What Is ApeCoin?

By SimpleHold | simplehold | 21 Mar 2022


That was both impressive and tough how an ApeCoin broke in without knocking, and literary skyrocketed on the first day. But was it that unexpected and unpredictable? Why is that such a buzzword now?

The Crypto community is buzzing around a new hot trend in the hope of understanding what to do and how to react. Here’s our humble try to understand and answer the questions mentioned above.

Intro

ApeCoin is directly connected to the famous BAYC (Bored Ape Yacht Club) ecosystem's own cryptocurrency. It is built on Ethereum's ERC-20 token and created for utility and governance. You automatically become a DAO member (decentralized autonomous organization) if you have some APE. Thus, you don't have to possess a Bored Ape NFT to participate in the community.

In 2021 celebrities were obsessed with buying Bored Ape Yacht Club’s NFTs, so some holders are a TV-presenter Jimmy Fallon, tennis player Serena Williams, a pop singer Justin Bieber, two rappers Snoop Dog and Eminem, and many others. ApeCoin was “airdropped” for free to all owners of a Bored Ape NFT, which brought enormous attention to the project once again.

Can you imagine that the ApeCoin token rose as much as 90% in just its second day of trading? But that’s true!

So ApeCoin began trading on the 17th of March and it traded as $39.40, after opening at $1 for a token, representing a 3,840% rally. It closed on the day trading $8.52 for a token, a 78.38%  fall from the high created on that day. 

ApeCoin’s official website says that the token was minted as “a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.” 

More details

What’s more? 

  • The total APE supply is limited at 1 billion tokens and there is no burning capacity, so the supply won’t go up either.
  • 150 million tokens were airdropped to holders of BAYC-related NFTs in the following ratio:
  • Bored Ape NFT = 10094 tokens
  • Mutant ape = 2042 tokens
  • Bored Ape + Kennel Club = 10950 tokens
  • Mutant Ape + Kennel Club = 2898 tokens

470 million tokens will go to DAO treasury and resources.

  • The first 90 days of ApeCoin’s existence are marked with an opportunity to claim for the token, as any holder of NFTs from the Bored Ape Yacht Club and its two collections, the Mutant Ape Yacht Club and the Bored Ape Kennel Club, can do that on their official website.
  • ApeCoin's board of directors includes the internet entrepreneur and a  Reddit co-founder Alexis Ohanian, Amy Wu, from FTX crypto, Maaria Bajwa, from Sound Ventures, Animoca Brands’ Yat Siu, and Dean Steinbeck from Horizen Labs. 

Functions

The open-source protocol layer of the whole ecosystem has the following things to serve:

  • Encouragement

APE is an option for developers to participate in the ecosystem by incorporating it into their products, games, and services. 

  • Governance

The token empowers token owners to vote on governance decisions in the DAO. 

  • Join in

The cryptocurrency gives access to some unique parts of the ecosystem. It includes merch, events, games, and things alike – exclusive to holders.

  • Daily life usage

As it’s an ecosystem’s utility token, APE also gives an opportunity to participants to make a business without any 3rd parties.

What is the ApeCoin DAO?

First, what does it mean? A decentralized autonomous organization (or its shortened version, DAOs) — is a community with no centralized management. It’s supposed to be a safe and trusty place to make business deals with people you don’t know without being scared to be deceived.
Yuga Labs clearly realized that the Bored Ape Yacht Club ecosystem would only gain from a decentralized form of governance that’s why they’ve decided to create the ApeCoin DAO. The token will be more of a voting share for the Bored Ape ecosystem and will give power to the holders. DAO members can suggest updates and renewals for an Ape Improvement Proposal, such things as fund allocations, governance rules, creating apps, projects, partnerships, and more.

Maaria Bajwa, one of the DAO members, had an interesting comment: “What’s most exciting about the Bored Ape community is that this is the first community I’ve felt is so determined and involved and really been an important part of building out what this entire brand has become today.”

Is ApeCoin Profitable?

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That’s, of course, not advice for to ape in. It’s just an evident thing. ApeCoin is a perfect blend of hype and strong players such as Yuga Labs and Ethereum’s blockchain. We shouldn’t forget that Bored Ape Yacht Club is quite a name in the crypto industry, and it set a high bar in the NFT industry, so it’s a no-name. To top of that, the project is continuously developing and innovating the ecosystem. The majority of investors are strongly certain of the project’s ability to stick to its roadmap and fulfill all the ambitious points.

Where to buy and follow ApeCoin?

No wonder, APE was immediately listed by some of the major exchanges such as SimpleSwap, Binance, Coinbase, Gemini, KuCoin, FTX, Huobi, Bybit, Gate.io, OKX are the places you can easily purchase ApeCoin token.

So you can check on the coin on CoinMarketCap and buy it once you’re happy with its current price. Here are some easy steps to follow:

  • Create an online account

If you by any chance don’t have an account connected to a cryptocurrency exchange that supports ApeCoin, creating one is an easy thing. Choose the best exchange that meets all your needs and demands, and go ahead.

  • Find a wallet 

It’s a great thing to hold your crypto on popular and well-known exchanges, cause it’s safe, but it is also convenient to store most of your funds within a crypto-wallet. Which one: hardware or software? All wallets have their pros and cons. Read the article to learn more on the topic, and have a look at the SimpleHold as it’s already listed ApeCoin. 

  • Buy

You are ready to get some ApeCoins just the same way you buy any other cryptocurrency. There is nothing special about it. 

Stay up to date by following their official Twitter channel and website

Wrapping it up

It seems bored apes were too bored, so they’ve decided to explode a blockchain world and have some fun. ApeCoin was mainly created to support and drive crypto-enthusiasts imagination. The token will be an instrument to vote, control, suggest, and build within the whole ecosystem.

The token will appear in a play-to-earn game Benji Bananas, and in some other games such as WWE Undefeated and Power Rangers: Battle for the Grid. Time magazine starts accepting ApeCoins.

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SimpleHold
SimpleHold

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simplehold
simplehold

Light wallet for #Bitcoin, #Ethereum and many other assets. Simple way to manage your crypto. simplehold.io

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