What Is ApeCoin (APE)?
ApeCoin is the official cryptocurrency of the famous Bored Apes Yacht Club (BAYC) project, an NFT collection that has Paris Hilton and Jimmy Fallon among its owners. The token was issued in March 2022 with quite a buzz and instantly entered the Top 40 cryptocurrencies list.
One of the main trends of today’s Internet is the merger of Web3 technology with entertainment, art, and gaming. ApeCoin takes advantage of all these at once, which may be the reason for its success. The token has utility and governance functions without the Ape Ecosystem — it will fuel P2E games and products launched by the ApeCoin DAO.
Let’s take a closer look at ApeCoin.
About ApeCoin (APE)
ApeCoin (APE) is a token launched on the Ethereum mainnet and controlled by the Ape community. Its goal is to encourage user activity and foster the formation of the Web3 Internet. APE plays a major role in the recently launched ApeCoin DAO — an organization behind the ApeCoin community that defines its development paths.
The only requirement to become a member of the ApeCoin DAO is holding some APE. Anyone who meets this criterion can submit proposals, vote on how the Ecosystem Fund is distributed, define what partnerships the DAO starts, and more. Thus, ApeCoin DAO with APE as the governance asset goes far beyond BAYC in an attempt to build a decentralized ecosystem.
What is the ApeCoin (APE) Team?
The core inspiration for the launch of ApeCoin was the NFT collection Bored Ape Yacht Club released by Yuga Labs in 2021. Neither ApeCoin nor ApeCoin DAO are controlled by this studio, Apecoin Foundation of the team behind BAYC, yet still Yuga Labs took active participation in creating APE. The token’s official website states that the asset was created by the ApeCoin DAO.
It’s still unknown what exact role Yuga Labs took in the project. Anyway, the studio remains one of the backbones of the Ape Ecosystem and will help it launch new products and services.
Who controls ApeCoin?
Although ApeCoin DAO is a decentralized organization that is fully controlled by ApeCoin holders, it’s overseen by a dedicated council of the Ape Foundation that comprises top professionals in Web3 and gaming:
- Alexis Ohanian, Reddit, Co-founder,
- Amy Wu, FTX, Head of Ventures and Gaming,
- Maaria Bajwa, Sound Ventures, Principal,
- Yat Siu, Animoca Brands, Co-founder and Chairman,
- Dean Steinbeck, Horizen Labs, President and General Counsel.
DAO members elect new council members every 6 months, which ensures rotation in the ApeCoin Foundation leaderboard.
How Does ApeCoin Tokenomics Work?
ApeCoin plays two key roles in the Ape Ecosystem. First, it’s a governance token — it gives its holders the voting power where 1 APE equals 1 vote. There will be the opportunity to delegate a vote to another user if a holder supposes that they have a better chance to promote the decision. APE is also a utility token that will give access to new products launched within the Ape Ecosystem, including play-to-earn games.
The total supply of APE is 1 billion tokens. A part of them will be locked for DAO contributors and released 4 years later. The unlock schedule started on March 17, 2022.
- 62% of APE tokens are being set aside for NFT holders (BAYC and two other ape collections released by Yuga Labs) and the DAO treasury,
- Another 38% are reserved for initial contributors:
- Yuga Labs that is a part of the ApeCoin DAO holds 15% of all APE, so it will have a considerable influence on decisions made in the decentralized organization,
- Another 14% of APE were reserved for “the companies and people that helped make this project a reality” — their exact names are unknown,
- 8% went to four Yuga Labs founders,
- 1% was reserved for Jane Goodall Legacy Foundation — an organization that takes care of real apes.
Even though the numbers suggest that all APE tokens were reserved, there are already enough coins in free circulation, and anyone can buy APE and join the ApeCoin DAO.
ApeCoin 2022 Value Data and Price Prediction
It’s yet hard to make a robust price prediction for ApeCoin since the project is very young — it’s only one month old and the price dynamic has been relatively stable to date. The further price movements will become more clear in the coming months as we see the first products launched in the Ape Ecosystem. The BAYC success suggests that if Yuga Labs takes active participation in project management, it will have a bright future.
When ApeCoin was just released and listed on Binance, KuCoin, ChangeNOW, and other major services, its price soared by 900%. After a quick plunge to $7 and lower, the token returned to the above-$10 level, and during the last month, it was trading between $10 and $14.
At the time of writing in the middle of April 2022, the APE market cap was $3.3 billion, its daily trading volume was $727 million, and the circulating supply was 277.5 million tokens. Currently, APE is taking the 39th position in CoinMarketCap and frequently gets onto the list of trending assets. According to the service, ApeCoin is on watchlists of 156,000 users. Etherscan shows that there are almost 45 thousand APE holders, of which only 3 wallet addresses keep between 1% and 3% of the token’s supply.
Although the token is young and there’s little data to make a solid price prediction, some services display a moderately bullish forecast for ApeCoin. Wallet Investor expects the token will cost $13.4 in a year and $22.1 in 5 years. Gov Capital gives APE $17.7 in a year and a whopping $79 in 5 years. Finally, Crowd Wisdom believes the token will cost $20.2 by 2023 and $44 by 2025.
How Do I Buy and Trade ApeCoin?
ApeCoin is traded on all major centralized and decentralized exchanges. If you have a multi-currency wallet or an account on any large exchange, you can buy and store your APE tokens there.
Best ApeCoin (APE) Wallets
NOW Wallet is a mobile wallet for those who value the simplicity of interface and are not ready to compromise on security. NOW is a non-custodial wallet that doesn’t store any sensitive data and does not give access to private keys to anyone besides the owner of crypto. The app is available for iOS and Android.
As ApeCoin is an ERC-20 token, you can also use Metamask to buy and trade the token. The wallet works well for those who actively use the Web3 infrastructure such as decentralized exchanges and blockchain games.
If you consider storing your coins in the long-term while enjoying ultimate security, choose Ledger. You can use the wallet to store your APE together with 1000+ assets offline. In the LedgerLive app, you can buy or sell ApeCoin using the swap tool powered by ChangeNOW.
ApeCoin (APE) Crypto Exchanges
ApeCoin is available on numerous exchanges and exchange services. One of them is ChangeNOW — a limitless crypto exchange service where you can buy APE in just a few clicks for 350+ cryptocurrencies. Our non-custodial swap platform allows you to get some ApeCoin without registration, KYC, and hidden fees.
ApeCoin is a new crypto token that boasts a strong community and team. The founders promote Web3 and are aimed to implement their vision in the ApeCoin DAO. Yuga Labs that created BAYC has demonstrated their promotion skills, but there are doubts regarding its possibly too large influence in the ApeCoin DAO. Besides Yuga Labs, the list of token holders includes NFT owners, APE Treasury, and Ape Ecosystem contributors. The DAO is guided by a council made of top professionals in the industry.
APE is still a young token, so it’s hard to say yet where its price will go in the months to come. The asset demonstrated great success in the first couple of days and managed to stay on the Top 40 crypto list. The fact that it was instantly listed on all major exchanges and the big plans of the Ape Ecosystem make us believe that APE is here to stay.