Meaning, the maximum supply of $APE is likely to be hit by the year 2026. Firstly, like many cryptocurrencies, its main purpose is a currency. To explain, ApeCoin will be the currency for the Otherside Metaverse, created by Yuga Labs. The token will allow users to buy items and what does ape mean in crypto power-ups in this highly anticipated metaverse. The DAO handles critical matters in the ApeCoin ecosystem, such as how many funds are allocated to the Treasury, setting up or changing rules, verifying and selecting what projects are coming in, forming partnerships, etc.

$APE is Not Just for The Yuga Labs Ecosystem

This could also hint at the fact that ApeCoin’s goal is to be used as an in-game currency for upcoming Yuga Labs releases. The company behind ApeCoin as well as the Bored Ape Yacht Club is Yuga Labs, a company based in the U.S. Apart from the successful rise of their NFT collections, Yuga Labs had gained further attention for the first time back in December 2021, when they announced a partnership with adidas. This news came after the sportswear company confirmed that https://www.xcritical.com/ they had acquired a Bored Ape NFT.

ApeCoin and the Otherside Metaverse

Alex is a banker-turned-bitcoiner who ditched the bond trading desk for working remotely from all corners of the world, creating engaging and educational content for Bitcoin startups and crypto media publications. A select group of Web3 veterans, as well as gaming and technology thought leaders, serve as the special governance board of this Decentralized Autonomous Organization (DAO). The board is responsible for overseeing the decisions of DAO members. ApeCoin operates on the Ethereum blockchain and utilizes smart contracts for processing transactions. The goal of ApeCoin is to engage with meme culture and provide investors with a new and amusing way to manage their wealth.

Final Thoughts: The Future of ApeCoin

However, BAYC has dislodged them from the top spots held for many years, at least, in terms of market capitalisation. In mid-May 2022, the first such game to use APE was introduced as Benji Bananas. In-game tokens earned in Benji Bananas (called PRIMATE) can also be swapped for APE. The ApeCoin DAO hopes to be the decentralised governance mechanism that will build and manage APE’s community all over the world. It is meant to be a fair and objective system to manage the decision-making processes of the collective DAO.

ApeCoin Historical Price Performance

The private company Yuga Labs are a Web3 creative lab and creators of BAYC. From a legal standpoint, they are acting as normal community members and token holders in relation to ApeCoin. Under the QR code, you will see a string of numbers and letters – this is your wallet address. To receive APE coins, copy and paste the address to whoever wants to send you crypto.

People Also Ask: Other Questions About ApeCoin ($APE)

ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3. ApeCoin (APE) is an ERC-20 governance and utility token used to empower a decentralised community building a metaverse called ‘the Otherside’. Just share your APE wallet address with the person sending the token. To do this, go to the Zengo home screen, select APE, and swipe to the right.

Step 1: Sign up for a crypto exchange

APE holders vote to determine the Board’s membership on a yearly basis. If you would like to know where to buy ApeCoin at the current rate, the top cryptocurrency exchanges for trading in ApeCoin stock are currently Binance, BTCC, Hotcoin, Bybit, and OKX. The ApeCoin (APE) is an ERC-20 token with a 1 billion maximum supply that is permanently fixed.

• However, it’s important to also consider potential risks when investing in ApeCoin or any cryptocurrency.
• External developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games, and various projects.
• The APE Foundation serves as the steward of ApeCoin, as the legal entity.This administrative board oversees decisions made by the ApeCoin DAO.
• In mid-May 2022, the first such game to use APE was introduced as Benji Bananas.
• At the moment, there isn’t much you can do with APE directly except to trade it on several crypto exchanges.

Once the person has provided their address, tap or swipe left on the APE token on your home screen. Soon after, the person should receive a notification from their wallet that the tokens have arrived. Zengo will be able to restore access to your wallet and your coins through its authentication methods.

Factors Driving the Increase in Apecoin Price

Since their first minting at a price of 0.08 ETH in April 2021, BAYC NFTs have reached a floor price of more than 100 ETH. Discover the impact of Yuga Labs’ crypto donations to Orangutan Outreach, a nonprofit focused on the rescue and rehab of apes in Borneo and Sumatra. Dive into the world of cryptocurrency and NFT philanthropy with our in-depth reports and guides. Discover what’s fueling the rise of cryptocurrency fundraising and how your nonprofit can build a successful crypto fundraising program. Donate cryptocurrency, stock and more to one of the thousands of nonprofits on The Giving Block.

Overall, the factors contributing to ApeCoin’s decline are complex and multifaceted. It is important for investors to conduct their own research and due diligence before making any investment decisions in the cryptocurrency market. The all-time high for ApeCoin (APE) was reached in April, 2022, when the token’s price peaked at $26,7.

Acquiring a Benji Bananas Membership Pass allows the user to swap in-game tokens into ApeCoin. One of the main objectives is to turn it into a token that can be used by numerous NFT projects and community members across several multiverse worlds, creating a broader in-game economy and ecosystem. Some third-party projects are already strategizing the use of ApeCoin. For example, Benji Bananas, a popular mobile video game created by Animoca Brands decided to integrate play-to-earn modularity in which players can earn in-game tokens that can be exchanged for ApeCoin. Also, a token allocation has been reserved for people that have been working on the project.

José is a copywriter and journalist with over 4 years of experience in the crypto field. He started his career in 2017 amid the Bitcoin and the cryptocurrency boom, and he hasn’t turned his back on the industry since then. ApeCoin’s success will depend on several factors here, such as how well the DAO and the APE Foundation develop the ecosystem and how Yuga Labs manages to attract a bigger audience and projects into the Otherside metaverse. The value of the token heavily depends on Yuga Lab’s future plans and how successful they will turn out to be. Interestingly enough, executives in the gaming industry from FTX and Animoca Brands sit on the ApeCoin DAO’s special council.

The final 8% tranche of ApeCoin (80 million tokens) was distributed to the quartet of founders behind Yuga Labs and BAYC. ApeCoin can be used and traded on both AVAX and BSC (BNB smart chain) using decentralized exchanges on both these blockchains. As mentioned above, ApeCoin holders are granted governance, meaning as a holder you are entitled voting rights on projects, partnerships, applications, and beyond. ApeCoin (APE) 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.