Even though ApeCoin is connected to Bored Ape Yacht Club and Yuga Labs, it still operates independently within ApeCoin DAO. ApeCoin would be the principal medium of exchange for all things Bored Ape Yacht Club. The decentralized initiative would be able to conduct all financial transactions more quickly and easily thanks to the coin.

An autonomous, decentralized organization, ApeCoin DAO, designed and released ApeCoin as a cryptocurrency with the goal of spreading awareness about it. ApeCoin is an ERC-20 token that serves as both a means of governance and a means of exchange. APE is also a tool for third-party developers to participate in the APE ecosystem.

• Etherscan shows that there are almost 45 thousand APE holders, of which only 3 wallet addresses keep between 1% and 3% of the token’s supply.
• Its goal is to encourage user activity and foster the formation of the Web3 Internet.
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• 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.
• ApeCoin (APE) price is up 8% in the last week to the current price of $1.070.
• As a governance and utility token, ApeCoin serves multiple purposes in the ecosystem.

Meanwhile, in the range of the descending channel, the closest resistance could be located at $1.20, with a close resistance at $1.30. However, if the market increases, additional resistance can be found near the upper boundary of the channel. ApeCoin has earned a lot of reputation over a small period of time because it represents a swiftly rising trend in the crypto world. It provides governance power to its community members and plans to deliver other facilities in the future.

They can decide how to allocate the Ecosystem Fund, make governance rules, select projects, partnerships, etc. After the DAO members vote on the proposals, the APE Foundation will proceed to carry out the community-led governance decisions. As a governance and utility https://www.xcritical.in/ token, ApeCoin serves multiple purposes in the ecosystem. ApeCoin use cases include enabling holders to participate in the governance of the DAO and enabling them to access exclusive features of the ecosystem, such as games, events, merchandise and services.

The ensuing selling pressure could send APE back to the support floor at $0.996, potentially breaking below this to tag the $0.993 range low. Right now, traders are eyeing a remarkable crypto that has started making waves, and this crypto is no other than Bitcoin Minetrix. Just like several successful tokens, Bitcoin what is apecoin Minetrix has identified a critical problem, which is the expensive nature of mining Bitcoin and mining scams prevalent in the crypto space. At the moment, the token has raised over $1.77 million in the ongoing presale. The APE Foundation implements the decision based on the opinion of the community members.

ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned. This means the number of ApeCoins in circulation will never go up or down. Not all ApeCoins are in circulation; this phenomenon is known as “locked” tokens.

Hence, trading on a decentralized exchange (where you control the custody of your assets) is typically considered the safer option. Having said that, DEXs are unregulated, and there is no customer protection if funds are lost due to hacks. The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways. The Foundation includes a 5-member board made up of luminaries in the world of crypto and tech. The Board is responsible for ensuring the community’s vision is being followed as the ecosystem continues to develop. APE holders vote to determine the Board’s membership on a yearly basis.

Besides Yuga Labs, the list of token holders includes NFT owners, APE Treasury, and Ape Ecosystem contributors. The DAO is guided by a council made of top professionals in the industry. One of them is ChangeNOW — a limitless crypto exchange service where you can buy APE in just a few clicks for 350+ cryptocurrencies. Our non-custodial swap platform allows you to get some ApeCoin without registration, KYC, and hidden fees.

Comparatively, DigitalCoinPrice echoed a bullish ApeCoin crypto price forecast, predicting that the token’s value will grow over the next few years. Even more, the website showed APE could end this year at $16.23 and reach $25.30 by 2025. The ApeCoin website states that owners of MAYC were given 2,042 tokens worth approximately $21,970. DappRadar data shows that 532 wallets possess over two Bored Apes, and at least five wallets possess over 50 Bored Apes. The first NFT collection of the APE ecosystem, Bored Ape Yacht Club (BAYC), was released in Apr. 2021. There are members of the ApeCoin DAO board, this group committed to improving the APE ecosystem.

Finally, make sure to transfer your APE tokens from the exchange to your personal, non-custodial crypto wallet that supports ApeCoin. By securing your tokens in your own wallet as opposed to on an exchange, you can avoid losing your assets in case of an exchange bankruptcy or a hack. Once you have funded your account, you click on ApeCoin in the list of tradable assets and place an order to buy the amount of APE you would like to purchase. Verify that all the order details are correct and confirm the transaction. As soon as your order is filled, you will receive the APE tokens on your exchange account.

Their notoriety amongst celebrities and high-profile NFT collectors has bolstered their astronomic rise. Cryptocurrency experts typically advise investors against leaving funds on a centralized exchange because exchange bankruptcies can lead to a complete loss of assets held with the company. Crypto exchanges typically require you to make a minimum deposit, ranging from $10 to $20. However, there are a handful of trading apps that allow you to purchase crypto for as little as $1.

Incentivization – The artists and digital content creators can sell their work in exchange for APE tokens. The developers can also use it as a payment option in their games and other decentralized apps. Similarly, the Mutant Ape NFT owners will also receive a total of 2898 APE tokens if they’re also a member of the Kennel Club. The APE tokens are already airdropped to the users who have these NFTs in their wallets. However, the users can claim their reward from the official website of Bored Ape Yacht Club if they haven’t yet received any tokens.

This system records and validates transactions on a network using a distributed database. With the usage of blockchain, all transactions are made transparent and unchangeable. Easy Crypto wants to make it easy for anyone to get into the crypto market – no matter how much they have to invest. ApeCoin Improvement Proposal-1 (AIP-1), which established the ApeDAO and creative direction for APE, was submitted by the co-founder of Cartan Group LLC, a consulting firm based in the Cayman Islands. 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. Bored Ape Kennel Club (BAKC) is a collection of dog NFTs that were made available to every single member of the BAYC.