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Yunga Labs announced the launch of ApeCoin on Wednesday, 16th of March 2022 with a Twitter thread and I know you’re probably wondering, What the heck is ApeCoin? In today’s article, I will be telling you All You Need To Know About ApeCoin.
What is ApeCoin?
ApeCoin (APE) is a decentralized token designed for utility and governance. It can be used for payments and transactions within Web3 apps. It is an Ethereum-based token.
There are one (1) billion of them in total, and according to CoinMarketCap, 28% of them are currently in circulation.
It was launched on Thursday, 17th of March 2022 for NFT holders to claim, and 93 million were taken, which is worth about $810 million.
Although the ApeCoin is the official token of the Bored Ape Yacht Club and acts as a reward for the Bored Ape NFT holders, the official line is that it wasn’t created by Yuga Labs, the team behind the Bored Apes.
It was said that it was officially created by ApeCoin DAO, a brand new decentralized autonomous organization that was created to govern the token and its roadmap forward. It is supported by a legal steward organisation called the Ape Foundation.
The members of the Ape Foundation are:
- Alexis Ohanian: co-founder Reddit, Founder Seven Seven Six
- Amy Wu: head of gaming at FTX
- Maaria Bajwa: principal at Sound Ventures
- Yat Siu: co-founder and chairman of Animoca Brands
- Dean Steinbeck: president of Horizen Labs
The Ape Foundation will have initial terms of six months, with DAO members voting annually on members after this time period.
Who Gets the ApeCoin?
With the majority of it split between NFT owners and the ApeDAO, NFT owners were eligible to claim 150 million coins beginning Thursday morning and have 90 days to claim the token while the DAO will have 470 million coins in its treasury. The two parties together represent 62% of the supply.
The remainder is distributed as follows:
- 150 million coins to Yuga Labs
- 16% (around 10 million) to Jane Goodall Legacy Foundation
- 14% to launch contributors
- 80 million coins to the four Bored Ape Yacht Club founders.
Where to Buy ApeCoin
On Thursday, ApeCoin was listed on numerous crypto exchange platforms such as:
- FTX
- Coinbase Global
- Binance
- Gemini
- Voyager Digital
- Kraken
- eToro.
Why Should You Invest in Apecoin?
With the launch and rise of ApeCoin, the question “why should I invest in it?” is most likely brewing in your mind. Keep reading for reasons why you might want to invest in ApeCoin.
Since ApeCoin is governed by a DAO, ApeCoin holders will have the ability to vote on community-led proposals that determine the future of the token. There are already governance proposals regarding things like ecosystem fund allocation and staking rewards. That might sound dry and dull to you, but it may impact future benefits for APE holders.
Also, Animoca Brands- a Crypto game maker, has announced plans to integrate APE into a “secret project” that it is developing with the Bored Ape Yacht Club.
Developer, nWay, announced that it will use APE in an upcoming play-to-earn game based on the Bored Ape Yacht Club, while Animoca’s unaffiliated Benji Bananas game will implement APE for token rewards. ApeCoin DAO has said that some future functionality will be reserved exclusively for APE holders, such as upcoming games and services.
E11EVEN residences in Miami, USA, will accept APE payments, and Florida-based brewery SaltWater Brewery has announced much the same for its beer, with a discount, no less.
The goal for ApeCoin DAO is the more useful it is, the more valuable it could potentially become.
Apecoin Price prediction
Since its launch, its price has skyrocketed pushing its market cap to over $3 billion!
Just on its second day of trading, it was up by 90%, going from $6.48 to $15 on Thursday.
According to CoinMarketCap, ApeCoin is currently at $13.49.
We are all witnessing the rise of this coin with a few portholes in the way.
It’s too early to tell how this is going to go but we are all watching.
