How Apecoin Made A Lot Of Rich People Even Richer

The collection features 10,000 unique cartoon ape drawings, each with a distinct look and style, with ownership of each verified on the blockchain. BAYC has been one of the most successful NFT projects to date, enjoying viral popularity including famous owners like Jimmy Fallon and Eminem. Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million. Given ApeCoin’s association with the BAYC community, it benefited from unprecedented interest and attention leading up to its launch.

While this initial market interest influenced ApeCoin’s price, the future price of APE will depend on increasing adoption and the launch of new metaverse and Web 3.0 experiences. The Bored Ape Yacht Club, a collection of non-fungible tokens, announced the introduction of its new cryptocurrency token ApeCoin on March 17, sparking considerable interest in the cryptocurrency market. Released a teaser video of its metaverse ‘Otherside’ where ApeCoin will be the native token. The launch of ‘Otherside’ is set to boost ApeCoin’s adoption and utility. Yuga Labs adopting APE as the native token for the BAYC ecosystem was the biggest driver of APE price. With billions in sales, BAYC and MAYC are some of the most popular NFT collections and celebrities like Justin Beiber, Mark Cuban, and Snoop Dogg are among collectors.

Why The Fervour Around Apecoin?

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 is an ERC-20 token on the Ethereum blockchain that gives holders membership of the ApeCoin DAO along with governance https://xcritical.com/ rights. The APE coin allocation includes a 62% share for the Ecosystem Fund, which aims to support community initiatives voted on by DAO members. VCs dumped $32.5 billion into crypto startups last year, but the release of tokens like ApeCoin could add a new dimension to fundraising.

More than 7M APE tokens mobilized for the voting, equal to 2.4% of ApeCoins circulating supply. Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. To deposit cryptocurrency, you only need to check the encrypted address on Huobi Global and send funds to that address. There are many ways to use fiat currency to fund your account for transactions, including credit cards, cash, and other cryptocurrencies. The next 16% was distributed to Yuga Labs itself and 10 million tokens went to the Jane Goodall Legacy Foundation.

They proposed several steps to rule decisions and expand their cryptocurrency. The Ape Foundation “provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.” There is not enough prediction information for ApeCoin for a reason, ApeCoin expands to a broader market than most cryptos. They will have the freedom to resell them whenever they wish and want. Some of those investors already cashed a profitable amount of money. The creators of those NFTs had an innovative idea for the owners of their collections.

The entirety of the next 14% were paid out to various launch contributors for helping bring the project to life. The final 8% tranche of ApeCoin was distributed to the quartet of founders behind Yuga Labs and BAYC. Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes. ApeCoin DAO members vote as a community on issues impacting the direction of the ecosystem’s growth, from how funds are allocated, how rules are enforced, what partnerships to pursue and which projects to undertake. Currently, ApeCoin is trading at $13.30, up 68.03% in the last 24 hours, climbing as high as $17.75 earlier in the day, according to CoinMarketCap data. ApeCoin DAO. A DAO is a new type of governance structure that’s run on a blockchain and theoretically disposes of hierarchy—a real “for the people” organization, if you will.

Frequently Asked Questions About Ape

In a victory for Layer 2 blockchains, the community for ApeCoin, the governance token of the Bored Ape Yacht Club, ecosystem, has narrowly voted to not expand outside of Ethereum. If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet. Spend your APE or more than a dozen other cryptocurrencies as easily as cash. The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin. The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways.

APE can be bought on major centralized exchanges, including Coinbase, Binance, OKX, FTX, eToro, among others. You can also swap ETH, BTC, or USDT for ApeCoin tokens on decentralized exchanges, including PancakeSwap. Data from Dune Analytics shows that a whopping 60,235 ETH (worth $170.8M at the time) was spent on transaction fees for successful mints during the launch. A further 1,653 ETH was lost to 14,285 failed transactions executed by nearly 12,000 wallets. Following a six-day voting period, 53.6% of members voted to stick with Ethereum exclusively.

Why Buy Apecoin？

At Friday’s price, the ApeCoins belonging to VCs were worth nearly $2 billion, far more than the funds have invested in the project to date. What’s more, they can sell the tokens at any point rather than waiting the traditional 7–10 years for their investment to turn into something. 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. Upon its launch in March 2022, the largest share of the supply, 62% , was distributed to the ecosystem fund, of which 150 million went to BAYC/MAYC NFT holders and 470 million went to the DAO treasury and resources. 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.

• You can purchase Ape with credit card, cash or in exchange for other cryptocurrencies on the Huobi Global exchange.
• At Friday’s price, the ApeCoins belonging to VCs were worth nearly $2 billion, far more than the funds have invested in the project to date.
• Initially, ApeCoin token holders only get voting and governance rights in the ApeCoin DAO, but Yuga Labs has more use-cases in store and plans to design further products and experiences for the APE ecosystem.
• The next 16% was distributed to Yuga Labs itself and 10 million tokens went to the Jane Goodall Legacy Foundation.
• Some of those investors already cashed a profitable amount of money.

There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. According to the website, ApeCoin wants to implement specific changes and governance, What is ApeCoin (APE) and access to all users. The Ape Foundation manages and oversees ApeCoin DAO, the new crypto project in the market. ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned.

According to reports, members of the Bored Ape Yacht Club NFT collection are highly involved in the new crypto in town. It was initially distributed via airdrop to the constituencies described above.

Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world. Buy gift cards for your favorite brands and shops from the app or extension. The token originated from the Bored Ape Yacht Club , an NFT series from Web3 company Yuga Labs.

Buying Ape Coin On Huobi Global Is Safer And Easier Start Buying Ape In A Few Simple Steps:

If you own any ApeCoin, then you get to become a member of ApeCoin DAO, and you can vote on any decisions this organization would want to make. All ApeCoin tokens were minted at launch, which means you cannot mine them. The APE ecosystem aims to build the future of Web 3.0 and the ApeCoin DAO as well as the APE Foundation work together to drive growth. The Board, a special council on the Foundation consisting of five members, performs an administrative role at the DAO’s behest. In the governance forum, K9 said that leaving Ethereum would be a terrible idea.

Know About More Cryptos

APE token holders can participate in the ApeCoin DAO and vote on community-led initiatives to enhance the APE ecosystem. Holders can also buy BAYC, MAYC, and related NFTs using ApeCoin and play games like Benji Bananas. With the launch of the ‘Otherside’ metaverse, ApeCoin will also be used to purchase virtual lands, play games, and purchase services. Developers can easily integrate ApeCoin into their applications, games, and services, while token holders can access exclusive games and services. For instance, ApeCoin has become an in-game currency in Benji Bananas, a mobile game developed by Animoca Brands, positively impacting the APE price. In addition, Yuga Labs, launching its metaverse ‘Otherside’, will also boost the coin’s utility.

20 and 28, APE coin price grew by more than 66% from around $9 to over $15. As a result, its market capitalization increased from $3.25 billion to $4.29 billion. Initially, ApeCoin token holders only get voting and governance rights in the ApeCoin DAO, but Yuga Labs has more use-cases in store and plans to design further products and experiences for the APE ecosystem. ApeCoin, the native cryptocurrency of the Boring Ape Yachting Club ecosystem, is the most popular collection of NFTs on the Ethereum blockchain. It is an ERC-20 utility and governance token used inside the APE ecosystem. APE is a token made to support what’s next, controlled, and built on by the community.

At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners. As a result of the massive climb, APE is now leading the crypto market in terms of daily gains out of the top 100 cryptocurrencies by market cap, followed by Mina and Waves respectively. So, with VC funds and companies accounting for 37% of what was intended to be a decentralized vehicle for “community-led initiatives,” you could make the case that the coin is about as grassroots as a Jason Aldean chorus. Owners of BAYC NFTs and the NFTs of two spin-off collections were able to claim 15% for free (worth almost $2 billion as of Friday).

How To Claim Apecoin

APE coin and the ecosystem attracted a lot of attention on account of their association with Yuga Labs — creators of the Bored Ape Yacht Club NFTs collection. “ApeCoin serves as the governance and utility token of the BAYC, an NFT project of Yuga Labs, which has 10,000 unique bored ape artworks,” says CNBC’s financial group. ApeCoin launched on March 16 and was picked up by major crypto exchanges such as Coinbase. As of Friday, one APE was worth $13.30 and the crypto had a total market cap of $3.7 billion. The price of APE coin in terms of USD saw high volatility in the first few days after launch.