As prefaced above, ApeCoin has been designed with the future in mind. Focusing on evolution of Web3 and blockchain technology to facilitate art, entertainment, gaming, and many more possibilities beyond. With the launch price of ApeCoin hovering above USD$15, this means holders of these NFTs received between $30,000 – $150,000 worth of ApeCoin for free per NFT. The purpose of the ApeCoin DAO is to facilitate and support the community-led proposals and ideas to become a reality for the holders.

In the middle of the year 2023, the APE price will be traded at $5.07 on average. June 2023 might also witness an increase in the ApeCoin value to $5.34. It is assumed that the price will not drop lower than $4.85 in June 2023. Please note that the availability of the products and services on the App is subject to jurisdictional limitations. may not offer certain products, features and/or services on the App in certain jurisdictions due to potential or actual regulatory restrictions.

ApeCoin is an ERC-20 utility and governance token used within the APE ecosystem. The founding roots of ApeCoin lie in the NFT series Bored Ape Yacht Club , a creation by Web3 company Yuga Labs. If you know anything about the NFT craze in the cryptosphere, you’ve likely heard of the wildly successful Bored Ape Yacht Club . Expanding on this concept is the ApeCoin ecosystem, a cryptocurrency positioning itself at the forefront of Web3. ApeCoin is controlled by the ApeCoin DAO, a decentralized autonomous organization of which all APE holders can become a part.

ApeCoin price prediction: What is apecoin (APE)?

Bored Ape Yacht Club owners can now claim the token, which will have utility and governance capabilities—plus other potential benefits. These two NFT collections have had a large reputation in the cryptocurrency community, and especially in the NFT community. ApeCoin is an ERC-20 token that operates on the Ethereum blockchain. It was designed to embody the future of culture, art, gaming, and entertainment through blockchain technology and community-led initiatives. The tokens follow a concept known as “locked tokens”, which will limit the distribution of the coins to prevent mass sell offs, or dumping, and disrupt the price of the token. Benji Bananas offers a Membership Pass (‘Benji Pass’), an NFT that will enable its owners to earn special tokens when playing Benji Bananas, and that will also allow those tokens to be swapped for ApeCoin.

How is the APE token used

Depending on your mood and choice, you can choose these apes down to the tiniest details. Investors across the world have put their money into these artworks and the buyers include the likes of Justin Bieber and Eminem. Market experts expect that in November 2023, the ApeCoin value will not drop below a minimum of $5.76. In the middle of autumn 2023, the ApeCoin cost will be traded at the average level of $5.82. Crypto analysts expect that in October 2023, the APE price might fluctuate between $5.64 and $6.30.

What is APE Coin? The Cryptocurrency Behind Bored Ape Yacht Club NFTs

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. The creation of ApeCoin DAO, a new decentralized autonomous organization created to govern the token and its roadmap forward. Based on tweets from Yuga folks and board members, there was clearly a lot of attention put on precise and uniform messaging, likely for regulatory reasons. 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. In addition to governance, ApeCoin has also been designed for utility where the token can be used for transactions and payments within Web3 applications. Simply put, ApeCoin is the native cryptocurrency of the Bored Ape Yacht Club and Mutant Ape Yacht Club ecosystem.

  • The Decentralized Autonomous Organization would enable the members to take important decisions regarding the allocations with the Ecosystem Fund, projects, governance rules, and partnerships.
  • Also according to ApeCoin DAO, there will be future access to BAYC styled games, services and possible further airdrops.
  • Still, given the volatility in the crypto market and the continuously unclear macroeconomic conditions influencing it, it is impossible to make a precise price prediction.
  • APE is the native currency of the ApeCoin DAO & the Bored Ape Yacht Club.

On 30 April 2022, one of the largest NFT marketplaces, OpenSea, announced that it would start accepting the APE cryptocurrency for NFT purchases on its platform. This led to a one-day gain of over 30% as the APE price rose to just below $25. 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.

What’s the Most Profitable NFT Strategy: Buying at Mint or Later?

FTX’s Amy Wu, and they’ll serve for six months before APE holders vote for next members on an annual basis. ApeCoin is a new Ethereum token based on the Bored Ape Yacht Club NFT project. Easy Crypto wants to make it easy for anyone to get into the crypto market – no matter how much they have to invest.

How is the APE token used

ApeCoin’s aim is to empower the community to propose, vote on, and contribute to new projects and services within the ecosystem across art, gaming, and culture. APE tokens were distributed to BAYC and MAYC holders in March, 2022 and are used to determine how the funds in the ApeCoin DAO Ecosystem Fund are deployed. Almost every major centralized crypto exchange listed the token immediately after launch. This was an accomplishment in and of itself, given the notoriously finicky nature of major players like Coinbase . After just one day of trading, ApeCoin had a market capitalization of almost $2 billion; one APE is currently worth about $14 and the total supply of tokens is capped at one billion .

How is the APE token used

Here’s ApeCoin technical analysis from TradingView, updated in real-time. Moreover, to pass an exchange’s KYC process, you will also need to provide a copy of your government-issued ID and proof of address. You may also be asked questions about your income and your level of expertise as an investor. The popularity of BAYC led to athletes, musicians, and actors purchasing Bored Ape NFTs to use as profile pictures on social media, adding to the cult status of Bored Apes as profile picture NFTs. The value of shares and ETFs bought through a share dealing account can fall as well as rise, which could mean getting back less than you originally put in. The material provided on this website is for information purposes only and should not be understood as an investment advice.