What is ApeCoin APE?

Moreover, a substantial part of this is also allocated to the Jane Goodall Legacy Foundation, which is helping animals in Africa. The biggest piece of this supply is allocated to DAO treasury and resources, which should receive around 47 % of the overall supply, with a 48- months release period of about 7 million tokens per month. Additional 15 % of the supply was allocated to be claimed by the holders of NFTs, which can do so in the next 90 days. All of this was considered to be the “Ecosystem fund” part, which thus consists of 62 % of the 1 billion supply of APE. As per the main announcements and the website of ApeCoin, the token can be used for payments and transactions.

It provides a much-needed solution for investing in NFTs and has a strong community behind it. With its roadmap and plans for the future, ApeCoin is one to watch out for. The project was developed in response to the growing interest in NFTs and the lack of options for investing in them.

ApeCoin essentials

These seemingly-ordinary looking artworks attracted extraordinary attention. Some of them even sold for hundreds of thousands of dollars with a customer list, including Justin Bieber, Eminem, Jimmy Fallon, etc. And the buzz around BAYC does not seem to be fading anytime soon. One of the governance and utility tokens that serve the Bored Ape Yacht what is apecoin Club and related communities is ApeCoin (APE). ApeCoin seems to have stabilized but it’s still very early days in the token’s life. Add this to the fact that Yuga Labs intends to launch a vast Metaverse play-to-earn gaming platform with ApeCoin as its native currency, and it certainly seems to paint a positive future for the cryptocurrency.

ApeCoin has a block time of 60 seconds, which means that a new block is added to the blockchain every 60 seconds. The ApeCoin blockchain has a total supply of 21 million APE tokens. The block reward is halved every 210,000 blocks, which is approximately every 4 years. The ApeCoin team’s goal was to create a system that would be able to track and manage digital assets more securely and efficiently than any other existing system. To achieve this, they designed ApeCoin to be highly scalable and extremely fast.

  • The ApeCoin DAO aims to build and maintain the APE Ecosystem in a fair and inclusive way, providing an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.
  • To see more analysis and outlook, please check the APEcoin price prediction page.
  • It is the vision of ApeCoin’s creators that this kind of adoption expands and continues into the future.
  • Despite the best recovery efforts of buyers, APE remained under the new resistance level.
  • ApeCoin has a number of other advantages over traditional fiat currencies.

The ApeCoin team is committed to providing a secure and easy-to-use cryptocurrency that anyone can use. The ApeCoin network is designed to be scalable so that it can handle a large number of transactions. The ApeCoin blockchain uses a technique called sharding, which allows the network to be partitioned into multiple shards. Each shard can process transactions in parallel, making the ApeCoin network more scalable and efficient.

While some investors question the uptrend, others remain bullish. Only a small majority remains uncertain and are waiting for confirmation regardless of which side wins. The impending token unlock, combined with APE’s bearish trend, raises legitimate concerns regarding its near-term future. Observing the token’s performance and the dynamics of the broader NFT market will be essential to gauge the direction ApeCoin takes in the coming days. Yet, amidst the apparent market lull, select Yuga Labs collections, particularly the Bored Ape Yacht Club, showed a noteworthy increase in their floor prices. ApeCoin’s future is uncertain as a substantial token unlock looms, posing both price challenges and opportunities for investors.

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. Apecoin is a decentralized autonomous organization (DAO) that enables APE holders to participate in administrative decisions. After the DAO members https://www.xcritical.in/ vote on the proposals, they also implement the community-based administrative decisions. The APE Foundation created APE to be used within the expanding APE ecosystem. APE is managed by the ApeCoin DAO and is backed by the APE Foundation. AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.

This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. If you want to purchase a Bored Ape in May 2022, you would need roughly $300,000 for the cheapest one. ApeCoin has recently captured the public’s attention like many other memecoins. However, unlike Dogecoin or Shiba Inu, ApeCoin might actually provide some real utility and be here for the long haul. APE has a circulating supply of 284,843,750 APE coins and a maximum supply of 1 billion APE coins.

The utility of APE does not end there, which is a reason why we will prepare a separate article just on this topic. These will be more introduced in the tokenomics section; However, it seems that more than 93 million tokens, worth approximately 800 million dollars, have already been claimed by the owners of the NFTs or bought by new investors. On Wednesday this week, the new ApeCoin (APE) was introduced by the APE Foundation as well as the official social media of Bored Ape Yacht Club and Yuga Labs. APE is a new Ethereum (ERC-20) token that is supposed to help the Bored Ape Yacht Club grow its ecosystem and bring more features, products and services to the community behind this project. Wealth distribution is an important factor to consider when researching a cryptocurrency. It refers to the percentage of the total supply of the cryptocurrency held by the top wallet addresses.

ApeCoin essentials

The DAO handles critical matters in the ApeCoin ecosystem, such as how many funds are allocated to the Treasury, setting up or changing rules, verifying and selecting what projects are coming in, forming partnerships, etc. ApeCoin holds an essential role as the de facto currency for Otherside, BAYC’s upcoming metaverse. Otherside was announced on March 18th, 2022 in an official Tweet from the BAYC team. ApeCoin is designed to be used in any number of web3 and metaverse projects, but perhaps the most notable one (which came soon after ApeCoin’s release) was the release of Otherside land NFTs. 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.

The Ape Foundation is essentially the bedrock upon which ApeCoin holders and ApeCoin DAO members can continue to grow. The primary aim of the Foundation is to promote the equitable development of the APE ecosystem. But price chart indicators inclined towards extra bullish moves to 50% Fib level ($1.15) or $1.18. In particular, APE’s market recorded an impressive recovery in capital inflows, as shown by the northward movement of the CMF. ApeCoin’s [APE] press time value of $1.12 sat on a crucial roadblock and high liquidation level that could set the play-to-earn token to a strong price reaction.

One blockchain company that sees potential in every aspect of this market is Yuga Labs and its Bored Ape Yacht Club (BAYC) platform. To accomplish this expansion, Yuga Labs and BAYC have launched a revolutionary cryptocurrency — ApeCoin (APE). At the time of writing, ApeCoin is valued at $12.88 with a circulating supply of 277.5 million APE for a market cap of $3.6 billion. ApeCoin (APE) was launched in March 2022 as an ERC20 token, meaning it runs on the Ethereum network. This means ApeCoin users benefit from Ethereum’s security and technology and that ApeCoin has the ability to be used on any Ethereum DApp in the future.

The hype surrounding the BAYC community, platform, and Ape NFTs adds huge value to the community and all its applications. As the Ape ecosystem expands, bringing with it increased functionality for the Ape cryptocurrency and APE token, it will also help launch ApeCoin’s value. Buying ApeCoin works in the same way as buying any other cryptocurrency. The main difference between buying Bitcoin or Ethereum and ApeCoin is that the latter is not supported by all leading cryptocurrency exchanges. Some third-party projects are already strategizing the use of ApeCoin. For example, Benji Bananas, a popular mobile video game created by Animoca Brands decided to integrate play-to-earn modularity in which players can earn in-game tokens that can be exchanged for ApeCoin.