APE

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What is APE ?

ApeCoin is the utility token of The Bored Ape Yacht Club, an NFT chain that has more than 1000 NFTs in its collection. ApeCoin is an ERC-20 governance token that is used within the APE ecosystem. ApeCoin was founded by the same ecosystem that created the Bored Ape Yacht Club NFTs. Its utility is to support the developments that the team plans to bring to the NFT chain and power the expansion of the club to greater heights.

Primary features of APE

• It is a utility and a governance token that can be used by participants to vote on APE DAO in a decentralized manner.
• ApeCoin can also be used to access certain exclusive parts of the ecosystem that are not available to people who don’t have the coin.
• ApeCoin is a Proof-of-Work cryptocurrency, which means that it cannot be staked.

Is APE a promising cryptocurrency?

ApeCoin, although minted very recently, is already the #46th cryptocurrency by market cap. It commands a total market share of more than $3 billion at writing. The all-time-high created by APE sits at around $39.

How to use APE?

• APE can be used as a governance token to participate in the decision-making processes of the ApeCoin DAO.
• ApeCoin can also be used as a store or transfer of value just like any other cryptocurrency. It is currently available to be traded directly on CoinSwitch and other top exchanges like Binance.

Pros & Cons of APE

Pros

• ApeCoin shows immense promise in terms of market cap primarily due to its phenomenal rise in a short while.
• The ApeCoin community is strongly pro-web3, which means that the project could entail more decentralized development in the coming years.

Cons

ApeCoin is still relatively new to the market since it was launched on March 17th, 2022. There’s a lot that experts still can’t predict about the future of the coin even though it seems to be fundamentally sound.

Trade APE on CoinSwitch

• You can start trading on the app with only Rs 100.
• Enables immediate cancellation and deposit to bank accounts immediately.
• Trade at null fees on this safest Bitcoin exchange.
• Intuitive and easy user interface.
• Offers easy monitoring to beginners.

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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.