What is ApeCoin? Exploring The Bored Ape Yacht Club Native Token

Wallets holding tokens alloted to the DAO treasury and resources can be
viewed here. APE has a circulating supply of 284,843,750 APE coins and a maximum supply of 1 billion APE coins. Overall, ApeCoin is a potentially interesting investment, but it is important to do your research before deciding whether or not to invest. ApeCoin has a number of other advantages over traditional fiat currencies.

What is ApeCoin used for

A decrease of 50% in one month indicates that ApeCoin is still under bearish pressure. ApeCoin is currently among the worst-performing assets listed on CoinMarketCap. Similarly, the BAYC NFTs, which previously had a floor price of an astounding 128 ETH, have now lost significant value and are currently trading at just 25 ETH. ApeCoin is a relatively new digital asset that surged in early 2022 due to the growing interest surrounding Bored Ape Yacht Club (BAYC) NFTs and the thriving ecosystem. However, ApeCoin’s value has nosedived a whopping 97.20% from its high to the current price of $1.10.

Apecoin Breaks Resistance: Should Investors Expect an Uptrend in Price?

Original BAYC NFT holders were handed 10,000 mutant serums in three tiers via airdrop to add the rarity of traits. Due to the large following of the Bored Ape Yacht Club and YugaLabs’ plans to make ApeCoin the default currency for all their web3 projects, this cryptocurrency what is apecoin might stick around. YugaLabs announced that the token will also be used as the governance token for the ApeCoin DAO. Holders will be able to vote on relevant topics ranging from the allocation of funds to what future endeavors the DAO should embrace.

What is ApeCoin used for

Apecoin is a very hot project recently, when it was simultaneously listed on many major exchanges including Binance, FTX, Coinbase, etc. As one of the hot projects in recent times, so the project What stands out in this? So what is Apecoin, why that is so hot, let’s find out together in this article. 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. Animoca Brands’ game Benji Bananas leverages ApeCoin in a play to earn style game.

How to Buy ApeCoin(APE)?

Bored Ape Yacht Club NFTs are one of the most successful NFT projects to date. Their notoriety amongst celebrities and high-profile NFT collectors has bolstered their astronomic rise. In other words, crypto is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well. For this reason, ApeCoin will be gradually released, following a preset unlock schedule that started on March 17, 2022.

What is ApeCoin used for

Some of them even sold for hundreds of thousands of dollars with a customer list, including Justin Bieber, Eminem, Jimmy Fallon, etc. One of the governance and utility tokens that serve the Bored Ape Yacht Club and related communities is ApeCoin (APE). It allows holders to participate in the ApeCoin DAO as a governance token.

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Locked tokens will be unlocked over a
period of 48 months, in accordance with the predetermined unlock schedule in the
chart below, starting on launch day, March 17, 2022. The APE Improvement Proposal Process (see Governance) will allow
ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations,
governance rules, projects, partnerships, and beyond. The ApeCoin team is committed to providing a secure and easy-to-use cryptocurrency that anyone can use.

The ApeCoin network incentivizes users to validate transactions by rewarding them with APE tokens. ApeCoin is a decentralized cryptocurrency that enables instant, https://www.xcritical.in/ near-zero cost payments to anyone. It is powered by the ApeCoin blockchain, a distributed ledger that records all the transactions made on the network.

One of the most important information about any newly created or minted coin and token is its tokenomics. This relates to the number of tokens that will ever be created, how they are created and divided amongst different groups and so on. ApeCoin will have an overall supply of one billion tokens, with protocol being set in a way, which forbids it to increase or decrease the number of tokens. That was a job done by ApeCoin DAO, which is a new DAO (decentralized autonomous organization). This was created with the sole purpose of governing the token and its development, in combination with the roadmap or future of the token. Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes.

ApeCoin, more generally known as APE, is the native cryptocurrency of the Bored Ape Yacht Club(BAYC) ecosystem, which is the most popular NFT collection on Ethereum Blockchain. It is an ERC-20 utility and governance token used inside the APE ecosystem. Yuga Labs is a web3 company best known for the creation of the Bored Ape Yacht Club. It will be a community member in the ApeCoin DAO and adopt APE as the primary token across new projects. Upon the launch of ApeCoin, holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were entitled to collectively claim 15% of the ApeCoin supply (150 million tokens of the 1 billion total tokens in supply). The token originated from the Bored Ape Yacht Club (BAYC), an NFT series from Web3 company Yuga Labs.

Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world. Buy gift cards for your favorite brands and shops from the app or extension. ApeCoin DAO members vote as a community on issues impacting the direction of the ecosystem’s growth, from how funds are allocated, how rules are enforced, what partnerships to pursue and which projects to undertake. Focusing on evolution of Web3 and blockchain technology to facilitate art, entertainment, gaming, and many more possibilities beyond. This gave the launch and airdrop event of ApeCoin more publicity and fame, as the community behind these NFTs became instantly involved in the project and coin.

Their role is to ensure the implementation of decisions made by the ApeDAO, which is governed by holders of the APE token. With ApeCoin set to be integrated with the upcoming metaverse Otherside, which could make it a high-in-demand metaverse coin this year. If the Metaverse incorporates P2E elements, it might also be used for rewarding players. Designed identically to any other Web3 coin, ApeCoin can be used for payments.

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ApeCoin was created to provide a decentralized and fair financial system. The ApeCoin project integrates various activities such as games, culture and commerce. More specifically, this project gives full control and management of activities to the user community, creating a decentralized ecosystem of ApeCoin DAO. It facilitates the growth and development of the APE ecosystem in a fair and inclusive way.

  • In addition to being used as a currency, the coin can also be used to purchase goods and services on the site.
  • While Tron has not failed as a blockchain project, the slow development progress and market sentiment have limited its growth.
  • In April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside.
  • Designed identically to any other Web3 coin, ApeCoin can be used for payments.

Based on the price at the time of the original airdrop that was about $70,000. YugaLabs used the blockchain to find all wallet addresses of Bored Ape buyers and deposited ApeCoin. Owners literally woke up on March 17th to tens of thousands of dollars in their wallets.


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