What is ApeCoin? Everything you need to know about APE

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 what does ape mean in crypto metaverse. As with any cryptocurrency investment, potential investors should conduct thorough research and consider the risks involved. The crypto market is known for its volatility, and while meme-based tokens can experience rapid growth, they can also be subject to equally swift declines. APEcoin.dev represents the digital hub for the APECoin ecosystem, a project that leverages the cultural phenomenon of the “ape” meme within the cryptocurrency community.

ApeCoin: everything you need to know about APE

For instance, artists and developers are incentivized through APEcoin.dev, encouraging their contribution to the ecosystem and rewarding their creativity and innovation. ApeCoin has some actual utility within the APE ecosystem, so it’s more than https://www.xcritical.com/ just a speculative “meme coin”. However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing. Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes. Of the total supply, 15% of tokens were made immediately available to the BAYC and MAYC NFT holders upon launch, and 47% of tokens went to the DAO treasury. A further 15% was distributed to Yuga Labs, and 14% was reserved for investors and contributors to the project.

APE creators as the mega owners of NFT IP rights

ApeCoin aims to fuel the growth of a decentralized web 3.0 community through governance, access, incentivization, and spending. Token holders can join the ApeCoin DAO to vote on community decisions, enjoy exclusive perks like special items and events, and use the coin as a utility token for various services. The ecosystem also encourages third-party developers to integrate ApeCoin into their projects, enhancing its utility and adoption. The live price of APE is available and updated in real-time on Binance.

• These platforms leverage the token for different purposes, including transactions, rewards, and incentives.
• For example, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is used as an incentive for players.
• The ApeCoin DAO hopes to be the decentralised governance mechanism that will build and manage APE’s community all over the world.
• It doesn’t matter if you are buying your first tokens or trading your portfolio.
• In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds.

What is ApeCoin? Exploring The Bored Ape Yacht Club Native Token

Cryptocurrency experts typically advise investors against leaving funds on a centralized exchange because exchange bankruptcies can lead to a complete loss of assets held with the company. Once you have funded your account, you click on ApeCoin in the list of tradable assets and place an order to buy the amount of APE you would like to purchase. Verify that all the order details are correct and confirm the transaction.

What Can You Do With Zengo’s ApeCoin Wallet?

ApeCoin is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project. 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.

Step 2: Complete KYC and deposit funds in your exchange account

In addition, Zengo’s recovery methods can ensure your funds are returned to you, even if something happens to your phone, so you don’t need to worry. Just swipe the asset you want to purchase and follow the prompts to buy APE or other tokens. Zengo has a wide selection of payment gateways around the world, making crypto accessible to everyone. All you need is to share your wallet address with the sender and check for a notification telling you when the coins are in your wallet. Zengo is a simple and secure non-custodial wallet that utilizes biometrics to keep your cryptocurrencies safe anywhere you go. It doesn’t matter if you are buying your first tokens or trading your portfolio.

ApeCoin Price Analysis: From Launch to Now

The ApeCoinDAO and the Ape Foundation are two entities working together to ensure the future of ApeCoin rolls out as the community envisions it. Choose from thousands of nonprofits you can support with crypto, stock and more. The first thing you need is to create a Ripio account in order to trade.

If you lose your device at any time, our helpful agents will help you recover access in no time. Buy, trade, view, or send Ethereum to friends and family on the go, whenever you need to. Unlike other wallets, there are no minimums, no maximums, and no expensive transaction fees.

30.25% were released into circulation for the community to engage with. One potential factor to consider when deciding whether to buy ApeCoin is its unique features and use cases. ApeCoin has a strong focus on community and building a robust ecosystem for developers and users. Its Proof-of-Stake consensus algorithm and NFT marketplace are among its notable features. Additionally, ApeCoin has partnerships with other projects in the crypto space, which could provide further growth opportunities in the future.

But before you get there, you’ll have to set up an account to store it. To do so, you’ll need to set up an Ethereum account on your Ledger device if you haven’t already. To learn how to do this, check out this support article on adding an Ethereum account to your Ledger. Every wallet address holding ApeCoin can vote on live proposals by signing the vote on Snapshot (In Favor / Against). The mechanism is low-cost for every ApeCoin holder and makes votes as transparent as possible.

These decentralized authoritative frameworks are designed to create a fair and inclusive ecosystem in which the coin can flourish. ApeCoin is an ERC-20 utility and governance token used within the APE ecosystem. The founding roots of ApeCoin lie in the NFT series Bored Ape Yacht Club (BAYC), a creation by Web3 company Yuga Labs. With an all-time high price of $39.40 in April 2022, however, APE fell more than 80% in less than a month, faring much worse in the current bearish market than more established crypto like Bitcoin and Ethereum. In technical terms, APE coin serves as a decentralized layer to realise initiatives brought forward from its own community as a form of self-governing Decentralised Autonomous Organisation or DAO. This meant that APE coin owners would be able to participate in this DAO using their APE tokens to vote.

Since its launch, ApeCoin APE has grown into one of the world’s leading digital currency platforms, praised for its user-friendly interface and robust security measures. ApeCoin will be integrated into the upcoming metaverse Otherside, potentially making it a sought-after metaverse currency this year. This will turn ApeCoin into a transaction token on metaverse marketplaces. If the metaverse includes P2E elements, it could also be used for rewarding players. Additionally, users can stake APE to participate in the validation process of the ApeCoin network and earn rewards in APE. This enhances network decentralization and security, making the ApeCoin platform a stable and reliable environment for its users.

The collapse of crypto exchange FTX in November 2022 highlighted this risk when billions of dollars in user funds were lost. Hence, trading on a decentralized exchange (where you control the custody of your assets) is typically considered the safer option. Having said that, DEXs are unregulated, and there is no customer protection if funds are lost due to hacks.

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. ApeCoin (APE) is an ERC-20 token compatible with the Ethereum blockchain and any supported wallet. The coin was launched in March 2022, with all 1 billion tokens minted at once. When minted, 62% of the coins were allocated to the Ecosystem Fund which are then allocated to community-based projects based on Ape DAO decisions.

APE was launched by the ApeCoin DAO, a decentralised autonomous organisation (DAO) that acts as a governing body in which all ApeCoin holders are members. With a market cap of almost USD $2 billion on its first day of trading, ApeCoin definitely took the spotlight in the crypto space in recent weeks. 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. Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project. The total supply of ApeCoin is permanently fixed at 1 billion tokens, all minted at once.

The goal is for the Foundation to become more decentralised over time. APE can be used to vote on governance decisions put forward by Ape DAO, gain exclusive access to services in the APE ecosystem, be used as a shared currency within the APE ecosystem, and interface APE with other projects. ApeCoin was created to allow governance and participation in the Ape Foundations ecosystem, where APE allows exclusive access to games, merchandise, and events. In addition, the APE coin encourages developers to incorporate APE into projects outside the APE ecosystem. The crypto market is always evolving, but there is no need to waste hours of your time trying to keep up with trends. With Zengo, it’s easy to access vital data about your coins, view APE’s performance, and execute trades with ease.