ApeCoin

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Discover ApeCoin's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is ApeCoin?

ApeCoin (APE) is an ERC-20 governance and utility token native to the Bored Ape Yacht Club (BAYC) ecosystem. It is administered by a decentralized autonomous organization (DAO) and allows holders to participate in governance decisions, such as fund allocation and partnerships. APE is used for transactions within the ecosystem and is expected to power future projects from Yuga Labs, the creator of BAYC.

How is ApeCoin used?

ApeCoin (APE) is a governance and utility token within the Yuga Labs ecosystem. It allows holders to participate in DAO governance votes and provides access to exclusive features of the ecosystem, including events, merchandise, and services. The token can be used for various purposes:

  • Governance: APE holders can participate in DAO governance votes, influencing the direction of the ecosystem.
  • Utility: APE is used to access members-only features, such as events and services, within the ecosystem.
  • Payments: APE is accepted by merchants and can be used for transactions, including buying digital subscriptions and merchandise.
  • Play-to-Earn Games: APE is used as an incentive in games like Benji Bananas, where players can earn special tokens that can be exchanged for APE.
  • Metaverse: APE will be integrated into Yuga Labs' metaverse project, Otherside, potentially making it a transaction token within the environment.
  • NFT Rewards: APE is used as rewards for NFT holders, such as those in the Bored Ape Yacht Club.

These uses make APE a versatile token within the APE ecosystem, offering a range of benefits and applications for its holders.

How do I store ApeCoin?

To store ApeCoin (APE) tokens, you can use several secure and user-friendly wallet options:

  1. Ledger Wallet: Ledger offers a range of hardware wallets, such as the Ledger Nano S Plus and Ledger Nano X, which provide offline storage and signing of transactions. These wallets are highly resistant to malicious attacks and threats. You can manage your ApeCoin using the Ledger Live App, which allows you to buy, swap, and stake your tokens.

  2. Zengo Wallet: Zengo is a non-custodial wallet that utilizes biometrics for enhanced security. It allows you to buy, send, receive, and trade ApeCoin tokens. Zengo provides a simple and intuitive interface, ensuring that your coins are always safe and recoverable even if you lose your phone.

  3. Guarda Wallet: Guarda is a multi-currency wallet that supports ApeCoin. It offers a secure and user-friendly platform for managing your crypto assets. You can create an online or mobile wallet to buy, send, receive, and store your ApeCoin quickly and securely. Guarda is a non-custodial wallet, meaning you hold your own keys and have full control over your funds.

  1. Trezor Wallet: Trezor is another hardware wallet option that allows you to store your ApeCoin securely. You can use the Trezor Model to store your ApeCoin tokens, ensuring they are protected from unauthorized access.

  2. Wigwam Wallet: Wigwam is a crypto wallet that allows you to buy, store, trade, stake, and interact with dApps using your ApeCoin tokens. It provides a quick and safe way to manage your ApeCoin online.

Each of these options offers a secure and convenient way to store your ApeCoin tokens.

How to buy ApeCoin?

To buy ApeCoin (APE) tokens, follow these steps:

  1. Choose a Platform: Select a reputable cryptocurrency exchange or platform that supports ApeCoin, such as Coinbase, BitPay, or Finder. Each platform has its own set of features, fees, and payment methods, so compare them to find the one that best suits your needs.

  2. Create an Account: Sign up for the chosen platform by providing the required personal information, including your full name, home address, email address, and phone number. You will also need to provide a copy of your government-issued ID and proof of address to pass the Know Your Customer (KYC) process.

  3. Deposit Funds: Deposit funds into your account using a bank account, debit card, or wire transfer. The minimum deposit amount varies by platform, but it is typically around $10 to $20.

  1. Search for ApeCoin: On the platform, search for ApeCoin by typing "ApeCoin" or "APE" into the search bar. Select ApeCoin from the list of available assets.

  2. Enter Purchase Amount: Enter the amount you want to spend in your local currency. The platform will automatically convert this to the equivalent amount of ApeCoin.

  3. Finalize Purchase: Review the details of your purchase and confirm it. Once the order processes, you will be taken to a confirmation screen.

  1. Store Your ApeCoin: You can store your ApeCoin on the exchange or transfer it to a personal wallet for added security.

Remember to research and understand the risks associated with buying ApeCoin, as it is a highly volatile asset. Additionally, consider the legal, regulatory, and tax implications of purchasing ApeCoin in your jurisdiction.

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History of ApeCoin

ApeCoin (APE) is a cryptocurrency based on the Ethereum blockchain, launched in March 2022 by Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) NFT collection. The token was distributed to BAYC and Mutant Ape NFT holders first, with each member receiving between 1000 and 2000 tokens respectively.

ApeCoin quickly gained popularity, becoming the most valuable metaverse token within a month of its launch. It surpassed established cryptocurrencies like MANA by Decentraland, SAND by The Sandbox, and AXS by Axie Infinity. The token's value surged due to rumors of its involvement in the high-profile Metaverse project Otherside by Yuga Labs, where it would be accepted as a currency for transactions.

The ApeCoin DAO, a decentralized organization, governs the token and is responsible for its growth and development. The token supports both utility and governance functions, allowing holders to participate in the governance of the network and access exclusive events and projects within the BAYC ecosystem.

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How ApeCoin works

ApeCoin (APE) is an Ethereum-based token that serves as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes, access exclusive features and events, and use it as a payment method within the ecosystem. Here's a detailed overview of how ApeCoin works:

Governance and Voting

ApeCoin holders are part of the ApeCoin DAO, a decentralized autonomous organization that makes decisions on the direction of the ecosystem. Holders can vote on proposals related to ecosystem fund allocations, governance rules, projects, and partnerships. The voting power is proportional to the number of APE tokens held. The ApeCoin Foundation, a legal representative of the DAO, implements the decisions made by the community.

Utility and Payment

ApeCoin can be used for various purposes within the ecosystem, including:

  • Events and Merchandise: Holders can use APE to gain entrance to physical or digital events and purchase BAYC merchandise.
  • Decentralized Games: APE is used in play-to-earn (P2E) games like Benji Bananas, where players can earn and trade NFTs using ApeCoin.
  • Metaverse Transactions: ApeCoin is poised to be the primary token for transactions within Yuga Labs' metaverse project, Otherside, where it can be used for land purchases and other transactions.
Tokenomics

ApeCoin has a fixed total supply of 1 billion tokens, with no burning mechanism. The distribution is as follows:

  • ApeCoin DAO Community: 62% of tokens are allocated to the community, with 15% going to BAYC and MAYC holders.
  • Yuga Labs: 16% of tokens are allocated to Yuga Labs, with a portion going to charity.
  • Launch Contributors: 14% of tokens are allocated to contributors, and 8% to the founders of Yuga Labs and BAYC.
Security and Storage

To ensure security, users should store their APE tokens in a personal, non-custodial crypto wallet that supports ApeCoin. This prevents the risk of losing assets in case of an exchange bankruptcy or hack.

Earning and Staking

ApeCoin can be staked to earn additional APE tokens, making it a yield-generating crypto asset. Users can stake APE tokens via ApeStake.io or deposit them on Binance to earn yield.

Overall, ApeCoin is designed to facilitate governance, utility, and payment within the APE ecosystem, with a strong focus on community involvement and decentralized decision-making.

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ApeCoin's strengths

ApeCoin (APE) has several strengths that contribute to its success and potential in the cryptocurrency market:

  1. Strong Backing: ApeCoin is supported by Yuga Labs, which has received significant investments from top firms, giving APE plenty of resources to achieve its vision.

  2. Decentralized Governance: The ApeCoin DAO allows community members to participate in governance decisions, ensuring that the project is driven by its passionate investors.

  3. Diverse Utility: APE offers various utilities within the Ape Ecosystem and metaverse, including its integration with real-world brands, making it a versatile token.

  1. NFT Integrations: ApeCoin's roots in the Yuga Labs ecosystem provide a unique position in the booming NFT and metaverse markets, opening avenues for growth and diversification.

  2. Governance Power: APE token holders can participate in governance decisions, vote on proposals, and choose board members, ensuring community-led growth and development.

  3. Use Cases: APE is used for governance, incentivization, access to exclusive events, and as a payment method within the BAYC metaverse and decentralized games.

These strengths position ApeCoin as a significant player in the NFT and metaverse sectors, with a strong foundation for future growth and development.

ApeCoin's risks

ApeCoin (APE) carries several risks that investors should be aware of:

  1. Moderate Risk Assessment: ApeCoin's risk gauge score indicates a moderate risk investment, suggesting that portfolio managers who heavily weigh risk assessment should exercise caution.

  2. Counterparty Risk: Although deemed low, ApeCoin is still subject to counterparty risk, as staked tokens are locked in the ApeStake protocol in a non-custodial fashion and regulated by smart contracts.

  3. Price Volatility: Cryptocurrencies like ApeCoin are known for extreme price fluctuations, making it difficult to predict future performance.

  1. Regulatory Uncertainty: The regulatory environment for cryptocurrencies is still evolving and can impact the value of ApeCoin.

  2. Market Speculation: Market speculation can significantly influence the price of ApeCoin, leading to unpredictable movements.

  3. Supply on Exchanges: The increasing supply of ApeCoin on exchanges, which has nearly doubled over six months, may lead to selling pressure and a potential price decline.

  1. Whale Wallets: Large wallet investors have been rapidly distributing their APE holdings, which could contribute to a price correction.

These risks highlight the importance of thorough research and caution when considering an investment in ApeCoin.

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Did ApeCoin raise funds?

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ApeCoin’s team

  • YugaLabs: The company behind the Bored Ape Yacht Club (BAYC) and other NFT projects, including Mutant Apes, CryptoPunks, Meebits, and Kennel Club. They have significant ties to the ApeCoin DAO and are driving the development of new web3 applications, including the Otherside metaverse.
  • ApeCoin DAO: A decentralized autonomous organization (DAO) responsible for governing the ApeCoin ecosystem. It allows APE token holders to vote on proposals and decisions, ensuring community involvement in the project's direction.
  • ApeCoin Board: A five-member board overseeing the APE Foundation, which manages the ecosystem's operations. The initial board includes notable figures such as Reddit co-founder Alexis Ohanian, Amy Wu from FTX, and Yat Siu from Animoca Brands. After six months, the board members are elected by the APE DAO community on an annual basis.
  • Launch Contributors: A group of companies and individuals who helped launch the BAYC project. They have been allocated 14% of the total ApeCoin supply.
  • Founders of BAYC: The four founders of Bored Ape Yacht Club have been allocated 8% of the total ApeCoin supply.
  • Yat Siu (@yatsiu): Co-founder of Animoca Brands, a blockchain gaming company involved in developing play-to-earn games for the ApeCoin ecosystem.
  • Alexis Ohanian (@alexisohanian): Reddit co-founder and member of the initial ApeCoin Board.
  • Amy Wu (@amytwu): Head of FTX's venture arm and member of the initial ApeCoin Board.

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