ApeCoin(APE)

ApeCoin (APE) was released on March. 17, 2022 as the native governance and utility token of the APE ecosystem, comprising the APE Foundation, the ApeCoin DAO, and the Board. APE coin and the ecosystem attracted a lot of attention on account of their association with Yuga Labs — creators of the Bored Ape Yacht Club NFTs collection.

The APE ecosystem aims to build the future of Web 3.0 and the ApeCoin DAO as well as the APE Foundation work together to drive growth. The Board, a special council on the Foundation consisting of five members, performs an administrative role at the DAO's behest. The Board's members are subject to change every year, but the first group — in place for six months – comprised renowned crypto figures and investors, such as Reddit co-founder Alexis Ohanian, FTX ventures and gaming head Any Wu, Maaria Bajwa of Sound Ventures, Animoca Brands’ co-founder Yat Siu, and Dean Steinbeck of Horizen Labs. 

Initially, ApeCoin token holders only get voting and governance rights in the ApeCoin DAO, but Yuga Labs has more use-cases in store and plans to design further products and experiences for the APE ecosystem.

On the day of ApeCoin's launch, 15% of APE token's total supply of 1 billion was set aside for holders of Bored Ape Yacht Club (BAYC), Mutant Apes Yacht Club (MAYC), and other related NFTs, who could claim APE coins for free.

ApeCoin price 

The price of APE coin in terms of USD saw high volatility in the first few days after launch. According to our APE live price chart, between March. 20 and 28, APE coin price grew by more than 66% from around $9 to over $15. As a result, its market capitalization increased from $3.25 billion to $4.29 billion. 

Given ApeCoin's association with the BAYC community, it benefited from unprecedented interest and attention leading up to its launch. While this initial market interest influenced ApeCoin’s price, the future price of APE will depend on increasing adoption and the launch of new metaverse and Web 3.0 experiences.

How APE token works

ApeCoin is an ERC-20 token on the Ethereum blockchain that gives holders membership of the ApeCoin DAO along with governance rights. The APE coin allocation includes a 62% share for the Ecosystem Fund, which aims to support community initiatives voted on by DAO members. 

Developers can easily integrate ApeCoin into their applications, games, and services, while token holders can access exclusive games and services. For instance, ApeCoin has become an in-game currency in Benji Bananas, a mobile game developed by Animoca Brands, positively impacting the APE price. In addition, Yuga Labs, launching its metaverse ‘Otherside’, will also boost the coin’s utility.

APE news, updates, and highlights

Yuga Labs adopting APE as the native token for the BAYC ecosystem was the biggest driver of APE price. With billions in sales, BAYC and MAYC are some of the most popular NFT collections and celebrities like Justin Beiber, Mark Cuban, and Snoop Dogg are among collectors. 

On March. 19, 2022, Yuga Labs released a teaser video of its metaverse ‘Otherside’ where ApeCoin will be the native token. The launch of ‘Otherside’ is set to boost ApeCoin’s adoption and utility. 

Leveraging the wide popularity gained by ApeCoin in a matter of days, a Twitter scam used verified accounts to steal $1 million in cryptocurrencies within a week of ApeCoin’s launch. However, it did not dampen the token’s adoption — Snoop Dogg and Wiz Khalifa released eight music NFTs with ApeCoin and BAYC as their theme on March. 24. 

Frequently asked questions about APE

• Can you mine or stake APE?

All ApeCoin tokens (1 billion total supply) were minted at launch, which means you cannot mine them. However, you can stake APE coins to earn rewards.

• What are some of the best APE wallets?

APE can be stored in Ethereum-compatible web wallets like MetaMask and Trust Wallet, and in hardware wallets like Ledger and Trezor. You can also store them on exchange wallets like the Coinbase and OKX wallets.

• What can you do with APE tokens?

APE token holders can participate in the ApeCoin DAO and vote on community-led initiatives to enhance the APE ecosystem. Holders can also buy BAYC, MAYC, and related NFTs using ApeCoin and play games like Benji Bananas. With the launch of the ‘Otherside’ metaverse, ApeCoin will also be used to purchase virtual lands, play games, and purchase services. 

• How to buy ApeCoin?

APE can be bought on major centralized exchanges, including Coinbase, Binance, OKX, FTX, eToro, among others. You can also swap ETH, BTC, or USDT for ApeCoin tokens on decentralized exchanges, including PancakeSwap.