What Is ApeCoin? How Does APE Work? How To Buy And Store In 2022 For Crypto Traders

What is ApeCoin (APE)? How Does APE Work?

Apecoin is a very hot project recently, when it was simultaneously listed on many major exchanges including Binance, FTX, Coinbase, etc. As one of the hot projects in recent times, so the project What stands out in this? So what is Apecoin, why that is so hot, let’s find out together in this article.

What is ApeCoin (APE)?

What is APECoin

Apecoin is the decentralized governance token (DAO) of the two largest NFT collections on the Ethereum platform, Bored Ape Yatch Club (BAYC) and Mutant Ape Yatch Club (MAYC).

ApeCoin is the result of a long time spent with the community of BAYC and Mutant Ape Yatch Club (MAYC) – 2 of the most popular NFT collections on the Ethereum ecosystem.

ApeCoin acts as a decentralized protocol under the management of the community. The primary goal of this project is to create a metaverse space for crypto users. ApeCoin is the brainchild of Yuga Labs – a reputable business that owns the once-popular and expensive Bored Ape Yacht Club NFT collection.

The ApeCoin project integrates various activities such as games, culture and commerce. More specifically, this project gives full control and management of activities to the user community, creating a decentralized ecosystem of ApeCoin DAO.

With the ApeCoin project, you can participate in the BAYC and MAYC communities without having to own too many expensive NFTs. This is a strong point that makes the project more attractive.

Background of ApeCoin

ApeCoin is a cryptocurrency that was developed by a team of developers in early 2018. The team behind ApeCoin believes that the current financial system is unfair and centralized. They believe that the current system gives too much power to banks and financial institutions. ApeCoin was created to provide a decentralized and fair financial system.

How Does ApeCoin Work?

APE token holders take governance decisions collectively, casting their votes and deciding on issues like allocation of funds, framing of rules, partnerships, project selection and more. The community’s governance choices are put into action through the ApeCoin Foundation.

The ApeCoin Foundation fosters the development of the ecosystem as the DAO’s official legal representative.

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. ApeCoin holders vote for the new Board members annually.

What Problems Does ApeCoin Solve?

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 ApeCoin Team

A subcommittee of the Ape Foundation will also act as the governing board of the ApeCoin DAO, which oversees certain proposals. Board members include Reddit co-founder Alexis Ohanian, Animoca Brands co-founder Yat Siu, Sound Ventures’ Maaria Bajwa and Horizen Labs’ Dean Steinbeck. Each board member has a six-month term, and the ApeCoin website promises DAO members will soon have the right to vote on board personnel at some point. In short, apart from ApeCoin, there is also ApeCoin DAO, Ape Foundation, and ApeCoin DAO board. Here are some of the co-founders of Apecoin:

  • Alexis Ohanian: Co-founder of Reddit; General Partner & Founder of Seven Seven Six
  • Amy Wu: Head of Ventures & Gaming at FTX
  • Maaria Bajwa: Principal at Sound Ventures
  • Yat Siu: Co-founder & Chairman of Animoca Brands
  • Dean Steinbeck: President & General Counsel at Horizen Labs

Here are some of the notable ones:

  • Apecoin Foundation: The Apecoin Foundation is an organization dedicated to helping Apecoin grow and thrive. It provides funding for Apecoin’s development and marketing efforts, and also helps to promote Apecoin to new users and businesses.
  • Apecoin Exchange: The Apecoin Exchange is an online platform that allows users to buy and sell Apecoin. It is one of the most popular exchanges for Apecoin, and allows users to trade Apecoin with other cryptocurrencies or fiat currencies.
  • Apecoin Wallet: The Apecoin Wallet is a software wallet that allows users to store, send, and receive Apecoin. It is available for desktop and mobile devices, and is one of the most popular wallets for Apecoin.
  • Apecoin Merchant: The Apecoin Merchant is a service that allows businesses to accept Apecoin as payment for goods and services. It is available in multiple languages, and allows businesses to easily accept Apecoin payments.

What Is APE Token?

APE Token is a digital asset that can be used to make purchases on the APE website or to participate in the APE ecosystem.

APE is a utility token that allows users to access the services offered by the APE project. The token will be used as a means of payment within the ecosystem and will give users the ability to purchase, sell, or exchange data.

Basic Information About APE

  • Token Name: ApeCoin
  • Ticker: APE
  • Blockchain: Ethereum
  • Token Standard: ERC-20
  • Contract: 0x4d224452801ACEd8B2F0aebE155379bb5D594381
  • Max Supply: 1,000,000,000
  • Circulating Supply: 306,875,000.00 APE

Token Allocation

  • Ecosystem Fund: 62%.
  • BAYC & MAYC: 15% – 150,000,000 APE.
  • DAO treasury & resources: 47% – 470,000,000 APE.
  • Yuga Labs + Charity: 16% – 150,000,000 APE.
  • Launch Contributors: 14% – 140,000,000 APE.
  • BAYC Founder: 8% – 80,000,000 APE.

Token Allocation of Apecoin

Token Sale

The project has not held a Private Sale, but there has been an announcement about the Public Sale of APE tokens on Binance.

APE/BTC, APE/BUSD and APE/USDT trading pairs were sold at 2022-03-17 21:30 (UTC+7). You can trade APE tokens right on the Binance exchange.

Price of APE Today

  • The price of APE today is $0.001391 USD, which is up by 0% over the last 24 hours.
  • The total market cap of APE is $5,857,904 USD.
  • The 24 hour trading volume of APE is $126,438 USD.

What is APE Used For?

What is APE Used For

As a governance and utility 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.
  • ApeCoin is a Web3 currency that is similar to the others in design and functionality. Due to ApeCoin’s widespread ERC-20 token status, it is theoretically approved by the majority of merchants. The currency is already being used for NFT prizes, and BAYC holders get free APE that they may instantly cash out.
  • Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is adopted as an incentive for players. They will be able to earn special tokens when playing and swap these tokens for ApeCoin.

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. Players could also be rewarded if the Metaverse has P2E components.

Read more: TOP 10 Best Web 3.0 Coins To Trade & HODL In 2022: A Full Guidance For Crypto Traders

How to Buy APE Tokens?

APE can be bought from exchanges like Kucoin and Uniswap, Coinbase, Binance, eToro, Kraken, Gemini, OKX, FTX, Coinex, Huobi, Voyager, Bybit, Gate.io, SushiSwap. First, you need to buy ETH from Coinbase and transfer it to any of the exchanges mentioned above. Then you can use this ETH to buy APE tokens. The token can be bought with both fiat and cryptocurrencies.

Read more: Coinbase vs Kraken: A Breakdown for Active Cryptocurrency Traders

How to Store APE Coins?

APE tokens are stored in a wallet that supports ERC20 tokens. The most popular wallets that support this standard are MyEtherWallet, MetaMask, and Trust Wallet.

Read more: TOP 10 Best ERC20 Coins To Trade & HODL In 2022: A Full Guidance Of Potential Crypto For Traders

Goals of ApeCoin

The ApeCoin team has some ambitious goals in mind for the future of their cryptocurrency.

  • In the short term, they want to become the first cryptocurrency platform for apes and primates.
  • Long term, they want to be a leading force in the fight against climate change by using blockchain technology to fund ape conservation projects.

ApeCoin has a lot of potential, but it’s still in its early stages. The team is currently working on creating a mobile app that will allow users to easily buy, sell, and trade ApeCoins. They’re also working on developing partnerships with zoos, sanctuaries, and other organizations that work with apes.

Prospect Of APE

The APE Coin is a cryptocurrency that is being touted as the next big thing in the digital world. While it is still relatively new, it has already made waves among those who are interested in investing in the digital world.

The coin is designed to be used as a medium of exchange on the APE network, which is an online marketplace that allows users to buy and sell items using the coin. In addition to being used as a currency, the coin can also be used to purchase goods and services on the site.

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 that the coin is very secure and there is no chance for it to be hacked. In addition, the coin is also very easy to use, which makes it appealing to those who are not familiar with the digital world.

FAQs

FAQs

How to earn APE tokens?

Up to now, the APE token has not had any private sale events. Despite this, the project also held a public sale on the Binance exchange. On March 17, 2022, trading pairs such as APE/BTC, APE/BUSD and APE/USDT were opened for sale. If you are interested in this token, buy it on Binance.

Should you invest in ApeCoin?

The ApeCoin project has a team that is the founding team of the NFT Bored Ape Yacht Club collection – a fairly large project, developed based on the management of the community. The APE token has the role of community governance and is airdropped to those who already own NFT BAYC.

When the NFT trend is widespread, the APE token has a lot of potential to explode. Although the APE token has certain advantages, co-founder Ya Siu also said that this is a type of memecoin, so investors need to consider carefully before making a decision to invest.

Is investing in APE risky?

APE is a risky investment because it is not a well-established company and its products are not well-known. Additionally, APE has a limited history of profitability and its financials are not readily available.

Read more : Day Trading Cryptocurrency: The Best Strategies for Success

ApeCoin is popular because it is a very efficient and easy to use cryptocurrency. It has a very low transaction fee and is very fast.

Is it the right time to buy APE?

There is no definitive answer to this question, as timing is highly dependent on market conditions and individual circumstances. However, as a general statement, it may be a good time to buy APE if you believe that the price of the asset is undervalued and has potential for future growth.

What can I buy with APE?

APE can be used to purchase a variety of items, including digital and physical goods, services, and even other cryptocurrencies.

How is ApeCoin different from other blockchain projects?

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.

Can I convert ApeCoin coins to other currencies?

You can convert ApeCoin coins to other currencies.

How can I find more information about ApeCoin?

The ApeCoin team can be reached through their website, apecoin.io, or through their Twitter.

Conclusion

The above article is all information about the ApeCoin project and the APE token that Covemarkets has provided. The main goal of this project is to develop the APE token into a token used to build a decentralized community at the top of the Web 3.0 platform. Hope the article has helped you better understand the ApeCoin project and make the right decision on whether to invest in APE tokens or not. Good luck!

Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.

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