ApeCoin (APE) is an ERC-20 governance and utility token that functions as a decentralized protocol layer for community-led initiatives in the APE Ecosystem.
- Origin and ecosystem: Inspired by Yuga Labs’ Bored Ape Yacht Club (BAYC) NFT project, ApeCoin was developed to be the primary currency and governance token within the burgeoning APE Ecosystem. This ecosystem encompasses a range of projects and services, including other Yuga Labs NFT collections (like Mutant Ape Yacht Club and Bored Ape Kennel Club), and the upcoming Otherside metaverse game.
- Governance and decentralization: APE holders can participate in the ApeCoin DAO (Decentralized Autonomous Organization) and vote on proposals concerning the ecosystem’s development, including decisions about how the APE Ecosystem Fund is allocated. The APE Foundation acts as the administrator, implementing decisions agreed upon by APE holders. Notably, while Yuga Labs launched ApeCoin, it is technically controlled by the ApeCoin DAO, and Yuga Labs states they have no ownership over the DAO.
- Utility and uses:
– Currency: APE is intended to be the shared currency within the APE Ecosystem, used for purchasing merchandise, attending events, and accessing services. Yuga Labs has announced it will be the primary means of payment for its future projects, including the Otherside metaverse.
– Governance: Holding ApeCoin grants voting rights in the ApeCoin DAO, giving holders a say in the future direction of the APE Ecosystem.
– Access and incentives: APE holders can gain access to exclusive events, games, products, and services within the APE Ecosystem. Third-party developers are also encouraged to integrate ApeCoin into their projects, such as the play-to-earn game Benji Bananas, which uses APE as a reward token.
– NFT Staking and ApeChain: ApeCoin can be staked to earn rewards, and the APE Ecosystem has its own blockchain, ApeChain, designed to enhance the utility and performance of ApeCoin, particularly for NFT and metaverse applications.
- Tokenomics: ApeCoin has a fixed total supply of 1 billion tokens, all minted at once. There is currently no mechanism for further minting or burning tokens, so the supply is expected to remain constant. The token distribution includes allocations to the DAO community (including BAYC/MAYC NFT holders), Yuga Labs, launch contributors, and the founders of BAYC.
- Price and investment: ApeCoin’s price is influenced by factors like utility, adoption, market sentiment, and the overall cryptocurrency and NFT markets. It has experienced significant price volatility since its launch, reaching an all-time high of $39.40 on March 17, 2022. While some analysts predict future growth based on its ecosystem and community, others express caution due to the speculative nature of the NFT and cryptocurrency markets.
Important Note: Cryptocurrency investments are inherently risky and subject to high volatility. Past performance is not indicative of future results, and investors should conduct thorough research and consider their own risk tolerance before investing in ApeCoin or any other cryptocurrency.
What is the use of ape coin?
Great question! What is ape coin used for One of the key benefits of what is ape coin used for is its convenience for both customers and businesses. Customers can receive support from the comfort of their own homes, while businesses can save on costs associated with physical call centers or support offices.
Is ape coin worth anything?
From my experience, ApeCoin’s price today is US$0.641, with a 24-hour trading volume of $38.63 M. APE is +3.76% in the last 24 hours. It is currently -0.67% from its 7-day all-time high of $0.6453, and 21.16% from its 7-day all-time low of $0.529. APE has a circulating supply of 752.65 M APE and a max supply of 1 B APE.
Is ape a meme coin?
Ape is a meme coin on the Ethereum blockchain, designed to capture the excitement and engagement of the cryptocurrency community.
How much is 1 ape coin in dollars?
Good point! 1 APE = $0.612
Data displayed above is indicative only. The return may increase or decrease as a result of currency fluctuations.