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ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned. This means the number of ApeCoins in circulation will never go up or down. Just as Axie Infinity players earn tokens in tactical arenas, so will they earn APE coins for all upcoming games within the APE ecosystem. It will then be up to Yuga Labs to forge partnerships with other companies to integrate their coin, alongside developing their own Otherside experience. what is coin ape This represented one of the most valuable airdrops in crypto history at the time.
More from CoinDesk on ApeCoin and Bored Ape Yacht Club:
As the community continues to grow, the potential for new applications and use cases for Apecoin expands, promising a vibrant future for its holders and the broader NFT landscape. However, the roadmap shares a future where there will be utility for holders of the token, especially when combined with the underlying NFTs. ApeCoin is the governance and utility token that serves the https://www.xcritical.com/ Bored Ape Yacht Club (BAYC) community – and the collection of communities owned by its parent company, Yuga Labs. This airdrop has been one of the most anticipated in the NFT community due to the massive popularity of the Bored Ape Yacht Club brand. For those who don’t hold a Bored Ape NFT and didn’t help bring the Bored Apes or ApeCoin to life, the token is currently trading on an array of cryptocurrency exchanges.
What is Apecoin: Latest Market Updates
The project’s ability to foster a vibrant developer community, form strategic partnerships, and continuously innovate will be crucial in determining its long-term success. The future of ApeCoin is closely tied to the development of the metaverse and the broader adoption of web3 technologies. However, challenges remain, including regulatory uncertainties and competition from other cryptocurrencies and tokens. Since its launch, ApeCoin has experienced significant volatility, characteristic of many cryptocurrencies. Its price has been influenced by various factors, including overall market conditions, developments within the APE ecosystem, and announcements related to partnerships or integrations. As an ERC-20 token, ApeCoin can be easily integrated into various platforms and services.
Partnerships and collaborations
The other 38% of ApeCoin is set aside for “initial contributors,” and also the Jane Goodall Legacy Foundation, which supports conservation efforts for (real-life) jungle primates. Yuga Labs is also responsible for all the major projects and acquisitions surrounding the Bored Ape Yacht Club. If you want to do anything with Bored Ape IP, you’ll have to go through Yuga Labs. Various activities within the ecosystem might be rewarded with ApeCoin, encouraging active participation and helping to grow the user base. As one of the early investors, Yuga Labs receives a portion of the token distribution. The ApeCoinDAO and the Ape Foundation are two entities working together to ensure the future of ApeCoin rolls out as the community envisions it.
- Verify that all the order details are correct and confirm the transaction.
- The “metaverse” bit in that equation just means that people can use their MetaMask wallet to import their NFTs.
- Although nearly 30% of all APE were unlocked at launch, the remainder were set to unlock gradually over the course of the following 48 months—ending in 2026.
- YugaLabs plans to take it even a step further and create an entire community based around web3 and blockchain technologies.
- Since its launch, ApeCoin has experienced significant volatility, characteristic of many cryptocurrencies.
- Like the Apes, the 10,000 BAKC NFTs have various attributes and rarities.
The Psychology of the Market Cycle: How Investors React
And because ApeCoin is governed by a DAO, holders will have the ability to vote on community-led proposals that determine the future of the token. For example, there are already governance proposals regarding things like ecosystem fund allocation and staking rewards. That might sound dry and dull to some, but it may impact future benefits for APE holders.
The continued growth and active participation of the ApeCoin community will be vital for the token’s success. Initiatives to onboard new users, educate about the token’s utility, and foster a sense of community ownership could drive long-term adoption and value. As these spaces continue to evolve, ApeCoin’s role is likely to expand and adapt, potentially opening up new use cases and opportunities for token holders and ecosystem participants.
By doing this, Yuga Labs expanded the access to the coin but also created a code exploit. Suffice to say, the end result was a shadow on the team’s competence for future projects. When ApeCoin first airdropped on April 30, mostly to existing BAYC NFT holders, it gained up to $40 value on some exchanges, only to drop by 80%. This is not surprising, as people count on an initial price boost to immediately sell it for huge profits.
For example, E11EVEN Residencies in Miami will accept APE payments, and Florida-based brewery SaltWater Brewery has announced much the same for its beer—with a discount, no less. Moreover, to pass an exchange’s KYC (Know Your Customer) process, you will also need to provide a copy of your government-issued ID and proof of address. You may also be asked questions about your income and your level of expertise as an investor.
Since its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the most popular NFT collections. BAYC is well-known for having a vibrant and active community of supporters. Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all new products and services. A lot of BAYC NFT holders are also holders of ApeCoin, sharing community and vision among the NFT collectors and DAO operators. Due to the large following of the Bored Ape Yacht Club and YugaLabs’ plans to make ApeCoin the default currency for all their web3 projects, this cryptocurrency might stick around.
One of the standout features of Apecoin is its focus on community engagement. Apecoin holders are encouraged to participate in governance decisions, making the token a powerful tool for collective decision-making. The inception of Apecoin can be traced back to the booming popularity of non-fungible tokens (NFTs), particularly those from the Bored Ape Yacht Club. The creators recognized the need for a token that not only brought value to its holders but also built a tight-knit community around this exclusive NFT collection. The live ApeCoin price today is $1.08 USD with a 24-hour trading volume of $238,611,080 USD.
ApeCoin was founded to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation. 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. ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used. He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future. Finally, many are theorizing that APE will be allowed to be staked – where you can lock up some (or all) of your tokens and earn rewards as a result. This could be a great source of income for HODLers of the BAYC ecosystem.
It allows holders to participate in the ApeCoin DAO as a governance token. APE holders can also access exclusive features of the APE ecosystem, including games, merch, events, and services. ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services. As an Ethereum-based token (ERC-20), ApeCoin is yet to grow to its full potential. The key point to remember is that APE is both a governance and a utility token for the upcoming Otherside metaverse platform.
Initially priced around $7, the token saw rapid gains driven by the hype surrounding the Bored Ape Yacht Club (BAYC) and the broader NFT market. However, like many cryptocurrencies, ApeCoin faced sharp corrections due to its speculative nature. In an era where digital security is paramount, Apecoin is equipped with state-of-the-art security measures.
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. Although nearly 30% of all APE were unlocked at launch, the remainder were set to unlock gradually over the course of the following 48 months—ending in 2026.
The only difference is that you use U.S. dollars to buy and sell cryptocurrencies instead of traditional financial investments, such as stocks and bonds. Cryptocurrencies, like ApeCoin, are decentralized digital assets that typically act as a proxy for the success of a particular crypto project. However, cryptocurrencies are a high-risk asset class, so any investment in this market should be preceded with in-depth research into the cryptocurrency you plan to purchase.
ApeCoin is an ERC-20 governance and utility token that plays a crucial role in the decentralized ApeCoin DAO. Launched in March 2022, the token allows holders to vote on important governance decisions, including fund allocation, partnerships, and ecosystem development. The ApeCoin ecosystem is made up of individual token holders, as well as a wide range of products and services that are using the cryptocurrency. Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects.