What is ApeCoin and how does it work?

ApeCoin can be used and traded on both AVAX and BSC using decentralized exchanges on both these blockchains. The purpose of the ApeCoin DAO is to facilitate and support the community-led proposals and ideas to become a reality for the holders. SourceAPE was launched by the ApeCoin DAO, a decentralised autonomous organisation that acts as a governing body in which all ApeCoin holders are members.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. Back in September, a developer launched a cryptocurrency called “Adventure Gold” as a companion to an ascendant NFT collection called Loot. Anyone with a Loot NFT was automatically entitled to a certain amount of AGLD, and claiming those tokens meant coming into tens of thousands of dollars without any extra effort. According to the ApeCoin website and accompanying press materials, ApeCoin is being launched by ApeCoin DAO, a new governing body in which all APE holders are members.

Where to buy ApeCoin?

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 . The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways. The Foundation includes a 5-member board made up of luminaries in the world of crypto and tech. The Board is responsible for ensuring the community’s vision is being followed as the ecosystem continues to develop.

The cryptocurrency provides access to some parts of the ecosystem which are otherwise unavailable. These would include merch, events, games, and so forth – exclusive to holders. Following that, 4.167 million tokens will be unlocked every month for 36 months. ApeCoin was officially released on March 16, 2022, as “a token for culture, gaming, and commerce” and is the main cryptocurrency of the Bored Ape Yacht Club ecosystem. Trading under the symbol $APE, the Ethereum-native ERC-20 token has a market capitalization of US$4.02 billion, according to data by CoinMarketCap.

What is Apecoin? $APE

She has a keen interest in topics like Blockchain, NFTs, Defis, etc., and is currently working with 101 Blockchains as a content writer and customer relationship specialist. Join our annual/monthly membership program and get unlimited access to 35+ professional courses and 60+ on-demand webinars. Easy Crypto wants to make it easy for anyone to get into the crypto market – no matter how much they have to invest. There is no way to predict the future, but if they truly envision the future of culture, art, and entertainment, then ApeCoin should be something you might want to keep on your radar. The possibilities with ApeCoin will likely continue to grow as the infrastructure and proposals continue to be improved upon by the community. ApeCoin is heavily linked to two popular NFT collections by YugaLabs, Bored Ape Yacht Club and Mutant Ape Yacht Club .

With that all over and done with, let’s take a look at apecoin price predictions being made as of 11 January 2023. It is important to remember that price forecasts, especially when they concern a commodity as potentially volatile as crypto, often end up being wrong. Also, it is worth pointing out that many long-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice. The ApeCoin Foundation is managed by a board which oversees the community and carries out DAO proposals. The initial board serves a term of six months and is voted in by DAO members.

ApeCoin ape

The value of the token heavily depends on Yuga Lab’s future plans and how successful they will turn out to be. Interestingly enough, executives in the gaming industry from FTX and Animoca Brands sit on the ApeCoin DAO’s special council. This could also hint at the fact that ApeCoin’s goal is to be used as an in-game currency for upcoming Yuga Labs releases. The company behind ApeCoin as well as the Bored Ape Yacht Club is Yuga Labs, a company based in the U.S. Apart from the successful rise of their NFT collections, Yuga Labs had gained further attention for the first time back in December 2021, when they announced a partnership with adidas.

The cryptocurrency is traded on some of the biggest exchanges, such as Binance, FTX, Huobi, KuCoin, Bybit, Kraken, and so forth. So far, around 110 million APE tokens have been claimed by NFT holders (here’s a convenient dashboard for tracking APE tokenomics, courtesy of a Dune Analytics wizard called Hildobby). The ultimate success of ApeCoin depends on its real-world adoption. Looking ahead, the token appears poised to benefit from increased utility in Web 3.0, especially when projects by Animoca Brands, NWayPlay and other game-makers are released. ApeCoin saw 62% of total minted supply allocated to the community, while 15% of minted supply was airdropped to Bored Ape Yacht Club and Mutant Ape Yacht Club holders.

What’s the Most Profitable NFT Strategy: Buying at Mint or Later?

Ledgers are all you need to keep your cryptos safe and support more than 1,000 different cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Ripple and all ERC-20 tokens. Projects on the Ethereum blockchain can easily communicate with other projects, using the functionality of other protocols to benefit your own. This relationship attracts more protocols and developers to work on the Ethereum chain, in turn making the ecosystem richer with utility. Ethereum also has a simple programming language in Solidity (at least compared to some other chains like Solana which uses a mix of Rust, C and C++), a decentralized structure and reliable security. In addition, APE is adopted by Yuga Labs as the primary token for all new products and services. Yuga Labs is the creator of the trending Bored Ape Yacht Club NFT collections.

• The odds are stacked against ApeCoin, especially if the bear market is prolonged.
• While its survival is trivial, those on the inside of the DAO have the ability to guide it through this crypto winter.
• 150 million will go to Yuga Labs under a 12-month lockup, and then 4,166,666.67 tokens unlocked per month for 36 months.
• This new marketplace allows NFT investors to buy and sell tokens across Yuga Labs’ collections.
• Nebeus is a secure and reliable platform to buy, hold and transfer your ApeCoin investment.
• If P2E components are included in the Metaverse, it might also be used to reward players.

The rush to secure windfall gains was cited as one reason for volatility in the token during its trading debut on March 17, which rose from US$1 to close at US$8.52 per token. You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again. Wallet Investorwas – perhaps surprisingly, given the site’s regular bearishness – positive in terms of an APE price prediction.

ApeCoin news

APE holders vote to determine the Board’s membership on a yearly basis. The community holders of ApeCoin and various products/services using the cryptocurrency collectively make up the APE ecosystem. Yuga Labs, founded in 2021 and headquartered in Miami, Florida, is a prominent name in NFTs and digital collectibles. Owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club what is apecoin 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. Collectively, holders of APE tokens make decisions about governance, voting on matters such as funding distribution, rule-making, partnerships, project selection, and more.

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app. Bored Ape Yacht Club owners can now claim the token, which will have utility and governance capabilities—plus other potential benefits. Being the utility token of the ecosystem, APE also gives its participants a currency that can be used without any centralized intermediaries. The DAO itself, on the other hand, exists to deliver power to the community of APE holders. Ape Improvement Proposal Processes would allow the DAO members to make decisions on the Ecosystem Fund applications, projects, partnerships, and beyond. It’s built on Ethereum’s ERC-20 token standard, and its address can be found here.

The BAYC NFT holders showed the necessary proof of eligibility for claiming around 10,950 APE. Interestingly, holders can sell or buy ApeCoin without any restrictions on a decentralized exchange, serving as a digital trading post for different cryptocurrencies. ApeCoin is an ERC-20 token that operates on the Ethereum blockchain. It was designed to embody the future of culture, art, gaming, and entertainment through blockchain technology and community-led initiatives. Yuga Labs is a web3 company best known for the creation of the Bored Ape Yacht Club.

ApeCoin will also presumably be compatible with other prominent NFT collections, including Mutant Ape Yacht Club, CryptoPunks, World of Women, and Cool Cats. The five-member Board of elite crypto investors oversees certain ApeCoin DAO-related proposals in place of a centralized authority. These collections, which are more akin to collectible trading cards, can include any number of NFTs. In this process, new variations are algorithmically generated by a computer program to produce large editions. Additionally, the coin is already used as NFT rewards, and BAYC holders received free APE that they can immediately cash in.

Token distribution

On 10 April at $12.27, after the Bored & Hungry restaurant in California became the first catering establishment to accept payments in ether and apecoin . 62% was allocated to the ecosystem’s fund and given to BAYC and Mutant Ape Yacht Club NFT holders. Cryptocurrency ApeCoin is also distributed to the DAO treasury alongside resources. ApeCoin crypto and its tokenomics, alongside its significance in the evolving NFT landscape.

And giving holders access to the ecosystem’s exclusive games, events, goods, and services. Second, the token is supposed to be a unit of account for all sorts of transactions in the BAYC ecosystem. A third benefit the token has is the potential access it grants to holders https://xcritical.com/ for events and games that will be hosted by the BAYC in the future. The ApeCoin is an ERC-20 token with a 1 billion maximum supply that is permanently fixed. APE was announced on Mar. 17, 2022, with approximately 13.3% of the tokens in the initial circulating supply.

BitPay Now Supports ApeCoin! Buy, Store, Swap and Spend APE with BitPay

ApeCoin is supported by a wide range of exchanges including eToro, WeBull and Uphold. If you are looking to purchase the token on a decentralized exchange, then Uniswap is a popular DEX to check out. A lot of BAYC NFT holders are also holders of ApeCoin, sharing community and vision among the NFT collectors and DAO operators. The ApeCoin DAO could potentially benefit the holders of the token, as it could act as a decentralized venture capitalist and operate in any number of ways that the community deems fit. Airdropped to the original BAYC NFT holders, with three tiers of serums that added to the rarity of traits.

Daily Blockchain Newsfeed, Monday, August 10

They will be able to earn special tokens when playing and swap these tokens for ApeCoin. 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. In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds. 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.

Only 49 of the Bored Apes have a dagger in their mouth, 108 have robot eyes, and 115 wear earrings with a cross. The collection’s NFTs are currently worth about $200k each, so if you sold every one of them, you could earn billions of dollars. Club was a big topic of conversation in the first three months of 2022. 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.