What is ApeCoin APE? How Does It Work? Easy Crypto

The Ape Foundation Board includes Reddit co-founder Alexis Ohanian, Yat Siu of developer and venture capital group Animoca Brands, and FTX investor Amy Wu, among others. Their role is to ensure the implementation of decisions made by the ApeDAO, which is governed by holders of the APE token. The original BAYC collection was developed by Yuga Labs, a company founded in February 2021 and whose three collections—BAYC, MAYC, and the Bored Ape Kennel Club (BAKC)—helped drive $127 million in revenue that year. Yuga Labs is led by CEO Nicole Muniz, who is a former partner at advertising company B-Reel and founder of her own boutique consulting agency.

  • Holding APE makes you part of the Ape decentralized autonomous organization (ApeDAO).
  • Another key point is after the DAO members have voted on the proposals, the APE Foundation will implement the community-driven governance decisions.
  • Every investment and trading move involves risk – this is especially true for cryptocurrencies given their volatility.
  • ApeCoin can be used and traded on both AVAX and BSC (BNB smart chain) using decentralized exchanges on both these blockchains.

03 by the end of the day and falling to just above $9 on 21 March 2022. The company was launched in February 2021 and its three collections—BAYC, MAYC, and the Bored Ape Kennel Club (BAKC)—helped drive $127 million in revenue that year. Individuals should do a considerable amount of research before investing in any cryptocurrency project. 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. The crypto exchanges below are some of the safest place where you can buy, sell and store APE tokens.

There is no burning mechanism, and APE has a fixed supply of 1 billion tokens. 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.

APE Finance

Readers should do their research before taking any actions related to the company. As the ecosystem’s open-source protocol layer, ApeCoin serves various objectives. At the request of ApeCoin DAO members, a special council on the APE Foundation, “the Board,” was established. Its mission is to administrate DAO proposals and serve the community’s vision. The overall supply is divided into the following categories.The airdrop distribution depends on whether NFT owners hold a Bored Ape or a Mutant Ape and whether the NFT is paired with a Bored Ape Kennel Club NFT.

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If you are looking to invest in digital cryptocurrencies and want a good return on your investments, make sure to proceed in this read to get a good understanding of the Apecoin price and predictions. Technical analysis is a useful tool for predicting trends on a chart. However, recently many people have started trading with bots that have technical analysis concepts programmed into them. While this is a ApeCoin price prediction based on technicals, please do your own research and trade based on your own knowledge and ability.

ApeCoin tokenomics

The maximum price is expected to be $17.47 by the end of the year. While past performance should never be used as an apecoin price forecast, knowing what the token has done can give us some useful context when it comes to either making or interpreting an apecoin price prediction. 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.

ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned. If you do not own BAYC/MAYC NFT, you can buy, https://www.xcritical.in/ store, swap and spend ApeCoin in your BitPay Wallet. Spend your APE or more than a dozen other cryptocurrencies as easily as cash.

It has become one of the most valuable NFT projects by market cap. The last company they bought was CryptoPunks, which happened on Mar. 17, 2022. Yuga Labs is a cryptocurrency and NFT development and marketing firm.

At its core, ApeCoin is a decentralized platform that allows for creating, exchanging, and managing digital assets. The ApeCoin blockchain is powered by DeFi protocols and utilizes a Proof-of-Stake consensus mechanism. ApeCoin is a cryptocurrency created to become the standard currency what is apecoin for the ape ecosystem. The team behind ApeCoin believes that by doing this, they will be able to provide a more stable and secure financial system for apes. It’s designed to be the decentralized protocol layer for various initiatives that are supposed to be led by the community.

The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin. In April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside. The sale went viral, and helped raise $320 million within just 45 minutes. In turn, greater utility translates to increased token value because it can be used for more things, increasing the demand for the token, which increases its price. Launched by the Bored Ape Yacht Club development team, ApeCoin will play a prominent role in metaverse environments.

The coin had reached the heights 5 minutes into its debut trading day. This is a cryptocurrency that you may freely purchase and sell on a decentralized exchange, which is a decentralized cryptocurrency trading platform. The reason for this is because Yuga Labs, the creators of BAYC, just created ApeCoin ($APE).

ApeCoin’s main focus is decentralisation and through the APE Improvement Proposal Process. ApeCoin DAO members can make decisions about Ecosystem Fund allocations, governance rules, and upcoming projects and partnerships. It’s currently riding the wave of popularity generated by Bored Ape Yacht Club – this is what has contributed extensively to the success of the token thus far. APE is currently one of the top 50 cryptocurrencies by market capitalization – ApeCoin (APE) achieved its largest market cap to date, of $7,46 billion on the 28th of April, 2022. ApeCoin was launched by Ape DAO, though many members of the crypto community believe that it was actually launched by Yuga Labs (creators of Bored Ape Yacht Club).

How is the APE token used

Essentially, ApeCoin positions itself as a project that will be transitioning into the metaverse. Most notably, Yuga Labs host an NFT land sale for their ”Otherside” metaverse. Although the ApeCoin positions itself as a community project, there are major links between ApeCoin and Yuga Labs – the founders of Bored Ape Yacht Club, CryptoPunks, and MeeBits.

APE closed the year at $3.64 and rallied in the New Year, breaking past $5 on 10 January and trading at around $4.85 the following day. In this ApeCoin price prediction, we will try to analyze the price of Ape coin and attempt to make a price forecast. The Ape foundation is the support system behind the ApeCoin DAO and the ever-expanding APE ecosystem. Many members of the Bored Ape NFT community quickly sold the tokens for profit while others decided to hold on, hoping their tokens would grow exponentially in value.

About the Author

About the Author

Jessica Samson, MBA, CHRP, C. Mgr.

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