Although it once sold for under $150 per coin, as of  June 8, 1 BTC equals around $30,200. Not only is Bitcoin (BTC) the first cryptocurrency, but it’s also the best known of the more than 19,000 cryptocurrencies in existence today. Financial media eagerly covers each new dramatic high and stomach-churning decline, making Bitcoin an inescapable part of the landscape. Alternatively, you could deposit APE tokens on Binance to make use of Binance Earn accounts that enable you to earn yield on your ApeCoin holdings for a set period of time.

How was ApeCoin developed

The Ape Foundation Board includes Reddit co-founder Alexis Ohanian, Yat Siu of developer and venture capital group Animoca Brands, and FTX investor Amy Wu, among others. Their role is to ensure the implementation of decisions made by the ApeDAO, which is governed by holders of the APE token. Yuga Labs is led by CEO Nicole Muniz, who is a former partner at advertising company B-Reel and founder of her own boutique consulting agency. Rahul Nambiampurath started his career as an accountant but has now transitioned into working full-time in the tech space. He is an ardent fan of decentralized and open source technologies.

ApeCoin also gives access to certain parts of the Ecosystem that are otherwise unavailable, like exclusive games and services. For third-party developers, ApeCoin is a tool to participate in the ecosystem by incorporating ApeCoin into services, games, and other projects. ApeCoin has some actual utility within the APE ecosystem, so it’s more than just a speculative “meme coin”. However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing.

How was ApeCoin developed

Bitcoin provides an opportunity for people to store value without relying on a currency that is backed by a government. You’re already seeing people in countries like Venezuela, Argentina and Zimbabwe (countries heavily in debt) where Bitcoin is getting tremendous traction. Bitcoin mining is the process of adding new transactions to the Bitcoin blockchain.

Otherside aims to be more than just a blockchain game, similar to the mega-popular Axie Infinity. Instead, it is a gamified metaverse platform where users can use their NFTs from other collections as playable avatars. In addition, APE is adopted by Yuga Labs as the primary token for all new products and services. Yuga Labs is the creator of the trending Bored Ape Yacht Club (BAYC) NFT collections. It also owns the IP of another two popular NFT projects, CryptoPunks and Meebits.

It facilitates the growth and development of the APE ecosystem in a fair and inclusive way. It is tasked with ensuring that the community’s visions are implemented. The Board consists of 5 members from the tech and crypto community, including Reddit co-founder Alexis Ohanian.

  • The first NFT collection of the APE ecosystem, Bored Ape Yacht Club (BAYC), was released in Apr. 2021.
  • The value of ApeCoin immediately spiked to nearly $40 USD on Coinbase, according to data from the exchange, before dropping to around $8.
  • Decentralized exchanges are smart contract-powered online trading platforms that enable users to trade crypto on a peer-to-peer basis without the need for a central authority.
  • Prior to joining the team, he worked as a marketing and content writer, focused on software and technology.
  • ApeCoin was founded to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation.

Unlike N, these tokens must be “fungible” (as in the case of Bitcoin BTC). They can be bought and sold on a decentralized exchange where users can Trade cryptocurrencies without a middleman. The BAYC and MAYC collections distributed over $800 million in assets to their owners as part of the available 150 million tokens. Eventually, every BAYC owner received 10,094 tokens worth between $80,000 and $200,000. ApeCoin is the native cryptocurrency for the ecosystem and also serves as the governance token. It plays an essential role in allowing people to vote on and build AIPs.

How was ApeCoin developed

APE is managed by the ApeCoin DAO and is backed by the APE Foundation. The idea for the apes in the Bored Ape Yacht Club came from the history of people in cryptocurrency calling themselves “apes.” Furthermore, 36 investors have invested heavily into Yuga Labs. It has become one of the most valuable NFT projects by market cap.

In February 2021, Purpose Bitcoin ETF (BTCC) started trading as the world’s first Bitcoin ETF, and the Ontario Securities Commission has also approved the Evolve Bitcoin ETF (EBIT). American investors looking for Bitcoin or Bitcoin-like exposure may consider blockchain ETFs that invest in cryptocurrencies’ technology. You can use ApeCoin to gain entrance to physical or digital events held by the APE community, purchase BAYC merchandise, and spend it within the APE ecosystem’s suite of products and services. Moreover, you can use APE to participate in the ApeCoin DAO if you’d like to have a say in the future of the APE ecosystem. The collapse of crypto exchange FTX in November 2022 highlighted this risk when billions of dollars in user funds were lost. Hence, trading on a decentralized exchange (where you control the custody of your assets) is typically considered the safer option.

Despite its fluctuating price and market size, it’s intriguing to see how ApeCoin (APE) will be employed in web3. Here we go over what ApeCoin is, how it works and the roles it plays in the NFT ecosystem. ApeCoin is designed to be used in any number of web3 and metaverse projects, but perhaps the most notable one (which came soon after ApeCoin’s release) was the release of Otherside land NFTs. Speaking of which, all NFTs released by Yuga Labs in the future will be minted with ApeCoins. This already happened with Otherdeed NFTs—land plot NFTs costing 305 APE a piece when launched.

The APE Foundation administers proposals agreed upon by ApeCoin holders. “We’re excited to announce we’ll be adopting ApeCoin in a new play-to-earn game that’s currently being developed by nWay,” the company tweeted. Voyager Digital VYGVF and Binance both tweeted they will list the coin on their exchanges. Kraken, OKX, Gemini, eToro and FTX are also expected to offer trading of the new coin, according to Yuga Labs. A leading non-fungible token company has announced plans for a long-rumored token.

The APE Board comprises five members from the technology and crypto community. In other countries—particularly those with less stable currencies—people sometimes use cryptocurrency instead of their own currency. In the U.S., people generally use Bitcoin as an alternative investment, helping diversify a portfolio apart from stocks and bonds.

ApeCoin has a fixed supply of 1 billion tokens with neither inflation nor any burning mechanism. Forty-seven percent of the token supply is going into the ApeCoin what is apecoin treasury, while 15%, as already mentioned, has been airdropped to NFT holders. Following that, 4.167 million tokens will be unlocked every month for 36 months.