A look at Kucoin within the last week shines a major light on why there is serious excitement abound involving the hottest new cryptocurrency, ApeCoin. In just a week, ApeCoin has found itself banging on the door of the top 50 cryptocurrencies in terms of market cap.
Johnny Come Lately
ApeCoin (APE), which is developed and distributed by Yuga Labs, the makers of Bored Ape Yacht Club's line of NFTs, allows holders of the coin to be part of the Decentralized Autonomous Organization (DAO). Being as not a huge margin of crypto enthusiasts have made the jump to NFT collecting, this is a fairly essential step if you want to speculate into the broadening of the DAO that Bored Ape is attempting to establish.
It is well known that the project gained alot of steam behind unofficial celebrity endorsements. The adaptation of the NFT line by the music industry and the talking heads of the entertainment world made The Bored Ape Yacht Club a prestigious decentralized organization seemingly overnight. Prices of the NFTs pumped over mentions by NBC's late night host, Jimmy Fallon. Fallon, in fact, mentioned Apecoin on last night's episode of "The Tonight Show," joking that he had wagered a boatload of the currency on his NCAA March Madness picks.
Does it Shine or Rust?
The hype is nice. Without any major splashes having been made in the last 3 or 4 months, it's good to see the communities getting excited about a coin again, but I haven't had much brought to my attention in regards of a specific utility held within Apecoin. I understand that this all shall remain to be seen as the folks at Yuga Labs kinda went about the process of establishing a DAO in an unorthodox manner, based on digital artwork. I don't doubt that there is serious prominence within the organisation. The marketing for Apecoin was there before the coin was.
It will be interesting to see how the DAO incorporates use of the coin to "buy goods and services" as it implies are future plans. I imagine this indicates a multichain venture is in the near future, being as Ethereum isn't the best network for moving smaller amounts of currency. Yuga Labs also hopes to develop a game that incorporates the coin.
Its gonna be quite interesting to see how the relevancy of the currency plays out in the future. I, personally, will be skipping out on this project. I have promised myself I'd be steering clear from Ethereum-based projects in the future. We're already getting killed at the gas pumps on these blocks. If you want to eat large fees on your blockchain too, that's your prerogative.
I would like to know your thoughts on what you hope to see come about as serious utility for the coin, being as it has a lot of prominence. Feel free to comment below.
