Yuga Labs serves as a community member in the ApeCoin DAO. They have adopted ApeCoin as their primary token in the projects they undertake.

The future of the ApeCoin

A major percentage of the total supply is vested and programmed for release within the next four years. 8% of the total supply was allocated to BAYC founders – this allocation will be vested for 12 months after https://www.xcritical.com/blog/what-is-apecoin-ape/ which they will be gradually released per month over the next 36 months. The APE ecosystem consists of ApeCoin holders as well as other related products and services, such as NFT collections and metaverses.

The crypto space is still very unregulated and many people that are entering the space for the first time can easily feel overwhelmed with the magnitude of data circulating. APE was quickly listed on multiple major exchanges including Coinbase. ApeCoin will also be used to buy games and merchandise, attend events, and receive services. Lastly, it’s worth mentioning that an attack on the ApeCoin crypto airdrop was detected, and the attacker seized a large sum of tokens via a flash loan, leveraging BAYC NFTs, according to Certik Alert. The first NFT collection of the APE ecosystem, Bored Ape Yacht Club (BAYC), was released in Apr. 2021. It also handles proposal management, and “other tasks that ensure the DAO community’s ideas receive the support to become a reality.” It provides legal support for ApeCoin DAO.

More from CoinDesk on ApeCoin and Bored Ape Yacht Club:

Currently, it finds its major use as a governance token, a store of value and a reward token on decentralized gaming applications. ApeCoin is the native and utility token of the BAYC ecosystem and the governance token of the ApeCoinDAO. Yugalabs introduced ApeCoin as means to further decentralize the administration of its growing community and create a financial stronghold to maintain existing facilities and support further growth of its ecosystem. On March 17, 2022; Yugalabs airdropped 150 million ApeCoin tokens to Bored Ape Yacht Club (BAYC) and Mutant Apes Yacht Club (MAYC) NFT holders.

Similar to apes, the 10,000 BAKC NFTs exhibit a variety of traits and oddities. Another purpose of the MAYC was to welcome newcomers to the APE community. There were also 10,000 mutant Apes available for public purchase following the AirDrop in Aug. 2021. Wylie Aronow and Greg Solano (pseudonymous friends) started Yuga Labs in 2021, and its main office is in Miami, Florida. The company started selling Bored Ape NFTs in Apr. 2021 with Bored Ape Yacht Club (BAYC).