ApeCoin’s market cap chart has been virtually directly aligned with the price movements of APE due to the token’s capped supply. Building off the hype produced by high-profile NFT collections and investors’ interest in ApeCoin, in early 2022, Yuga Labs announced the development of Otherside, a metaverse project boasting stellar animations and a diverse virtual world. While still under development at the time, investors spent $300 million for Otherside real estate in April 2022, https://www.xcritical.com/ in what was the biggest virtual land sale to date.

How Is the ApeCoin Network Secured?

However, what is ape coin it is yet to be shown if Yuga Labs knows how to manage that money properly. In fact, those interested in becoming a part of the APE ecosystem can take advantage of Otherside’s upcoming SDK (software development kit). 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.

Step 3: Select ApeCoin among the available assets and buy the token

For 25 ApeCoins, you can buy a Benji Bananas Membership Pass, which lets you earn “special tokens” in-game. ApeCoin is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project. ApeCoin was founded to be used within the burgeoning APE Ecosystem, which is supported by the APE Foundation. The ApeCoin DAO aims to build and maintain the APE Ecosystem in a fair and inclusive way, providing an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.

Bored Ape Yacht Club’s ApeCoin Surges 90% on Second Day of Trading

• ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used.
• This was an accomplishment in and of itself, given the notoriously finicky nature of major players like Coinbase (COIN).
• ApeCoin token holders (the DAO members) can also remove or replace a Board member at any time with a majority “In favor” vote.
• Buy gift cards for your favorite brands and shops from the app or extension.

Holding APE makes you a member of the DAO (that’s short for decentralized autonomous organization, a kind of online collective centered around crypto); you don’t even need to own a Bored Ape NFT to join. You can also check the up-to-date market rate of 1 APE to USD via our handy crypto-to-fiat and crypto-to-crypto conversion feature. Hybrid exchanges combine a centralized order book for trade-matching with decentralized asset custody to allow digital asset investors to benefit from the best of both centralized and decentralized trading venues.

Overview of the ApeCoin Ecosystem

Musk’s pinned tweet on Sunday also referenced PNUT in a bid to amplify attention to Peanut’s story. Interest further sparked demand, with PNUT’s price hitting a peak of $0.14 before early buyers began taking profits. Peanut, who had become an internet sensation with over 500,000 followers, was more than just a pet to Longo—he was a beloved family member and a fixture in his online community.

ApeCoin’s current circulating supply is 604.90M APE out of max supply of 1.00B APE. The current yearly supply inflation rate is 64.11% meaning 236.30M APE were created in the last year. In terms of market cap, ApeCoin is currently ranked #13 in the DeFi Coins sector, ranked #37 in the Ethereum (ERC20) Tokens sector and ranked #7 in the NFT Tokens sector.

As for the Otherside gameplay itself, not much has yet been revealed (at the time of writing), except it will be « immersive and supported by AI and physics. » 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. After a month of trading at about $13, APE hit an all-time high price of $26.19 toward the end of April before crashing back down to $13 in May. ApeCoin (APE) is the native currency of the Bored Ape Yacht Club (BAYC) metaverse.

Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all new products and services. All tokens are locked for a period of 12 months so shareholders aren’t able to cash out immediately, potentially crashing the price. ApeCoin DAO is the community in charge of governing the entire ApeCoin ecosystem.

The protocol introduced 30.25% of them into circulation at launch and will add the rest over the following four years. If interested in purchasing ApeCoin there are a handful of popular exchanges to do so. Earlier this week, it was announced that members of the Bored Ape Yacht Club NFT collection would be getting their very own cryptocurrency, ApeCoin. The Telsa CEO and tech billionaire has often tweeted memes in relation to the crypto industry, including those regarding a personal favorite—Dogecoin. APE is up 29.13% against Ethereum and up 19.73% against Bitcoin in the last 1 month. 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 (PFP) NFTs.

Each member of the DAO has the right to submit or vote on protocol proposals and basically participate in all things related to the ecosystem. You are eligible to become a member by simply holding ApeCoin in your wallet. Bored Apes have enjoyed tremendous success in the NFT market– seeing a rise from a minting price of 0.08 ETH to an average all-time high of 152 ETH, or $434,000 in April 2022.

ApeCoin is mostly used as the governance token for the ApeCoin DAO and for trading at major exchanges. It is a relatively new project but it has bold plans; the BAYC team has outlined their intentions of making APE the de facto currency for a vast ecosystem of projects building on the Otherside metaverse. ApeCoin is the APE Ecosystem’s governance token, allowing token holders to participate in ApeCoin DAO and giving its participants a shared and open currency that can be used without centralized intermediaries. 62% of all ApeCoin was allocated to the Ecosystem Fund, which will support community-driven initiatives as voted on by ApeCoin DAO members. Thanks to the public backing of BAYC creators, ApeCoin quickly found its way on major cryptocurrency exchanges.

As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis. Back in September, a developer launched a cryptocurrency called “Adventure Gold” (AGLD) as a companion to an ascendant NFT collection called Loot. Anyone with a Loot NFT was automatically entitled to a certain amount of AGLD, and claiming those tokens meant coming into tens of thousands of dollars without any extra effort.

The next 16% (160 million tokens) was distributed to Yuga Labs itself (150 million tokens) and 10 million tokens (or equal value) went to the Jane Goodall Legacy Foundation. The entirety of the next 14% (140 million tokens) were paid out to various launch contributors for helping bring the project to life. The final 8% tranche of ApeCoin (80 million tokens) was distributed to the quartet of founders behind Yuga Labs and BAYC. Certain members of the community that have strong operational experience wereconsulted on how to best structure the ApeCoin DAO. Several of these membersvoiced their willingness to join the Board to oversee the decisions of thecommunity and are committed to upholding and furthering the decentralization ofthe ApeCoin DAO.

Instead, it is a gamified metaverse platform where users can use their NFTs from other collections as playable avatars. 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. ApeCoin launched on March 17th, 2022 to power the entire BAYC ecosystem and serve functions like being the governance token for the ApeCoin DAO (Decentralized Autonomous Organization). ApeCoin is an Ethereum-based cryptocurrency created by Yuga Labs, the $4 billion company famous for its collection of eccentric and colorful Bored Ape Yacht Club NFTs. YugaLabs announced that the token will also be used as the governance token for the ApeCoin DAO.

Holders will be able to vote on relevant topics ranging from the allocation of funds to what future endeavors the DAO should embrace. It generated $300 million in sales from the initial release and another $300 million in resales in the post-market. The demand for land in the Otherside was responsible for the largest amount of traffic on the Ethereum blockchain this year. Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation.