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What Is ApeCoin? Features, Tokenomics and Price Prediction

According to the ApeCoin price prediction, it can spike to $2.32 by the end of 2023. Ape ecosystem restrictes certain parts  for day-to-day users until you become the owner of ApeCoin. These restrictions are limited to exclusive merchandise, games, events and services.

ApeCoin has a block time of 60 seconds, which means that a new block is added to the blockchain every 60 seconds. The block reward is halved every 210,000 blocks, which is approximately every 4 years. It provides a much-needed solution for investing in NFTs and has a strong community behind it.

  • If you’re not a holder of any BAYC NFTs, you can also purchase APE directly on several exchanges.
  • Every year, cryptocurrency experts prepare forecasts for the price of ApeCoin.
  • The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin.
  • After this duration, a specific allotment of tokens becomes accessible to them on a monthly basis.

Anyone can create an account, and all they need to do is connect their email address. Moreover, to bolster transparency, the team will introduce Proof of Reserves (PoR). The ApeCoin price as of June 4 is $6.19 USD with a 24-hour trading volume of $197,979,457 USD. While their circulating supply is only 292,187,500.00 APE with fully diluted capital being 292,187,500.00 APE.

ApeCoin is set to be used across the DeFi space, as a utility token in the decentralized community, as in-game crypto for Yuga Labs’ games as well as those from other developers, and more. Thanks to its adaptability, ApeCoin could become a crypto used across many blockchains and platforms, potentially bringing more unity to the space and more value to itself and its ecosystem. This may be a very new cryptocurrency, but it’s undeniably one to watch.

ApeCoin may also gain from wider adoption in the metaverse and daily transactions. Blockchain game company Animoca Brands announced in March that it will adopt the token for a new project being developed with BAYC. The token can also be used as an open currency for payments and transactions without centralized intermediaries. For example, YugaLabs, the parent company of Bored Ape Yacht Club, recently acquired CryptoPunks and Meebits – two other huge NFT projects.

what is apecoin

It remains to be seen if buyers can mount a sustained reversal due to the heavily bearish market structure of APE. Crypto experts are constantly analyzing the fluctuations of ApeCoin. Based on their predictions, the estimated average APE price will be around $$15.58.

Let’s look at the NFT collections that are related to the APE ecosystem. It is governed by the ApeCoin DAO and supported by the APE Foundation. As the ecosystem’s open-source protocol layer, ApeCoin serves various objectives. At the request of ApeCoin DAO members, a special council on the APE Foundation, “the Board,” was established. Its mission is to administrate DAO proposals and serve the community’s vision. It generated $300 million in sales from the initial release and another $300 million in resales in the post-market.

what is apecoin

APE is a risky investment because it is not a well-established company and its products are not well-known. Additionally, APE has a limited history of profitability and its financials are not readily available. The ApeCoin team has some ambitious goals in mind for the future of their cryptocurrency. The most popular wallets that support this standard are MyEtherWallet, MetaMask, and Trust Wallet. ApeCoin is the result of a long time spent with the community of BAYC and Mutant Ape Yatch Club (MAYC) – 2 of the most popular NFT collections on the Ethereum ecosystem.

what is apecoin

Here’s ApeCoin technical analysis from TradingView, updated in real-time. Bored Ape Kennel Club (BAKC) is a collection of dog NFTs that were made available to every single member of the BAYC. For each Bored Ape NFT they own, holders could “adopt” a random Club Dog NFT for free, only paying a gas fee. Like the Apes, the 10,000 BAKC NFTs have various attributes and rarities. The MAYC was also a means to welcome more new members to the APE community. This is why 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop.

what is apecoin

The initial board will serve for six months, after which DAO members will vote for new board members annually. NFT holders were free to cash out their ApeCoin holdings from the first day of trade. The rush to secure windfall gains was cited as one reason for volatility in the token during its trading debut on March 17, which rose from US$1 to close at US$8.52 per token. The Bored Ape Yacht Club (BAYC) is a popular non-fungible token (NFT) collection based on the Ethereum blockchain. He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.

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. It allows holders to participate in the ApeCoin DAO as a governance token.

The APE Board comprises five members from the technology and crypto community. All tokens are locked for a period of 12 months so shareholders aren’t able to cash out immediately, potentially crashing the price. Given the tremendous popularity of the Bored Ape collection, ApeCoin is expected to be used by various artists and celebrities for sales and other brand engagements. For example, Rappers Snoop Dogg and Whiz Khalifa released an NFT music album together available for purchase with APE. TIME Magazine announced it will start accepting subscriptions paid with the token. Tradecurve Markets will combine elements from centralized and decentralized exchanges.

The goal of the APE Foundation is to steward the growth and development of the
APE ecosystem in a fair and inclusive way. Following that, 4.167 million tokens will be unlocked every month for 36 months. ApeCoin saw 62% of total minted supply allocated to the community, while 15% of minted supply was airdropped to Bored Ape Yacht Club and Mutant Ape Yacht Club holders. While this can seem like a lot for a digital avatar, investing in a BAYC NFT has been lucrative thanks, in part, to the launch of ApeCoin. Finally, many are theorizing that APE will be allowed to be staked – where you can lock up some (or all) of your tokens and earn rewards as a result. This could be a great source of income for HODLers of the BAYC ecosystem.

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