Apecoin is one of the tokens included in the NFT category. Where the current APE price has reached $10.65 with a market capitalization of almost 3 billion USD.
Apecoin itself is an ERC-20 token launched on the Ethereum blockchain, which secures this token network using a Proof of Work mechanism.
At the time of writing there has been a circulating supply of 28% of the maximum supply which is limited to only one billion tokens. And the token circulating supply is now 277,500,000 APE.
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What is Apecoin?
ApeCoin (APE) was originally created to be a special token for the NFT Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) communities.
ApeCoin is the native cryptocurrency of the BAYC ecosystem as a decentralized protocol layer for various supposedly community-led initiatives.
Although initially Apecoin was created only for BAYC and MAYC, some exchanges are interested in this token and are supporting it by trading it on exchanges.
Bored Ape Yacht Club is the most popular collection of non-fungible tokens (NFT) worldwide successful with the highest sales with a value of US $ 2.6 billion. Apecoin itself is built on the Ethereum ERC-20 token standard.
Apecoin founder
The founders of Apecoin are Yuga labs who have also created BAYC (Bored Ape Yacht Club) after obtaining 100% commercial rights for the NFT, CryptoPunks, and Meebits projects. Meanwhile, the founders of Yuga Labs are Wylie Aronow and Greg Solano.
However, Yuga Labs will not fully manage of ApeCoin, as it will be operated and controlled by a decentralized autonomous organization (DAO) called ApeCoin DAO.
Apecoin is also supported by the Ape foundation, whose administrative council will make decisions for DAO members.
How do Apecoin works?
Apecoin works by utilizing DAO, which is an open-source blockchain protocol created by selected members. Which automatically performs certain actions on the network without the need for intermediaries or third parties.
DAOs work based on a set of rules written in digital code. And the digital code is controlled by a network of computers running the shared software.
Simply put, DAO is an organization that is managed by computer algorithms, not controlled by humans directly.
How to become a DAO member
A user who wants to become a member of the Apecoin DAO must provide APE currency. It will give users the right to vote in network proposals and updates.
That is, by purchasing APE tokens, users can already become members of ApeCoin DAO. In addition, there is also a fund management organization called APE Foundation which is responsible for overseeing, regulating, and implementing decisions within the community.
How it works
Initially, Apecoin was created as a token in the game Benji Bananas created by Yuga Labs. Their long-term vision is to use APE sales to finance digital projects.
In its development, it becomes transaction and governance. In terms of transactions, the BAYC or MAYC community will use ApeCoin.
Meanwhile, NFT Bored Ape and Mutant Ape owners can also claim a share of ApeCoin according to the amount of NFT owned. Bored Ape Yacht Club owners can claim 10,000 APE per NFT, and Mutant Ape Yacht Club owners can claim 2 thousand APE per NFT.
Each APE token gives each owner the authority to voice opinions about future projects and participate democratically in transactions. APE owners also have access to exclusive features within the ApeCoin ecosystem, such as games and other limited services.
What is Apecoin used for?
ApeCoin is used as a transaction and governance tool for Web 3.0 technology, where transactions use APE tokens. The Web 3.0 ecosystem running on a blockchain network, makes crypto transactions easier.
ApeCoin is also used in DAO where the future of the project will be determined by the token owner. APE is a token created to support the subsequent development of Web3, controlled and built by the community.
It will serve as a decentralized protocol layer for community-led initiatives that push culture forward into the metaverse.
ApeCoin token
Apecoin has a maximum supply of 1 billion and no additional tokens will be created after that. In the APE ecosystem, nothing is burned, so the supply will never decrease. This is different from other tokens which have a token burning interface for anti-inflation.
For contributors to the initial token project will be locked which will be unlocked for 48 months from March 17, 2022.
Of all tokens to be minted, they will be distributed among four groups, with 62% for the ecosystem, 16% for Yuga Labs and Charity, 14% for launch contributors, and 8% for BAYC founders.
Currently, 28% of the tokens are in circulation, so the remaining 72% is 722.5 million tokens, wherein the current number of tokens in circulation is 277,500,000.
Ape Foundation and DAO
APE Foundation is the organization that manages ApeCoin. This forms the foundation layer upon which ApeCoin holders can build on the ApeCoin DAO.
Foundations provide facilities for decentralized and community-led governance. It will be a decentralized network overtime to manage ApeCoin DAO decisions.
The Foundation is also responsible for day-to-day administrative processes, bookkeeping, project management, and other tasks. Foundations for the DAO community have the support they need to become a reality.
The APE Foundation was built on the goal of safeguarding the growth and development of the APE ecosystem in an equitable and inclusive manner. In running it uses an ecosystem fund controlled by a multi-sig wallet, to pay its expenses.
Apecoin utility
Apecoin provides utility to the governance of BAYC, an NFT project developed by Yuga Labs.
BAYC itself has produced more than 10 thousand NFT Bored Ape Artwork. While the price of Bored Ape even exceeds people’s estimates, where a Bored Ape artwork sells for thousands of dollars.
After the launch of Apecoin, BAYC and MAYC holders have the right to claim APE which will be useful in Apecoin governance, to become voters in DAO where the organization becomes the facilitator.
For the allocation of the number of tokens claimed by following the policies that are the rules of the Organization, for example, Bored Ape holders are only entitled to 10,094 tokens.
To claim token via claim page by first connecting with Metamask wallet.
Bored Ape coin
Bored Ape Yacht Club has become a hot topic of discussion because NFT Bored Ape dominates NFT sales, Bored Ape coin is an airdrop which is a token separately to Bored Ape holders.
The enthusiasm for the launch of Ape Coin resulted in the APE token being listed as a trading asset on a number of major exchanges including Binance, Coinbase, KuCoin, Huobi, Kraken, Bybit, FTX, etc.
Apecoin BSC
Citing to Thebittimes, Apecoin on the Ethereum Blockchain is an ERC-20 token, and apparently, Apecoin is also listed on the Binance Smart Chain blockchain with a BEP-20 token with a contract address of 0xA47D52478D039A84C6F9914D2DF3af9ceaaB1b66.
Apecoin forum
Apecoin community support through the Apecoin forum accessed via forum.Apecoin.com. Although there is not much activity of forum members, it provides a lot of information about the Apecoin project. An important contributor to this community is Cartan Group LLC.’
To ask something in the forum, or want to share an opinion, as forums generally have rules that users must follow. How to begin need to register a new account. Requires an email address to signup for the forum by creating a unique name and password to log in.
Apecoin good investment
In the midst of the turbulent cryptocurrency market, APE coin has emerged as one of the tokens in the top 50 of the ranking, despite its relatively recent launch period.
APE price formed an all-time high at $39.40 which formed on Mar 17, 2022 launch period.
The APE coin became popular because its correlation with BAYC has raised the popularity of the token to a kind of hype that quickly sent its price skyrocketing.
But now the price has dropped more than 69% mired away from its all-time-high price, at the US $ 39.40. The token is now in the range of $ 10. The simple reason is, many Bored Ape and Mutant Ape holders get free tokens, and they immediately want to cash in, and that’s the reason APE prices drop by up to $10.
However, whether APE is a good investment is still a question mark. Because the price drops sharply after reaching the all-time high. It gives an indication of momentary hype.
But fundamentally, APE is related to Yuga Labs, which became the pioneer of the Bored Ape Yacht Club. Allowing the popularity of Bored Ape provides fuel for APE coin.
Where to Buy Apecoin?
APE is already widely available on popular exchanges, although at the moment it is still a new crypto asset. Users can buy APE coins on Binance, Coinbase, Bybit, Binance US, Etoro, Kraken, Gemini, OKEx, FTX, Coinex, Huobi, Voyager, Gate.io, Sushiswap, and Uniswap exchanges.
Apecoin price prediction
Although Apecoin is a young token, one of the most popular forecasting sites, Price Prediction has predicted the future price of APE. Maybe this is not a correct prediction, but at least it gives you a view of Apecoin.
Price prediction predicts APE prices can reach an average price of $18.1 this year. They even predict that in 2024 APE tokens will reach $42.46. Further forecast 2028 APE price to reach $ 185.65. And 2031 reach $580.55
Crowd wisdom, although not predicted in detail, they predict by looking at the poll results with a percentage of 71% reacting positively and 14% giving a negative vote.
An analyst from FXstreet predicts the price of APE coin to form a new all-time high, in technical analysis with a possible price of up to $20 this year.
Crypto academy predicts the price of APE in 2022, they believe it will reach $50. It further predicts that in 2023 APE prices will reach the range of $60-$70. 2024 APE prices will rise to reach $100. The 2025 forecast costs around $90-$110. The last forecast for 2026 APE price predictions reached $150.
Final thought
The APE coin is present in the midst of the crypto market. When declining drastically at the moment when the war between Russia and Ukraine is a hot topic of conversation in the world.
The enthusiasm of users has something to do with the popularity of BAYC. Which makes Bored Ape the most prominent NFT.
Note: this article is for informational purposes only and does not constitute investment advice or solicitation. Crypto, Forex, CFD are risk assets. Each investor is responsible for their investment.
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