ApeCoin is known as an ERC-20 token. This crypto project is decentralized and stimulated by Yuga Lab’s Bored Ape Yacht Club (BAYC). ApeCoin was established for use within the limit of the Ape Ecosystem. click here to this coin is listed at the 28th rank by market capitalization on CoinMarketCap.
This cryptocurrency was launched by a decentralized autonomous organization, known as ApeCoin DAO. Though eh ApeDao is distinct from Yuga Labs, the BAYC creator, AP is adopted by the firm as a basic token for the entire BAYC network as well as the Yuga products.
ApeCoin Overview:
ApeCoin can be a great choice for you if you are someone very interested in cryptocurrencies. If we talk about price, it has jumped almost 50 percent in the last few days. According to the reports, it has also been listed as one of the leading cryptocurrencies in the last few days. This means that if anyone had invested or deposited 1 lakh in ApeCoin a few days back, their wealth would have increased up to 1.5 lakh by today.
Now, investing in ApeCoin looks like a promising strategy for crypto investors. According to CoinGecko data, Ape Coin’s value jumped from $11.57 on 17th April to $26 on 28th April.
To purchase or invest in an APE coin, you can use exchange platforms like Coinbase or Bitcoin Trading Software.
APE Token:
ApeCoin’s official token is APE, it is used as the utility token for the APE network. The main purpose of this token is to focus on strengthening the BAYC community. A utility token is known as a token that allows users to perform actions or initiatives on a particular network. Well, APE offers its users a currency that can be easily utilized without the need for centralized intermediaries.
The Ape Token is an ERC-20 token, which is a specific type of personalized crypto asset on the blockchain of Ethereum. As it is an ERC-20 token, it can be further used in various ways.
Incentivizing Users:
Through ApeCoin, third-party developers participate in the network by incorporating APE into games, projects, and services. For instance, APE Token is easily accepted in the Benji Bananas Membership Pass facilitates users to earn in-game tokens that can be exchanged for APE.
Availability and Access:
APE Token functions as a locking token and offers restricted access to particular parts of the network as in exclusive events and merchandise etc.
Confederacy of Spend:
ApeCoin is governance as well as a utility token of the APE network. This token is used to buy services and goods for example play-to-earn games and videos that are under development at BAYC.
Governance and Authority:
ApeCoin is a governance token too and is used to vote on governance decisions with the Decentralized Autonomous Organization (DAO).
More about ApeCoin:
The total number of APE is locked at 1 billion tokens and hence it is impossible to mint any more tokens. The supply is fixed and will not increase by more than 1 billion. What’s interesting is the supply can neither be decreased.
The total supply of ApeCoin or token is 62 percent belongs to the network, 16 percent is settled for Yuga Labs and other charities and 14 percent will be for launch contributors. Lastly, 8 percent remaining will be for BAYC founders.
From the tokens of the network, 150 million tokens were sent to investors and users of BAYC NFTs. The airdrop was settled as per the following distributions.
Mutant ape = 2,042 tokens
Mutant Ape + Kennel Club = 2,898 tokens
Bored Ape NFT = 10,094 tokens
Bored Ape + Kennel Club = 10,950 tokens
The APE Ecosystem:
You must have a question in your mind, who is behind ApeCoin? The community users of Ape tokens and other services using cryptocurrency, communally make up the APE network. The Yuga Labs in Miami, Florida is the major name in NFTs and virtual assets. It was established in the year 2021.
Yuga Labs works as a community user in the ApeCoin DAO which is also the acclaimed developer of Bored Ape Yacht Club.
Bottom Line:
ApeCoin was bought by many people including the Bored Ape Yacht Club. Enthusiasts of arts, gaming, and entertainment use cryptocurrency more than other users. You can make an investment in ApeCoin considering multiple reasons like using it as a payment option or NFT rewards etc. Be it any cryptocurrency, before making an account on it make sure to do proper research.
