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As the native utility and governance token of the BAYC ecosystem, ApeCoin enables token holders to participate in relevant governance decisions pertaining to fund allocation, project collaborations, and the development of new features. ApeCoin (APE) is a cryptocurrency launched by a decentralized autonomous organization ApeCoin DAO in March 2022. APE token holders can participate in community governance of Yuga Labs’ Bored Ape Yacht Club (BAYC) ecosystem. They are able to cast their votes on fund allocation, express their stance on the forging of new partnerships, co-create rules, and influence the general development of the what is ape coin world’s leading non-fungible token (NFT) ecosystem.
ApeCoin Price Analysis: From Launch to Now
The table above shows the price and ROI of ApeCoin today and previous years on the same date (Nov 6). The table above shows the number of days which ApeCoin closed above a certain price level. Moreover, to pass an exchange’s KYC (Know https://www.xcritical.com/ Your Customer) process, you will also need to provide a copy of your government-issued ID and proof of address.
The Importance of APE Token Distribution
ApeCoin (APE) is an Ethereum-based token linked to the Bored Ape Yacht Club NFTs. 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.
Step 3: Select ApeCoin among the available assets and buy the token
The MAYC was also a means to welcome more new members to the APE community. This is why 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop. Let’s look at the NFT collections that are related to the APE ecosystem.
- That’s around $150,000 at today’s prices – about half of what you’d need to buy yourself another Bored Ape.
- The ApeCoin ecosystem is made up of individual token holders, as well as a wide range of products and services that are using the cryptocurrency.
- Currently, Binance, Coinbase, and Kraken are among the largest exchanges supporting APE.
- Crypto exchanges typically require you to make a minimum deposit, ranging from $10 to $20.
- An administrative council within the APE Foundation (the “Board”), will carry out the decisions of ApeCoin DAO members.
© 2024 Market data provided is at least 10-minutes delayed and hosted by Barchart Solutions. Information is provided ‘as-is’ and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see Barchart’s disclaimer. ApeCoin produces its own wallet software that is available for download on its website, which allows you to store ApeCoin on your computer. Neither BAYC NFTs nor upcoming concrete software constitutes social media vaporware, which meme coins revolve around.
ApeCoin is governance, utility, and in time, potentially a primary reward cryptocurrency in the APE ecosystem. The APE coin is an ERC-20 digital asset that grants its holders governance rights and the ability to transact value using blockchain technology. Due to its inherent design, there will never be more than 1 billion APE tokens in circulation. Thanks to its multi-faceted features and connection to arguably the most popular NFT ecosystem in the sector, ApeCoin earned a spot on our list of top new cryptocurrencies to invest in 2022. ApeCoin is an ERC-20 token issued by a decentralized autonomous organization ApeCoin DAO.
If you want to purchase a Bored Ape in May 2022, you would need roughly $300,000 for the cheapest one. ApeCoin has recently captured the public’s attention like many other memecoins. However, unlike Dogecoin or Shiba Inu, ApeCoin might actually provide some real utility and be here for the long haul. 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.
While the Bored Ape Yacht Club is a non-fungible token (NFT) collection that comprises 10,000 images of apes, APE is a fungible ERC-20 token with a maximum supply of 10 billion. ApeCoin will be the default currency for all things related to the Bored Ape community. In late April 2022, YugaLabs launched an auction for „land“ in the Otherside. To kick off their ambitious goals, YugaLabs airdropped the newly minted ApeCoin to holders of Bored Apes.
ApeCoin can be staked to earn additional APE tokens, making ApeCoin a yield-generating crypto asset. All you need to do is connect your crypto wallet and start earning staking rewards. Crypto exchanges typically require you to make a minimum deposit, ranging from $10 to $20. However, there are a handful of trading apps that allow you to purchase crypto for as little as $1. 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.
Similarly, the contract interface does not expose any tokenburning capability, so the total supply will never decrease. Consequently, there will never be a situation in which an oversupply of tokens dilutes their value, as with fiat currency. In charge of APE distribution is the ApeCoin DAO, a decentralized autonomous organization. Otherside aims to be more than just a blockchain game, similar to the mega-popular Axie Infinity.
CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner. As one of the early investors, Yuga Labs receives a portion of the token distribution.
However, the frenzy is cooling down as PNUT’s market cap has since decreased to $49 million, according to Gecko Terminal data. The price, in turn, has dropped to $0.04 as early buyers take profits, stabilizing the token after its initial surge. According to our historical chart for the price of ApeCoin, the price of APE was about $8.69 upon a series of centralized exchange (CEX) listings in March 2022. ApeCoin’s price quickly increased beyond $15 and reached a monthly high in March just above $18, fueling bullish APE price predictions from investors. However, as the ApeCoin price chart shows, the token had faced considerable selling pressure in the months after the initial surge.
According to Rohan Grey, a law professor at Willamette University and crypto regulation observer, the distinction between ApeCoin DAO and Yuga Labs probably also has to do with something called the Hinman Test. It’s named for former SEC official William Hinman, who now works at Andreessen Horowitz; Hinman’s idea was that if a governing body is „sufficiently decentralized,“ it’s free to issue a token without having to register it as a security. ApeCoin is explicitly linked to these famously pricey non-fungible tokens, and is very much involved with Yuga Labs, the company stewarding the intellectual property behind the Bored Apes. But a carefully coordinated marketing campaign has taken great pains to dissociate ApeCoin from any one conventional corporation. This percentage will continually increase following launch day at regular intervals over a 48-month period.
Right now, ApeCoin mostly exists for speculation and “governance” for the DAO. Of course, traditional companies do this all the time, via initial public offerings of stock. The difference is the ApeCoin offering is essentially unregulated because, in the U.S., the Securities and Exchange Commission still doesn’t oversee NFTs. It hinges on the idea that ApeCoin DAO is entirely independent from Yuga Labs. If Yuga Labs issued a token explicitly as a reward for Bored Ape holders, you could more easily make the argument that a Bored Ape is a kind of investment, and therefore subject to securities regulations. In the way that certain stocks pay dividends, part of the value of investment-style NFTs would be tied to the perks they could get you down the line.