What is ApeCoin and how does it work?

The ApeCoin DAO is a decentralized organization that allows all APE holders to vote on governance decisions related to the token. ApeCoin (APE) was created https://www.xcritical.in/ in January 2022 by the team at Yuga Labs. The project was developed to reward users for participating in the Bored Ape Yacht Club (BAYC) NFT collections.

What is ApeCoin used for

The fact that ApeCoin has been issued by a dynamic online community like the Bored Ape Yacht Club has given it streams of takers right from the start. Aficionados of arts, culture, gaming and entertainment are more likely to use the cryptocurrency. Participating in the NUGX presale provides numerous advantages, including early access to the project at a discounted DeFi coin price.

It has become available on an increasing number of exchanges, so you’re not going to be short of options. Examples of some of the biggest exchanges that support it are Coinbase, Binance, eToro, Kraken and Gemini, but there are at least 20 others you can choose from. It allows developers to build applications and services that integrate and harness the potential of ApeCoin. The largest benefit is that ApeCoin allows holders to take part in decisions that affect the APE ecosystem through its decentralised autonomous organisation called ApeCoin DAO.

Due to this, it’s important not to invest more than you can afford to lose, just in case the ApeCoin price plummets. P2P exchanges allow a more direct way for buyers and sellers to interact without the middleman of a cryptocurrency exchange. This can be an ideal way to lower your fees and allow for a quicker transaction. The first thing to do is simply research different exchanges that offer ApeCoin trading.

They have adopted ApeCoin as their primary token in the projects they undertake. Let’s learn concise information about the NFT collections that are a part of the APE ecosystem. The first quarter of 2022 was abuzz with the talks about ApeCoin (APE), a cryptocurrency adopted to be the native coin of Bored Ape Yacht Club (BAYC), developed by Yuga Labs. Since the ApeCoin DAO came into being in April 2021, the BAYC has been among the top nonfungible token (NFT) collections with a vibrant community. NuggetRush structured its presale into five rounds, each with a unique price allocation. Round 1 has been in high demand, offering tokens at an enticing rate of $0.010.

What is ApeCoin used for

On launch day, March 17, 2022, nearly 30.25 percent APE will be in circulation and this percentage will continually increase following the launch day at regular intervals over a period of 48 months. Not just that, the amount of APE in circulation is a dynamic number that will constantly change both due to a myriad of market factors as well as the aforementioned schedule. 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.

By March 18, 2022, ApeCoin had reached $17.75, later falling to $10 before stabilizing at $12- $13, where it remains today. The community behind the launch of ApeCoin has given investors faith in the asset. Art enthusiasts, gamers, and entertainment buffs are very likely to use the token. Metaverse land sales seem to be doing wonders for the token as well. ApeCoin is an exciting new project that has the potential to revolutionize the way we interact with digital collectibles. If you’re interested in buying, selling, or trading NFTs, then ApeCoin is worth checking out.

The ApeSwap platform is a revolutionary new decentralized exchange and automated market-making system. The platform allows you to swap, hold, farm, and purchase cryptocurrencies all on the BSC network. Current exchanges can be clunky and frustrating to use, so the team developed an easy-to-use solution for users of all skill levels. With ApeSwap’s user-friendly interface, you’ll never have to worry about losing your crypto assets again.

  • This one launched in June 2021, and members of the BAYC got immediate access to it.
  • Once more people heard about ApeCoin, however, the token began to regain its value.
  • In the future, they plan to add support for additional asset types, such as real-world assets and fiat currencies.
  • A further 15% was distributed to Yuga Labs, and 14% was reserved for investors and contributors to the project.
  • The ApeCoin blockchain is powered by DeFi protocols and utilizes a Proof-of-Stake consensus mechanism.

ApeCoin was listed on March 17, 2022, for a price of $20.45 per APE. Despite its launch coming days after Yuga Labs had expanded their NFT collection, with the purchase of CryptoPunks what is apecoin and Meebits, ApeCoin’s value failed to take off, instead dropping to $6.50 that same day. Once more people heard about ApeCoin, however, the token began to regain its value.

As an Ethereum-based token (ERC-20), ApeCoin is yet to grow to its full potential. The key point to remember is that APE is both a governance and a utility token for the upcoming Otherside metaverse platform. The governance part refers to token holders’ voting rights on the direction of the ecosystem and partnerships. ApeCoin is mostly used as the governance token for the ApeCoin DAO and for trading at major exchanges.

As a governance and utility token, ApeCoin serves multiple purposes in the ecosystem. ApeCoin use cases include enabling holders to participate in the governance of the DAO and enabling them to access exclusive features of the ecosystem, such as games, events, merchandise and services. ApeCoin (APE) is a governance and utility token that offers holders certain incentives like being able to vote in the decision-making process in the APE ecosystem. ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services.

Its own website has a good list of exchanges that support the coin. The coin was actually built on the Ethereum blockchain and follows the ERC-20 standard to ensure that it has high compatibility and usability across the crypto landscape. From traditional exchanges to peer-to-peer platforms and decentralised exchanges, here you’ll explore the various avenues available to acquire ApeCoin and become a part of an innovative ecosystem. ApeCoin is a unique token that has sparked the curiosity of many people interested in cryptocurrency. All products and services featured are independently selected by WikiJob.

Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million. Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is adopted as an incentive for players. They will be able to earn special tokens when playing and swap these tokens for ApeCoin. Pepe is an Ethereum-based meme coin inspired by the iconic Pepe the Frog meme.

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