What Is ApeCoin (APE) How It Works & Where To Buy It?

ApeCoin is a project that claims to be catered to the Web3 community. The APE token is the governance and utility token of the project.

Although the ApeCoin positions itself as a community project, there are major links between ApeCoin and Yuga Labs – the founders of Bored Ape Yacht Club, CryptoPunks, and MeeBits.

APE was recently released and has rocketed since its launch – APE is the 32nd largest cryptocurrency by market capitalization.

How ApeCoin (APE) Works

ApeCoin is an ERC-20 token that was only launched in 2022. The ApeCoin community essentially governs itself through the ApeCoin DAO.

Holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs (non-fungible tokens) were airdropped 15% of the total supply of ApeCoin. Those who weren’t holders could only purchase ApeCoin upon its launch.

Many members of the Bored Ape NFT community quickly sold the tokens for profit while others decided to hold on, hoping their tokens would grow exponentially in value.

The Ape foundation is the support system behind the ApeCoin DAO and the ever-expanding APE ecosystem.

Essentially, ApeCoin positions itself as a project that will be transitioning into the metaverse. Most notably, Yuga Labs host an NFT land sale for their ”Otherside” metaverse.

During the sale, otherdeeds were sold which are essentially pieces of virtual land in the Otherside metaverse. More than $320 million otherdeeds’ NFTs were sold and the sale ended up crashing Ethereum and making it virtually unusable.

The Otherside trailer has been trending on the internet and features snippets of Bored Ape Yacht Club, MeeBits, CryptoPunks, and Koda avatars – this is what sparked the hype around the land sale, and why many believe the future for APE will be huge.

After the initial release of APE, the price for the token rocketed to $30 on exchanges amidst all the hype. The number of ApeCoin holders continues to increase at a rapid rate as the project grows in popularity – especially after Elon Musk added one of his Bored Ape NFTs as his Twitter profile picture.

APE Airdrops to holders of Bored Apes, Mutant Ape Yacht Club, and Bored Ape Kennel Club only account for 15% of the total supply but the remaining tokens are quickly being snatched up by retail investors around the globe.

APE tokens have quickly grown in popularity, and as the Otherside metaverse progresses, the growth is expected to continue. APE holders have been setting social media ablaze with posts surrounding the Ape ecosystem and the latest developments in the project.

DAO members are required to be holders of APE tokens to participate in proposals, this ensures that proposals are handled in a fair and inclusive way.

What Is ApeCoin (APE) Used For?

APE is the governance token and utility token of the APE ecosystem – APE is also the cryptocurrency embraced by Yuga Labs.

The ecosystem fund of APE tokens will be used to make developments in the project, as voted for by the community of APE holders. The APE Foundation has also made it clear that it will be supporting the growth of the APE token and the expansion of its utility in the world.

The DAO treasury (47% of total supply of APE) controls how APE tokens will be utilized in various proposals – facilitating the delegation of tokens in accordance with accepted proposals.

Additionally, APE tokens are traded on multiple exchanges because the ApeCoin price fluctuates daily – making it favorable for arbitrage or swing trading.

APE holders can also stake APE to earn rewards.

Where To Buy ApeCoin (APE) Tokens

APE tokens have quickly become one of the most commonly traded cryptocurrencies on most major cryptocurrency exchanges. The APE token is one of the newer tokens and is currently seeing volatile price action and excessive trading volumes on multiple exchanges.

Before purchasing APE, users are required to deposit fiat money onto an exchange, sequentially, APE tokens are then credited to their APE digital wallet on the exchange.

The crypto exchanges below are some of the safest place where you can buy, sell and store APE tokens.

1. Binance
2. Gate.io
3. HTX
4. KuCoin
5. Crypto.com

APE tokens are governance tokens and their utility is most relevant in the APE ecosystem. APE is an ERC-20 token which means that it can be stored in a digital wallet, and used on various DeFi platforms, where individuals can earn additional revenue.

About ApeCoin (APE)

How long has ApeCoin (APE) existed?

ApeCoin was launched on the 16th of March, 2022. APE was quickly listed on multiple major exchanges including Coinbase.

ApeCoin was launched by Ape DAO, though many members of the crypto community believe that it was actually launched by Yuga Labs (creators of Bored Ape Yacht Club).

The APE cryptocurrency was listed at around $7.30 and prices quickly soared to more than $25 by May 2022. Currently, APE has a market cap of more than $8 billion.

What’s controversial about ApeCoin (APE)?

Individuals should do a considerable amount of research before investing in any cryptocurrency project. The crypto space is still very unregulated and many people that are entering the space for the first time can easily feel overwhelmed with the magnitude of data circulating.

There is an exponential amount to learn about multiple sectors, functionality, tokenomics and more – therefore individuals should thoroughly educate themselves before investing.

Let’s take a look at the top controversy surrounding ApeCoin (APE):

• Yuga Labs involvement – One of the most notable talking points surrounding the ApeCoin project, is the involvement of Yuga Labs. The company behind Bored Ape Yacht Club, Crypto Punks, MeeBits, and Bored Ape Kennel Club has said on a number of occasions that they aren’t the ones behind ApeCoin.

  However, the links between the two are undeniable, and Yuga Labs has now endorsed APE as the token of payment for their ecosystem. Not to mention, Yuga Labs received of the total supply of APE token.

How many ApeCoin (APE) Tokens tokens are there?

At the time of writing, ApeCoin (APE) has a circulating supply of 292,187,500.00 APE.

The total supply of ApeCoin (APE) is 1,000,000,000.

Can ApeCoin (APE) be mined?

APE is an unmineable cryptocurrency. APE is the governance and the utility token is its consensus algorithm which makes it an unmineable currency.

APE holders can earn rewards from staking their APE tokens – stakers are rewarded for their contributions to the network. There are a number of other DeFi products that can be used to earn yields on APE tokens, including lending protocols, and liquidity provision.

Some centralized exchanges also offer staking rewards for APE holders that stake their tokens for a certain duration.

What is the market cap of ApeCoin (APE)?

APE market cap = total amount of coins in circulation x current market price of APE.

APE Market Cap = 292,187,500.00 APE x $8.19 = $2,39 billion (32nd largest market cap).

APE is currently one of the top 50 cryptocurrencies by market capitalization – ApeCoin (APE) achieved its largest market cap to date, of $7,46 billion on the 28th of April, 2022.

Biggest Competitors Of ApeCoin (APE)

ApeCoin is an innovative and new project in the crypto space. It’s currently riding the wave of popularity generated by Bored Ape Yacht Club – this is what has contributed extensively to the success of the token thus far.

When determining what projects are competitors to ApeCoin, it’s essential to consider that ApeCoin is building the Otherside metaverse and that APE is the governance and utility token of the entire ApeCoin ecosystem.

ApeCoin’s biggest competitors are:

• Decentraland (MANA)
• The Sandbox (SAND)
• Bloktopia (BLOK)

What Are The Future Plans For ApeCoin And APE Token?

ApeCoin recently hosted the first sale of otherdeeds (virtual land sold as an NFT) for their Otherside metaverse. The NFT sale took place on OpenSea and raised more than $320 million.

Currently, the APE foundation’s board members consist of the Reddit co-founder and members from other industry-leading companies.

The board will only serve for a duration of 6 months, at which point the Apecoin DAO members will decide who to appoint to the board.

The excitement surrounding the projects can be seen in the APE token’s exponential growth since listing – the future of the project seems exciting and only time will tell what new developments will occur.

Pros And Cons Of ApeCoin (APE)

Pros:

• Benefit From Bored Ape Yacht Club – ApeCoin directly benefits from the success of Bored Ape Yacht Club and the enormous community of BAYC. The huge success of the NFT project has helped to create an immense amount of exposure for ApeCoin. After Mutant Ape Yacht Club, and Bored Ape Yacht Club NFT owners received free APE tokens – there was already a considerable amount of attention surrounding the APE token.
• Governance Token – APE tokens allow ApeCoin DAO members unique voting rights. ANy proposals put forward are exclusively decided by DAO members – owners of APE tokens therefore have the opportunity to be a part of changes that affect the future of the project.
• Otherside Metaverse – One of the biggest pros for ApeCoin and the APE token is that ApeCoin is at the forefront of Web3. The project is actively building its own metaverse called the Otherside, where individuals will be able to gather and perform an array of tasks and participate in a novel way.

Cons:

• Very New Project – APE token was only listed on the 16th of March, 2022.
• Overvalued – Many believe that the APE token is currently overvalued due to hype.