What Is ApeCoin APE? A Guide To Its Benefits COINOTAG NEWS

Published by MahmoudRaafat on

Another noteworthy issue with Apecoin is the 94% sharp drop in daily active addresses. On 17th August, approximately 17,000 addresses were actively trading this altcoin. However, by 18th September, only 1452 addresses carried ApeCoin transactions. From the creators of the Bored Ape Yacht Club, the much anticipated ApeCoin ($APE) was finally launched in late March 2022 by Yuga Labs.

First, you need to buy ETH from Coinbase and transfer it to any of the exchanges mentioned above. ApeCoin solves the problem of how to get more people to use and invest in cryptocurrency. By making it more accessible and user-friendly, ApeCoin hopes to increase adoption of cryptocurrency and blockchain technology. The community’s ideals are carried out through a unique organization inside the Foundation called the Board. The technology and cryptocurrency communities are represented by five members of the APE Board.

However recent hype in the Apecoin was in expectation of selling plots on an upcoming Metaverse platform, Otherside by Bored Ape Yacht Club (BAYC). ApeCoin is different from other blockchain projects because it focuses on bringing blockchain technology to the masses through a easy to use platform and mobile app. ApeCoin also has a built in exchange that allows users to easily buy and sell ApeCoins. APE is a utility token that allows users to access the services offered by the APE project.

While Apecoin and Pepe are losing interest from investors, Kangamoon (KANG) has risen as a promising crypto project. Kangamoon is a new project that could outperform popular meme coins like Dogecoin and Pepe. Its main goal is to build a strong community of meme coin fans while allowing users to earn rewards for spending time in its virtual world, the Kangaverse. In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds.

  • The demand for land in the Otherside was responsible for the largest amount of traffic on the Ethereum blockchain this year.
  • Over a period of 48 months, a total of one billion APE coins will be unlocked as a circulating supply.
  • You can send ApeCoin payments from any compatible wallet, including the BitPay Wallet.
  • Thanks to its adaptability, ApeCoin could become a crypto used across many blockchains and platforms, potentially bringing more unity to the space and more value to itself and its ecosystem.
  • Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects.
  • PoW is a type of algorithm that requires users to put in work or computational power to validate transactions and add blocks to the blockchain.

DAO treasury and resources will receive 470 million tokens from the same pool, with 117,500,000 unlocked upon launch and 7,343,750 released monthly for the next 48 months. ApeCoin is designed to be used in any number of web3 and metaverse projects, but perhaps the most notable one (which came soon after ApeCoin’s release) was the release of Otherside land NFTs. The original BAYC collection was developed by Yuga Labs, a company founded in February 2021 and whose three collections—BAYC, MAYC, and the Bored Ape Kennel Club (BAKC)—helped drive $127 million in revenue that year. 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. We Provides end-to-end Blockchain services & solutions for Global clients to get a High ROI for their Crypto Buisness. AI chatbot to write a crypto contract to create its own token on the blockchain, gave the name ‘As…

Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions. Overall, ApeCoin currently enjoys significant hype and community support, which is likely to drive up the price of APE. If you are considering investing in the token, conduct your research and stay updated on the latest APE news before making decisions on buying, holding, or selling.

what is apecoin

In charge of APE distribution is the ApeCoin DAO, a decentralized autonomous organization. The “metaverse” bit in that equation just means that people can use their MetaMask wallet to import their NFTs. 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.” The distribution of ApeCoins is planned to be conducted over two years. The first year focuses on distributing coins to users who complete tasks on the APE platform.

Its price is expected to touch $51 by the end of 2022 but not before dropping significantly in coming weeks however, due to volatility of these markets no one can predict with 100% certainty. Despite this, the project also held a public sale on the Binance exchange. On March 17, 2023, trading pairs such as APE/BTC, APE/BUSD and APE/USDT were opened for sale. The integration of ApeCoin with the impending metaverse Otherside may make it a highly sought-after metaverse currency this year. ApeCoin will become a transaction token on metaverse markets as a result.

What is ApeCoin used for

The content may be for information and awareness purposes and does not constitute a financial advice. While it is still too early to speculate on the potential growth of ApeCoin, the community is proactively engaging in the NFT space and have opened to doors for integration on other decentralised platforms. In addition to governance, ApeCoin has also been designed for utility where the token can be used for transactions and payments within Web3 applications. The purpose of the ApeCoin DAO is to facilitate and support the community-led proposals and ideas to become a reality for the holders. APE was launched by the ApeCoin DAO, a decentralised autonomous organisation (DAO) that acts as a governing body in which all ApeCoin holders are members.

What is ApeCoin used for

335 NFTs of the Bored Ape Yacht Club have been sold for $95.48 million in total in the last seven days. Casey Rodarmor, creator of Bitcoin Ordinal inscriptions, introduced a new fungible token protocol na… The Blog Explains, How to start a crypto exchange business- step by step guide and what is cryptocur… A steep decline in NFT interest along with market conditions saw APE’s price plunge from $6.4 to $1 in 2023 alone. However, its recent price action suggested an opportunity for bulls to reverse the losses. The ApeCoin team consists of experienced professionals with diverse backgrounds.

BTC is continuously falling, and it has dragged almost all the altcoins down with it. For Apecoin price to rise, BTC needs to be stable, and Metaverse trend needs to continue. Put only a little part of your portfolio that even if the price goes down by another 90 percent, it should not bother you. It not only represents a crucial way in which NFT is quickly evolving but it also has the potential to bring in new people via events and games that will be accessible through the tokens. While the coin is still in its infancy, there is a lot of potential for it to grow in popularity. The main reason for this is because it is based on the blockchain technology, which is the same technology that is used by Bitcoin.

This means the number of ApeCoins in circulation will never go up or down. 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.

On launch day, March 17, 2022, nearly 30.25 percent APE will be in circulation and this percentage will continually increase following the launch day at regular intervals over a period of 48 months. Not just that, the amount of APE in circulation is a dynamic number that will constantly change both due to a myriad of market factors as well as the aforementioned schedule. It is worth mentioning that, the APE Foundation was gifted a 1 of 1 non-fungible token (NFT) by Yuga Labs, the creator of Bored Ape Yacht Club.

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