Good morning Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
With this article we are going to introduce the 46th cryptocurrency of this section with the 98th “E&S” article.
We are almost at 50 crypto analyzed in our “Easy & Short”!
Today we start to see another crypto. As probably have you already read from the title, we will talk about the famous ApeCoin (APE)!
In the last review, I talked about Filecoin (FIL), If you missed my last review, you can recover it here: https://www.publish0x.com/easyshort-cryptocurrencies-made-accessible/e-and-s-fil-use-filecoin-to-store-and-retrieve-data-xwyyorq
Apecoin is the token born within one of the most important projects on the NFT front, Bored Ape Yacht Club, which will serve for governance purposes and, one assumes for now, for exchange functionality within the metaverse. A token that started with a bang and then was forced to face a generalized bear market, which is unique both in terms of its future possibilities and the medium- and long-term commercial prospects of the project it represents.
Is it suitable for diversification? Is it a good prospect over the medium and long term?
ApeCoin officially entered the market with the airdrop last March 17, registering +700% in the first 24 hours.
Since way back in 2017, when the four digital art and blockchain enthusiasts at the head of Yuga Labs started their creative partnership, the project has made big strides and turned out to be a huge success. Not that there was any doubt: already during the first presale, which lasted 7 days, 500 Ape were sold at a price of 0.08 ETH, worth about $220 each. And only a few weeks later, another 9500 Ape were added to the sales list.
Image Source: https://news.artnet.com/art-world/art-industry-news-august-31-2021-2004187
ApeCoin is an ERC-20 token, that is, a token created on the Ethereum blockchain and which, therefore, exists only within independent databases. It is a utility and governance token: it enables exclusive benefits and gives the right to vote.
ApeCoin is "a token for culture, gaming and commerce, created to foster Web 3.0-related initiatives." The aim, then, is to support what is to come and to provide a decentralized protocol that the whole community can draw on to move culture ever more toward the metaverse.
ApeCoin (APE) Tokenomics
Apecoin has a maximum supply of 1 billion. Currently, the circulating supply is 307 million tokens. The market cap corresponds to $1.4 billion, placing Apecoin (APE) in the top 40 of the crypto market. Finally, the price, roughly $5.
Let us turn to the allocation of specimens, trying to understand how the project may evolve in the future.
- 62% of the supply of ApeCoin is destined for the ecosystem. Specifically: 150 million APE is reserved for NFT Bored Ape and Mutant Ape holders. The remaining 470 million is instead directed to DAO according to this plan: 117.5 million at the launch of ApeCoin, then 7.343 million per month for four years.
- 16% of the offer is reserved for Yuga Labs, the company behind the entire NFT Bored Ape Yacht Club project. This amount will remain locked in for 12 months (expiring March 2023) and then be gradually released monthly over three years. This 16% also includes 10 million ApeCoins earmarked for charity to the Jane Goodall Legacy Foundation. They too will be firm for one year and then follow an issuance roster spread over 36 months.
- 14% of the supply will go to investors. There is a more intricate breakdown than we have seen so far; however, it is enough to know that there is a lock-in and release period spread over about three years.
- 8% of the supply is owned by the founders of Bored Ape. 12-month lockup and monthly release over the next three years.
Next week we'll see new details about ApeCoin!
I invite you to follow me so you don't miss the second part of the article that will be released next Sunday.
Do you believe in ApeCoin and BAYC project? Let me know in a comment.
