Over the previous 72 hours, the price of ApeCoin (CRYPTO: APE), a new cryptocurrency, has increased by over 51%. ApeCoin now has a market capitalization of around $4 billion, placing it among the top 30 cryptocurrencies.
The Bored Ape Yacht Club, which works with Yuga Labs and has a significant collection of linked Bored Ape non-fungible tokens (NFTs), which are digital art, picture, audio, and video assets tokenized and secured using blockchain technology, has ties to ApeCoin.
The Bored Ape Yacht Club, which began operations in April 2021, is made up of hundreds of varied ape NFTs, each with their facial expressions and clothing. When celebrities like Jimmy Fallon, Justin Bieber, and Paris Hilton bought the Bored Ape NFTs for significant sums of money, the notion became popular.
ApeCoin will be released on the Ethereum network and will have a fixed quantity of 1 billion tokens, according to its website. Alexis Ohanian, the internet entrepreneur and co-founder of Reddit, is on ApeCoin’s board of directors, as are numerous other renowned venture capitalists.
The growing potentials of ApeCoin are just good reasons why you should buy as much ApeCoin as possible.
What Is ApeCoin?
ApeCoin is an ERC-20 token, which is a type of Ethereum-based build-it-yourself cryptocurrency. This system is used by the majority of the Ethereum-based social tokens that have gained popularity in the last year (think FWB, for the social club Friends with Benefits, and WRITE, for the Web 3 crowdfunding site Mirror).
Unlike NFTs, ApeCoins are intended to be “fungible”, like bitcoin (BTC), every one ApeCoin should be worth precisely the same as any other ApeCoin, and you can buy and sell them freely on a decentralized exchange, which is a type of digital trading post for cryptocurrencies.
The cryptocurrency was listed on almost every major centralized crypto market almost immediately after its introduction. Given the famously fussy attitude of key companies like Coinbase, this was a significant achievement in and of itself (COIN). ApeCoin has a market capitalization of about $2 billion after just one day of trading; one APE is currently worth roughly $14, and the total quantity of tokens is capped at one billion (not all of which is currently in circulation).
Who Is Behind ApeCoin?
ApeCoin is being introduced by ApeCoin DAO, a new governing organization in which all APE holders are members, according to the ApeCoin website and associated press materials. Its purpose is to collect community proposals, which token holders may subsequently vote on.
Similar voting structures have been tried in other NFT projects. When you buy an NFT from the “Nouns” collection, you become a member of Nouns DAO, an online investment collective with a $62 million treasury. Nouns owners can determine what they want to do with the money as a group on a dedicated website for proposals. A common suggestion is “What if we made an NFT storybook?”
The Ape Foundation will handle day-to-day DAO administration, proposal management, and “other responsibilities that ensure the DAO community’s ideas have the support they need to become a reality,” according to the website. It’s ApeCoin DAO’s legal foundation.
Why You Should Buy ApeCoin
ApeCoin was created with usability and governance in mind. What exactly does that imply? It’s a decentralized token that can be used for payments and transactions in any Web3 app, even if it wasn’t created or owned by Yuga Labs or has nothing to do with the Bored Ape Yacht Club.
ApeCoin holders will be able to vote on community-led proposals that will determine the token’s future because it is managed by a DAO. There are currently governance proposals in place for topics like ecosystem money allocation and staking rewards, for example. That may sound dry and boring to some, but it could have an impact on APE holders’ future benefits.
Animoca Brands, a crypto game developer, has announced plans to integrate APE into a “secret project” it is working on with the Bored Ape Yacht Club. It appears to be connected to the recent development of a website (somethingisbrewing.xyz) that collects information from potential participants.
There’s also the possibility of much more on the horizon. E11EVEN Residencies in Miami, for example, will take APE payments, and SaltWater Brewery in Florida has announced the same for its beer with a discount, no less.
APE has the potential to be utilized by a wide range of businesses and initiatives as a decentralized token. And that is ApeCoin DAO’s goal: the more beneficial it is, the more valuable it may become. With the Web3 sector still in its infancy, APE holders can only hope that it grows in popularity as a metaverse payment option.
How To Buy ApeCoin
If you just want to buy APE, there are a couple of options available right now. Many exchanges are preparing to support APE, and you may buy it on DeFi swaps. Here are the most effective methods.
You can buy APE on any of the following exchanges right now:
APE can also be purchased over most DeFi protocols.
Potential Of ApeCoin
The potential future of ApeCoin has sparked a lot of interest. YugaLabs, the parent firm of Bored Ape Yacht Club, just purchased CryptoPunks and Meebits, two additional massive NFT initiatives. And if you look at ApeCoin’s roadmap, it’s clear that they’re trying to create an environment for their brands to connect and trade, using APE as the foundation token.
Furthermore, the founders have their APE allocation locked up for a year, so there is a strong motivation for them to increase the token’s value over the following year before selling or doing anything with it.
Finally, many people believe that APE will be able to be staked, which means that you will be able to lock up some or all of your tokens and get incentives as a result. This could be a lucrative source of income for BAYC ecosystem HODLers.
With this in mind, APE is likely to generate a lot of buzz in the coming weeks. The question is whether YugaLabs and BAYC can keep the momentum going.
Based on their previous experience with BAYC, the answer is most likely yes, but only time will tell. If you’re interested in “ApeCoins,” now might be the best time to invest.