The governance part refers to token holders’ voting rights on the direction of the ecosystem and partnerships. Airdropping tokens is a common marketing what is ape coin tactic to get new blockchain projects into people’s wallets. This attracts public scrutiny and triggers the FOMO instinct—fear of missing out.

Track ApeCoin Price Today, Live APE Price Chart & Market Cap

In the previous section, it is important to take the second point with a grain of salt. While the company that launches blockchain tokens doesn’t directly affect its price, it does so indirectly. https://www.xcritical.com/ For example, Yuga Labs’ development of the Otherside platform increases ApeCoin’s utility value. For example, Benji Bananas, a popular mobile video game created by Animoca Brands decided to integrate play-to-earn modularity in which players can earn in-game tokens that can be exchanged for ApeCoin. Holders of the NFTs in the Bored Ape Yacht Club metaverse could claim 150 million APE tokens from the ApeCoin site for the first 90 days after launch.

ApeCoin Price Analysis: From Launch to Now

He started his career in 2017 amid the Bitcoin and the cryptocurrency boom, and he hasn’t turned his back on the industry since then. ApeCoin’s success will depend on several factors here, such as how well the DAO and the APE Foundation develop the ecosystem and how Yuga Labs manages to attract a bigger audience and projects into the Otherside metaverse. APE is available for purchase on a variety of exchanges, most popularly Coinbase, Binance, Kraken, or Huobi.

What’s the Most Profitable NFT Strategy: Buying at Mint or Later?

ApeCoin is an ERC-20 governance and utility token used within the APE ecosystemto empower a decentralized community building at the forefront of web3. The goal of the APE Foundation is to steward the growth and development of theAPE ecosystem in a fair and inclusive way. Culture has found new expression in web3 through art, gaming,entertainment, and events. The possibilities for blockchain’s impact on cultureare so endless that they can’t possibly all be predicted yet.

• For example, Benji Bananas, a popular mobile video game created by Animoca Brands decided to integrate play-to-earn modularity in which players can earn in-game tokens that can be exchanged for ApeCoin.
• Thanks to the public backing of BAYC creators, ApeCoin quickly found its way on major cryptocurrency exchanges.
• ApeCoin will be the default currency for all things related to the Bored Ape community.
• APE token holders can participate in community governance of Yuga Labs’ Bored Ape Yacht Club (BAYC) ecosystem.
• ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned.
• The live ApeCoin price today is $1.08 USD with a 24-hour trading volume of $240,521,905 USD.

In the 90-day period following the APE launch, BAYC and MAYC NFT owners were able to collectively claim 150 million APE, out of the total supply of 1 billion tokens. You can use ApeCoin to gain entrance to physical or digital events held by the APE community, purchase BAYC merchandise, and spend it within the APE ecosystem’s suite of products and services. Moreover, you can use APE to participate in the ApeCoin DAO if you’d like to have a say in the future of the APE ecosystem. ApeCoin is an ERC-20 token operating on the Ethereum blockchain that enables holders to gain access to a variety of products and services offered by the APE ecosystem and vote on the future direction of the Web3 project. The collapse of crypto exchange FTX in November 2022 highlighted this risk when billions of dollars in user funds were lost.

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% (620 million tokens), 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. Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects. A decentralized autonomous organization (DAO) is the best way to give everymember of the community a vote on important decisions whether it’s a technicalupgrade or a decision to fund a new idea. However, the reality is that today aDAO cannot sign a lease or hire people or make merch or whatever the communitydecides to do on its own.

The ApeCoinDAO and the Ape Foundation are two entities working together to ensure the future of ApeCoin rolls out as the community envisions it. ApeCoin holds an essential role as the de facto currency for Otherside, BAYC’s upcoming metaverse. Otherside was announced on March 18th, 2022 in an official Tweet from the BAYC team. If the price holds, and traders outside the Bored Ape Yacht Club ecosystem start taking positions in APE, you can expect the use cases to, uh, evolve.

In total, BAYC consists of 10,000 unique digital creations with special attributes and a specific art style. The most expensive BAYC collectible sold to date was item #8816, which exchanged hands for over $3.4 million in October 2021. If Yuga Labs launches its highly anticipated Otherside metaverse with Play-to-Earn (P2E) incentive mechanics, ApeCoin will likely be used as a reward cryptocurrency. Yuga Labs is a web3 company best known for the creation of the Bored Ape Yacht Club. It will be a community member in the ApeCoin DAO and adopt APE as the primary token across new projects. Upon the launch of ApeCoin, holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were entitled to collectively claim 15% of the ApeCoin supply (150 million tokens of the 1 billion total tokens in supply).

Next, 140 million APE goes to “the companies and people that helped make this project a reality” – an as yet unnamed group that most likely includes members of the Yuga Labs team. All these coins are “locked” for the first 12 months, so holders can’t just cash out and tank the price. So far, around 110 million APE tokens have been claimed by NFT holders (here’s a convenient dashboard for tracking APE tokenomics, courtesy of a Dune Analytics wizard called Hildobby). The total supply of ApeCoin is permanently fixed at 1 billion tokens, all minted at once.

As soon as your order is filled, you will receive the APE tokens on your exchange account. ApeCoin has some actual utility within the APE ecosystem, so it’s more than 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. DAO members vote biannually to keep eligible existing Board members, or appoint new Board members. ApeCoin token holders (the DAO members) can also remove or replace a Board member at any time with a majority “In favor” vote. AIP-137 and AIP-138 outline the Board nomination and election processes.

While the yields offered are high, they come with the risk of leaving your funds on a centralized exchange, thus giving up control over your crypto. To purchase APE coins on a P2P exchange, you first need to choose a marketplace that supports ApeCoin, sign up for the platform, and complete the verification process. Next, scroll through the available offers to buy ApeCoin for a payment method that works for you. These marketplaces typically use  escrow to enhance security, but it’s still advisable to only trade with users with high trust ratings. Buying ApeCoin works in the same way as buying any other cryptocurrency.

The main company behind the Bored Ape Yacht Club is Yuga Labs, a traditional corporate entity registered in Delaware. It’s reportedly in talks with the venture capital firm Andreessen Horowitz about funding that would value it at $5 billion, and it has recently made moves to become, effectively, the first major NFT monopoly. The APE Foundation was gifted a 1 of 1 NFT by Yuga Labs, the creators of Bored Ape Yacht Club. Yuga Labs has conveyed all rights and privileges to this NFT and its underlying artwork to the APE Foundation.

Binance, Coinbase, FTX, KuCoin, and several other trading platforms rolled out support for APE trading almost immediately after the initial release. Decentralized exchanges are smart contract-powered online trading platforms that enable users to trade crypto on a peer-to-peer basis without the need for a central authority. The token originated from the Bored Ape Yacht Club (BAYC), an NFT series from Web3 company Yuga Labs. The collection features 10,000 unique cartoon ape drawings, each with a distinct look and style, with ownership of each verified on the blockchain.

In turn, greater utility translates to increased token value because it can be used for more things, increasing the demand for the token, which increases its price. Mutant Ape Yacht Club (MAYC) is an NFT collection of up to 20,000 mutated versions of the original BAYC Apes. 10,000 mutant serums were airdropped to the original BAYC NFT holders, with three tiers of serums that added to the rarity of traits. With the different tiers of serum they received, BAYC holders could create different types of mutant Apes. Each BAYC can only generate a single mutant from a single serum type, and the serum disappears after use. It acts as a sort of corporational parent of the DAO and carries out community-approved proposals, facilitating its development and growth.

Almost every major centralized crypto exchange listed the token immediately after launch. This was an accomplishment in and of itself, given the notoriously finicky nature of major players like Coinbase (COIN). After just one day of trading, ApeCoin had a market capitalization of almost $2 billion; one APE is currently worth about $14 and the total supply of tokens is capped at one billion (not all of which is currently in circulation). Launched in the first half of 2021, the Bored Ape Yacht Club (BAYC) started as an NFT collection of thousands of digitally created, seemingly-bored apes (hence the name).

For example, APE is adopted as incentives for players in Benji Bananas, a play-to-earn mobile game developed by Animoca Brands. Benji Bananas offers a Membership Pass (‘Benji Pass’), an NFT that will enable its owners to earn special tokens when playing Benji Bananas, and that will also allow those tokens to be swapped for ApeCoin. Sixty-two percent of the total ApeCoins are being set aside for token holders and the DAO treasury. ApeCoin is being traded on 74 cryptocurrency exchanges, including Binance and KuCoin. If you wish to purchase APE, check our guide on how to buy ApeCoin in 6 steps. Alternatively, you could deposit APE tokens on Binance to make use of Binance Earn accounts that enable you to earn yield on your ApeCoin holdings for a set period of time.

For example, ApeCoin will be used for a play-to-earn mobile game, Benji Bananas, owned by nWay. For this reason, ApeCoin will be gradually released, following a preset unlock schedule that started on March 17, 2022. Over a period of 48 months, a total of one billion APE coins will be unlocked as a circulating supply. The „metaverse“ bit in that equation just means that people can use their MetaMask wallet to import their NFTs.

ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned. 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. It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn (P2E) game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players.