In fact, each holder of a BAYC NFT was able to claim over $100,000 worth of APE at launch. The Board is accountable for monitoring the decisions made by DAO members. Equally important, token owners can use their tokens to purchase new goods and services, such as the play-to-earn game that BAYC and nWay are developing.
The coin is a descendant of one of the most famous NFT projects, namely the Bored Ape Yacht Club (BAYC). ApeCoin uses the Proof-of-Work (PoW) consensus mechanism to reach agreement. At the time of writing, the cheapest Bored Ape is even worth $124,000 USD. The live ApeCoin price today is $1.12 USD with a 24-hour trading volume of $39,819,633 USD.
ApeCoin (APE) price has been bullish over the last week, recording high highs as part of a recovery rally. It comes after a steep downtrend beginning early October, and another steeper one that began in mid-August. The rising popularity of Yuga Labs’ NFTs offered a glimmer of hope for APE. If this trend continues, the APE token could potentially benefit from the renewed interest in NFTs. A continued descent in price could translate to more holders selling at a loss. This sentiment is reinforced by the fact that most holders are short-term, as evidenced by the diminishing long/short difference.
It’s intended to serve as a decentralized token for various community-led initiatives. Since ApeCoin is an ERC-20 token, it runs on the Ethereum https://www.xcritical.in/ network. They have the authority to allocate the Ecosystem Fund and establish governance rules, special projects, and partnerships.
The projection was yet to be tested, and immediate liquidity sat on the upper side at the time of writing. Apecoin has struggled under massive selling pressure for most of the year. However, the bullish rebound quickly fell to the bearish momentum. Apecoin [APE] sunk below the $1.09 support what is apecoin level at press time, as the Non-fungible Token [NFT] related coin continued to hit new all-time lows. Bitcoin (BTC) price produced a lower low on August 28 on the weekly time frame. This move came after a sustained uptrend throughout 2023, which yielded 91.50% year-to-date returns.
APE is available for purchase on a variety of exchanges, most popularly Coinbase, Binance, Kraken, or Huobi. ApeCoin debuted on March 17, 2022, highly anticipated by the Bored Ape and the NFT community in general. During its first days of trading, APE experienced massive volatility, reaching a high of $39.40 in just five minutes after going public, then dropping 80% the next day. The token entered a consolidation phase, fluctuating between $10 to $12 apiece. Given the tremendous popularity of the Bored Ape collection, ApeCoin is expected to be used by various artists and celebrities for sales and other brand engagements.
If Otherside eventually incorporates a P2E mechanic, APE could be given as rewards to players. It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn (P2E) game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players. These should be the four founders of the BAYC and Yuga Labs that created all of this in the first place. Tokens to the founders will be slowly released within the period of 36 months.
Additionally, as ApeCoin becomes more of a known currency, developers across the DeFi space may begin to adopt it for their DApps — an option which forms part of Yuga Labs’ vision and would add value to ApeCoin. Alternatively, you could purchase ApeCoin on a decentralized exchange by swapping another cryptocurrency for it. As APE is an ERC-20 token, you could swap Ethereum-based stablecoins or ETH on a decentralized exchange like Uniswap for ApeCoin, for example. Moreover, numerous crypto wallets also offer in-app token swapping, enabling you to swap other ERC-20 tokens for APE. Meanwhile, the ApeCoin ecosystem has a cliff token unlock scheduled for October 17, two days out, which will see 15.60 million APE tokens worth $16.68 million flood the market in a cliff unlock. The tokens will be allocated to the Yuga Labs ecosystem and its founder, charity, treasury, and most interestingly, to the launch contributors.
Another key point is after the DAO members have voted on the proposals, the APE Foundation will implement the community-driven governance decisions. As a result, DAO will have a special council comprising web3 veterans and gaming and technology thought leaders (the Board). Furthermore, ApeCoin will facilitate web3 in the APE network, allowing creators to sell their digital artworks and various industries, including games, entertainment, and events. To some extent, Yuga Labs’ BAYC project inspired the decentralized ApeCoin idea. ApeCoin is the native cryptocurrency for the ecosystem and also serves as the governance token.
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. It is available on almost all reputable exchanges, including Binance, OKX, Bybit, and FTX.
- The team behind ApeCoin believes that by doing this, they will be able to provide a more stable and secure financial system for apes.
- Each node in the network stores a copy of the blockchain and verifies all the transactions on the network.
- There were also 10,000 mutant Apes available for public purchase following the AirDrop in Aug. 2021.
- This may be a very new cryptocurrency, but it’s undeniably one to watch.
- Yuga Labs is a cryptocurrency and NFT development and marketing firm.
- It is a relatively new project but it has bold plans; the BAYC team has outlined their intentions of making APE the de facto currency for a vast ecosystem of projects building on the Otherside metaverse.
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 (BAYC) NFT collections. It also owns the IP of another two popular NFT projects, CryptoPunks and Meebits. 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 building a marketplace that allows users to buy, sell, and trade NFTs easily and securely.
⚠ Trading cryptocurrencies involves risk, and may not be suitable for all investors. Cryptocurrency prices can be volatile and unpredictable, and may be influenced by various factors, including market manipulation, regulatory changes, and technological developments. APE is also a tool for third-party developers to participate in the APE ecosystem. They can incorporate the token into their services, games, and other projects as incentives. For example, APE is adopted as incentives for players in Benji Bananas, a play-to-earn mobile game developed by Animoca Brands. Benji Bananas offers a Membership Pass (‘Benji Pass’), an NFT that will enable its owners to earn special tokens when playing Benji Bananas, and that will also allow those tokens to be swapped for ApeCoin.
When the company announced the minting of 55,000 parcels of digital real estate NFTs called “Otherdeeds,” they were priced in APE. In total, Yuga Labs generated more than $300 million through the sale—all transacted in ApeCoin. In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers.
