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ApeCoin is the native and utility token of the BAYC ecosystem and the governance token of the ApeCoinDAO. Buying ApeCoin is just like foreign exchange of traditional currencies like the Canadian Dollar, US Dollar, or Euro. You trade coins that you have – either a cryptocurrency or a dollar – for ApeCoin, which trades as APE. Based on when you think you can get a good APE price, you should be able to trade APE to CAD.
The ApeCoin airdrop was designed to this effect and in an attempt to give an edge to BAYC NFT holders. However, a good percentage of BAYC and MAYC NFT holders already sold a part or all of the airdropped tokens. This has seemingly created an imbalance between the NFT holders and the governing body. Sequel to the successful fundraiser program, Yugalabs has commenced the development exercise for Otherside.
What Is ApeCoin?
ApeCoin is designed to give its holders certain advantages and other privileges in the Bored Ape ecosystem, especially when combined with the BAYC, MAYC, or Bored Ape Kennel Club NFTs. Currently, it finds its major use as a governance token, a store of value and a reward token on decentralized gaming applications. The crypto market is always evolving, but there is no need to waste hours of your time trying to keep up with trends. With ZenGo, it’s easy to access vital data about your coins, view APE’s performance, and execute trades with ease. The ApeCoin is an ERC-20 token with a 1 billion maximum supply that is permanently fixed.
When ApeCoin first airdropped on April 30, mostly to existing BAYC NFT holders, it gained up to $40 value on some exchanges, only to drop by 80%. This is not surprising, as people count on an initial price boost to immediately sell it for huge profits. Of course, the selloff pressure created then has a domino effect on suppressing the price. Consequently, there will never be a situation in which an oversupply of tokens dilutes their value, as with fiat currency.
Can I withdraw my ApeCoin?
Start learning more about the world of NFTs and different NFT collections. ” would draw attention to the identity of ApeCoin as the utility https://xcritical.com/ token of the ecosystem. It serves as shared and open money, which you can employ without using any centralized intermediaries.
Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects. This supply of 1 billion tokens what is apecoin is distributed across four different groups. 62% of the coins are found here and are allocated to BAYC/MAYC NFT holders and treasury/resources.
Investing in ApeCoin
You must be the account holder in order to initiate a SEPA bank transfer and purchase ApeCoin on Kriptomat. Kriptomat is designed to provide the most comprehensive yet easy-to-use trading experience on the planet. We accomplish this by actively listening to our customers — and working to deliver exactly what they want. Receive payments or deposit your own APE to securely store and trade it with Kriptomat. Whether you’re an experienced trader or this is your first purchase, Kriptomat makes the buying process simple with a choice of payment methods. Skrill and Neteller both offer yet another alternative payment method for purchasing ApeCoin.
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ApeCoin or $APE has evolved as a favorable token for commerce, culture, and gaming to empower the decentralized community. The utility of ApeCoin can help in empowering many web3 development projects effortlessly. The community holders of ApeCoin and various products/services using the cryptocurrency collectively make up the APE ecosystem.
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- This process won’t happen overnight, but the seeds have been sown, starting with the crypto world.
- Holders of the APE token are granted governance rights to cast votes, decide rules, partnerships, and other involvement on the network.
- On its debut trading day, ApeCoin scaled unfathomable heights in the first five minutes itself.
The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article. Mutual Fund investments are subject to market risks, read all scheme-related documents carefully. The greater the APE you hold, the bigger your decision-making power. Going back to ApeCoin, because it is stored on the blockchain, it is immutable and cannot be duplicated, and that makes it akin to a collectible in itself.
Mutant Ape Yacht Club (MAYC)
By launching ApeCoin, ApeCoin creators established a fertile ground for new projects to grow and adopt a series of infrastructures. The ApeCoin ecosystem will foster young projects through the ApeCoin token. The new projects will also adopt ApeCoin for relevant financial procedures.
Circulating Supply
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. Because blockchain tokens are convertible to the dollar, the virtual economies they facilitate are real and dynamic. In contrast, token-like economies such as Roblox are isolated and static. Their price moves organically based on the market’s law of supply and demand, not arbitrary company policies. This gave the launch and airdrop event of ApeCoin more publicity and fame, as the community behind these NFTs became instantly involved in the project and coin.