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He started his career in 2017 amid the Bitcoin and the cryptocurrency boom, and he hasn’t turned his back on the industry since then. This blockchain infrastructure allows Apecoin to be resistant to censorship and fraud, making it an attractive option for users who prioritize privacy and security. This percentage will continually increase following launch day at regular intervals over a 48-month period. The Telsa CEO and tech billionaire has often tweeted memes in relation to the crypto https://www.xcritical.com/ industry, including those regarding a personal favorite—Dogecoin.
As ApeCoin continues to evolve within the NFT and metaverse ecosystems, now may be a strategic time to explore its potential. what is coin ape Trade ApeCoin on Morpher with zero commissions and enjoy unlimited liquidity to take full advantage of this innovative token. Apecoin’s launch was met with great enthusiasm, primarily due to its association with a well-established and thriving community.
Ethereum also has a simple programming language in Solidity (at least compared to some other chains like Solana which uses a mix of Rust, C and C++), a decentralized structure and reliable security. As Bored Apes became mainstream, the company behind them, YugaLabs, used the momentum to launch new web3 applications. YugaLabs plans to take it even a step further and create an entire community based around web3 and blockchain technologies. Holding APE makes users part of the Ape decentralized autonomous organization (ApeDAO), enabling them to vote on system improvement proposals and govern the community surrounding the token. This process ensures that the development and direction of ApeCoin remain in the hands of its community, aligning with the principles of decentralization that underpin many cryptocurrency projects.
Launched in April 2021, Bored Ape Yacht Club (BAYC) is the first NFT collection of the APE ecosystem. The APE ecosystem is made up of the community holders of ApeCoin, and all products & services utilizing APE. If interested in purchasing ApeCoin there are a handful of popular exchanges to do so. It generated $300 million in sales from the initial release and another $300 million in resales in the post-market.
Their notoriety amongst celebrities and high-profile NFT collectors has bolstered their astronomic rise. However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn (P2E) game in which players can realize their gains in the form of ApeCoin. It is the vision of ApeCoin’s creators that this kind of adoption expands and continues into the future. So far, around 110 million APE tokens have been claimed by NFT holders (here’s a convenient dashboard for tracking APE tokenomics, courtesy of a Dune Analytics wizard called Hildobby). ApeCoin is explicitly linked to these famously pricey non-fungible tokens, and is very much involved with Yuga Labs, the company stewarding the intellectual property behind the Bored Apes.
ApeCoin is supported by a wide range of exchanges including eToro, WeBull and Uphold. If you are looking to purchase the token on a decentralized exchange, then Uniswap is a popular DEX to check out. The Foundation appointed the original council and is responsible for administering the decisions of the ApeCoin DAO. At the time of the airdrop, 62% of the tokens were sent to Bored Ape and Mutant Ape NFT holders, 16% to Yuga Labs and charities, 14% to launch contributors and 8% to the founders of BAYC. Not all of the ApeCoin funds were deployed – just slightly over a third of the one billion ApeCoins in circulation.
According to Rohan Grey, a law professor at Willamette University and crypto regulation observer, the distinction between ApeCoin DAO and Yuga Labs probably also has to do with something called the Hinman Test. Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation. Next, 140 million APE goes to “the companies and people that helped make this project a reality” – an as yet unnamed group that most likely includes members of the Yuga Labs team.
While the company that launches blockchain tokens doesn’t directly affect its price, it does so indirectly. For example, Yuga Labs’ development of the Otherside platform increases ApeCoin’s utility value. 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.
Bored Ape Kennel Club (BAKC) is a collection of dog NFTs that were made available to every single member of the BAYC. For each Bored Ape NFT they own, holders could “adopt” a random Club Dog NFT for free, only paying a gas fee. Like the Apes, the 10,000 BAKC NFTs have various attributes and rarities. The MAYC was also a means to welcome more new members to the APE community. This is why 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop.
As always, staying informed and engaged is vital for anyone looking to navigate the complexities of cryptocurrency investment. ApeCoin also gives access to certain parts of the Ecosystem that are otherwise unavailable, like exclusive games and services. For third-party developers, ApeCoin is a tool to participate in the ecosystem by incorporating ApeCoin into services, games, and other projects. APE’s price on the 4-hour chart is consolidating above the 100-day Simple Moving Average (SMA) and the key $1 support level, indicating market indecision. While the position above the SMA suggests an optimistic trend, this consolidation could lead to a rally or strong decline, depending on whether bulls or bears take control.
It will be a community member in the ApeCoin DAO and adopt APE as the primary token across new projects. Upon the launch of ApeCoin, holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were entitled to collectively claim 15% of the ApeCoin supply (150 million tokens of the 1 billion total tokens in supply). Its ascent in price gave traders a small fortune, partially out of sheer luck. Anything that is somewhat tied to apes has received a lot of speculative trading. ApeCoin can also be staked to earn interest on the ApeCoin platform, so owners have a further financial incentive to hold the token.
For Mutant Ape owners, the 2,042 tokens are worth about $16,400 right now. If you own a Bored Ape Kennel Club NFT on its own, then it won’t earn you any tokens. But if you have a Kennel Club NFT plus a Bored or Mutant Ape, you’ll get bonus tokens for holding the dog NFT. If you hold a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT in your wallet, then you can claim a certain amount of free tokens from the official ApeCoin website. Each NFT draws its own allocation of tokens, so if you own a bunch, your token rewards will stack.
However, the BAYC team envisions a much larger future for the Bored Ape ecosystem– and ApeCoin (APE) will serve several important functions. This combination of strategic developments and positive market sentiment paints a promising future for ApeCoin, though it remains a volatile and speculative asset. The future of ApeCoin depends on a mix of market trends, Yuga Labs’ ongoing developments, and its evolving utility within the BAYC ecosystem. Understanding the technology that supports Apecoin is crucial for grasping its potential. Apecoin operates on a blockchain, which is a decentralized ledger technology, ensuring transparency and security in all transactions.
The ApeCoin community and developers are actively exploring solutions to these challenges, including potential layer-2 scaling solutions or bridges to other blockchain networks. Discover ApeCoin, its origins, functions, and role in the crypto ecosystem. Learn about its connection to the Bored Ape Yacht Club and its potential in the metaverse. All tokens are locked for a period of 12 months so shareholders aren’t able to cash out immediately, potentially crashing the price.
