ApeCoin

ApeCoin is the famous NFT project, Bored Ape Yacht Club (BAYC)’s native token. It works as a utility and government token powering the APE ecosystem.

What is ApeCoin? 

  • ApeCoin is the native cryptocurrency of Bored Ape Yacht Club (BAYC), one of the most famous NFT projects. As an ERC-20 token run on Ethereum blockchain, it is secured by Ethereum’s proof-of-work (POW) consensus mechanism. 
  • It is used as a utility and government token within the APE ecosystem managed by the token holders via the decentralized governance framework, ApeCoin DAO.
  • As an open-source protocol layer of the ecosystem, ApeCoin serves several purposes which are Governance, Unification of Spend, Access, Incentivization.
  • ApeCoin is known as the token of culture, gaming, and commerce. The Yuga Labs, the creator of BAYC utilizes ApeCoin to empower a decentralized community at the vanguard of web3 development.

Key Metrics

TickerAPE
Token NameApeCoin
Token Type/ProtocolERC-20
Total Token Supply1,000,000,000
Current Circulating Supply See Coinmarketcap
Market CapitalisationSee Coinmarketcap
Token Creation DateMarch 17, 2022
Can it be mined?No

Who is behind ApeCoin?

ApeCoin is supported by the APE foundation. The decentralized project is inspired by Yuga Labs’ Bored Ape Yacht Club project. ApeCoin is co-founded by a team of experienced businessmen and businesswomen in many fields, such as Alexis Ohanian, co-founder of Reddit, and Amy Wu, Head of Ventures & Gaming at FTX.

What is the purpose of ApeCoin?

The ApeCoin Dao was designed to build and fairly maintain the APE ecosystem. Moreover, it provides an infrastructure for ApeCoin holders for open and permissionless collaboration in the governance processes.   

Insights:

  • ApeCoin holders are allowed to decide the platform’s direction. They have the right to vote on how the ApeCoin Dao ecosystem’s fund should be used starting by voting for the board or the APE foundation’s administrative council.
  • APE foundation board is responsible for the day-to-day administration, bookkeeping, project management, and other tasks that assist the Community.
  • The total supply of ApeCoin will not decrease or increase as it is fixed permanently through the contract interface which means there isn’t minting capability in the system.
  • Third-party developers can use the platform as a tool to participate in the ecosystem by incorporating ApeCoin into services, games, and other projects.
  • Bored Ape Yacht Club (BAYC), ApeCoin creator, is one of the most popular NFTs. Each NFT depicts a cartoon ape, complete with its own color scheme, facial expressions, and attire. Apparently, a great many people have been baffled as to how these NFTs can fetch such high rates.

Risks:

  • Since ApeCoin is the token of the NFT project, BAYC, the price and demand of the token are fully dependent on the NFT project’s popularity. Even Though BAYC is famous, there are many more NFT projects arising in the NFT space currently which can turn out to be a threat to BAYC at all times. 
  • ApeCoin and BAYC have been facing several airdrop scams through Twitter accounts resulting in the loss of more than 1 million USD for victims.

News and Updates:

  • ApeCoin has been adding more than 1,700 new holders on average per day since its launch on March 17, 2022, surpassing the milestone of 40,000 holders by press time, according to Finbold on March 29.
  • In March 2022, Madonna, the iconic Hollywood singer, joined the metaverse and purchased over 560,000 USD of Bored Ape NFT. 
  • Snoop Dogg and Wiz Khalifa, two popular rappers, have launched their NFT music built around ApeCoin and BAYC resulting in APE price increase by more than 13 percent after the announcement. 

Community & Whitepaper Links:

Disclaimer  

All investments are speculative and involve substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.

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