In the crypto market, the apes are currently stealing the spotlight. We are not referring to the tailless primates native to Africa and Southeast Asia, but the Non-Fungible Tokens (NFTs). It all started with the bored-looking cartoon apes that made up the Bored Ape Yacht Club (BAYC) NFTs. They were so popular that celebrities like Eminem, Justin Beiber, and Snoop Dogg bought and endorsed them.
But this week, the spotlight shifts to another ape, ApeCoin. Inspired by Yuga Lab’s Bored Ape-themed project, ApeCoin plays a defining role in supporting the ape community.
- Coin Rank: #44
- Coin Market Capitalization (as of 7th April 2022): $3.09 billion
- Coin Market Dominance: 0.16%
- Coin Economics: Fixed Supply
- Coin Total Supply: 1 billion APE
- Coin Circulating Supply: 277 million APE (28% of total supply)
A Brief About ApeCoin
ApeCoin is a very new coin, launched only a few weeks ago, on 18 March. It was airdropped to BAYC and related NFT holders, such as the Mutant Ape Yacht Club (MAYC), and the Bored Ape Kennel Club. The airdrop generated an instant buzz among users, creating another spike in interest for ape-themed NFTs in the market.
ApeCoin (APE) serves as the governance and utility token of the Ape community. It’s an open-source project and a decentralized protocol layer that supports the building up of the Ape community at the forefront of Web 3.0 and metaverse.
The working of the APE Foundation is governed and overseen by “The Board,” an ApeCoin DAO (Decentralized Autonomous Organization). All the ApeCoin holders can be members of the Board by staking their coins. Members get to vote on the new governance proposals and rules, have a say in the selection of projects, partnerships, and so on. The Ape Foundation is responsible for executing the community-led governance decisions, based on the voting done by the members of the Board.
Further APE holders get exclusive access to the Ape ecosystem, which includes merchandise, Ape-themed games, events, and services. They can also incorporate elements of Bored Apes into their projects, such as digital Ape avatars for games and other applications.
APE is an ERC-20 standard token, with a fixed supply of 1 billion tokens. BAYC has adopted APE as its primary token for accessing all new products and services. Of the 1 billion token supply, 62% of the tokens has been allocated to the ecosystem fund, 16% to Yuga Labs, 14% to launch contributors, and 8% to BAYC founders.
As part of the airdrop, 150 million APE tokens (15% of the total supply) were distributed to holders of Bored Ape Yacht Club NFTs, Mutant Ape Yacht Club NFTs, and Bored Ape Kennel Club NFTs.
In a very short span of time, ApeCoin has attracted the attention of many users in the market. And, with Yuga Labs adopting it as a primary token for transacting in Bored Ape NFTs, there is bound to be greater demand for ApeCoin in the long term. However, much of the upmove will depend on how Ape Foundation executes the DAO-led governance decisions and the addition of new utilities to the token in the future.
Since it is a very new coin, it is difficult to do a price analysis or determine future price movement.
Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.
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