ApeCoin Is Up 62% Since Launching Last Month and Hit an All-Time High Today Should You Buy?

Yuga Labs’ ApeCoin experiment could point out a Web3 way to democratize access to VC-backed startups. Or it could be the glaring example that brings the SEC in to spoil the DAO party. Either way, expect more debate about whether Web3 is really decentralized, or just a technological coat of paint on the old Silicon Valley model where insiders profit off of outsiders.

The staking platform for the Apecoin token will be called ApeStake and is entirely being developed by Horizen Labs. APE is the official crypto of the Bored Ape Yacht Club, the most popular NFT PFP collection ever! It is a governance token, i.e. it is used to give holders a say on decisions that affect the future of the BAYC ecosystem. APE is built on the Ethereum blockchain and was distributed to Yuga Labs’ NFT holders in March 2022. Besides being a governance token, Apecoin is also a utility token, and is used to purchase all products and services developed by Yuga Labs.

Current APEcoin market cap?

ApeCoin is the utility and governance token of the APE ecosystem economy. Also, APE is a decentralized protocol layer and an ERC-20 token what is apecoin that aims to empower the APE community. Holders can vote on proposals to make changes to the ApeCoin ecosystem via the ApeCoin DAO .

Over the past week the price of the token is up more than 32% and 62% since its launch 30 days ago, according to CoinMarketCap. ApeCoin was inspired by the creators — Yuga Labs — of the incredibly successful non-fungible token series known as Bored Ape Yacht Club . Yesterday, Gemini announced it would allow holders of APE to earn interest on its cryptocurrency exchange. Store, exchange, and spend 8 stablecoins and 52 cryptocurrencies.

The combination of this news is the most likely catalyst for APE’s positive pricing momentum. Just days ago, PancakeSwap released V2, which includes the all-new Syrup Pools. These pools allow users of the PancakeSwap ecosystem to stake PancakeSwap tokens and earn a passive income with their digital asset holdings from Aptos projects. StAPT is the first LP token users can earn by yield farming and providing liquidity to the new sidechain available on PancakeSwap . APE token holders can participate in the ApeCoin DAO and vote on community-led initiatives to enhance the APE ecosystem. Holders can also buy BAYC, MAYC, and related NFTs using ApeCoin and play games like Benji Bananas.

The board consists of five high-profile tech moguls, including Reddit co-founder Alexis Ohanian, Animoca Brands’ Yat Siu, and Dean Steinbeck of Horizen Labs. Also, the board ensures that the implementation of community proposals is set in place fairly and transparently. Every time the community wishes to implement a change to the ecosystem, they must vote on proposals to do so. Recent proposals include staking features and ecosystem fund allocation. At the time of writing, the ApeCoin DAO has around 3,100 members. Binance recorded an all-time high of around $28 for ApeCoin .

ApeCoin Up 6% as Holders Stake $32M in Ethereum Bored Ape Token

Yuga Labs, the company behind BAYC, adopted ApeCoin as the official token of the NFT project’s ecosystem. Steinback shared that the company will continue to be an essential member of the growing ApeCoin community. Still, including none of Yuga Labs’ founders on the ApeCoin DAO board was an intentional decision from the jump.

It is a web3 space for art, games, and other entertainment options. But … this was the 409A price, not the typical “valuation” that is cited in news stories, because the latter is what outside investors pay for preferred equity shares. The change means employees can get cheaper RSUs and more upside in a potential exit, but it doesn’t trigger ratchets like a down round would have. Bill Hinman, at the time a director of the division of corporate finance at the SEC, gave a famous speech in 2018 that is credited with acknowledging that bitcoin and ether were not securities. There’s ongoing debate over how, even whether, VCs should exercise the governance rights that tokens give them.

Get YouHodler Crypto Wallet App

This represented one of the most valuable airdrops in crypto history at the time. In fact, each holder of a BAYC NFT was able to claim over $100,000 worth of APE at launch. The creators of one of the most recognized series of NFTs is dabbling in crypto coins via a newly-created entity with gaming and trading in its sights.

The metaverse will play a growing factor in digital products in the future. The fact that ApeCoin is directly tied to the biggest, most profitable, and culturally influential NFT project ever means it has been adopted as the metaverse token. Given BAYC’s pole position in the NFT world, artists, sports persons, and other cultural icons are attracted towards this project, giving it a solid narrative to drive forth with.

Passion for Crypto

What Is Internet Computer Protocol – Its Price, Investment Benefits And Uses The ICP crypto is the native token of the ICP Blockchain network, which is used to reward the users… What Is Pi Cryptocurrency – Its Network, Value, Price and Future The Pi Coin cryptocurrency has made the mining of digital currencies accessible for crypto enthusia… We are a diverse group of writers, editors and Subject Matter Experts striving to bring the most accurate, authentic and trustworthy finance and finance-related information to our readers.

• The action alleges that Yuga made false and/or misleading statements about how it compensated these celebrity endorsers for promoting Yuga securities, including Bored Ape Yacht Club NFTs, to the public.
• DigitalCoinPrice made an upbeat apecoin crypto price prediction, arguing that the token’s value could steadily grow in the coming years.
• Or they just buy the tokens outright, at a low price, in a project’s early days.
• SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice.
• 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 —helped drive $127 million in revenue that year.

Venture firms often get tokens by buying equity in crypto startups and getting an option, warrant or right to tokens if they are later created, says David Pakman, managing partner at CoinFund. Or they just buy the tokens outright, at a low price, in a project’s early days. ApeCoins were issued in an airdrop to a variety of parties, including Bored Ape NFT holders.

APEcoin Top Token Holders

Between it, 15% went to holders of Bored and Mutant Apes NFT’s. Importantly, the launch of ApeCoin marks the first time an ecosystem exists that combines its own NFT collection with its own currency. ApeCoin is the currency of choice of the Bored Apes Yacht Club ecosystem, which includes the Otherside open metaverse. Not to be confused with the Bored Ape NFT’s, investing in ApeCoin the currency is a bet on the ecosystem developed by parent company Yuga Labs, considered by some the Disney of the metaverse. Also, the “token burning” model is something that ApeCoin will not use.

The cryptocurrency peaked at $15.43 on 28 March 2022 before embarking on a bearish journey into April 2022. The APE NFT crypto saw its value surge by 126.8% on the first day of launch, reaching $16.47, up from $7.2604 in less than 24 hours, as seen on the price chart below. 03 by the end of the day and continued to move sideways on 19 March 2022 before falling to just above $9 on 21 March 2022. Can be incorporated into other services, games and projects.

Frequently asked questions about APE

It does point out a way to profit twice from a crypto investment — once in the company itself, and again in the economy that grows up around tokens it issues. But what if a company and a DAO end up in conflict — if, say, Yuga dumps ApeCoin for a different token, rendering the tokens effectively worthless? Yuga is quick to assert that ApeCoin, the ApeCoin DAO and the foundation are separate from Yuga Labs, whose only ostensible link was the gift of an NFT and its IP to the Ape Foundation. Yuga is a “community member” in the DAO and will use ApeCoin as its main token for its projects. Andreessen Horowitz was given an allocation because it was a key contributor to launching ApeCoin, according to Yuga. A16z is the only BAYC investor that is a launch contributor.

As a token of its appreciation, Yuga Labs gifted the ApeCoin DAO a 1-of-1 NFT that features a blue version of the Bored Ape Yacht Club logo. Ohanian said the logo is a “collectively owned IP” and the decision as to what’s to be done with it rests in the community’s hands. This is the type of power and access that https://xcritical.com/ the ApeCoin DAO wants to continue to cultivate. In serving on ApeCoin’s DAO board, Bajwa hopes to catalyze the growth and adoption of the DAO ecosystem and show how efficiently these networks can run when fostered the right way. Boardroom is a media network that covers the business of sports, entertainment.

And as such the price per token has risen from $0.004 to $0.0362, and the project is now in the third stage of its pre-sale. Yuga Labs, the company behind ApeCoin and the famous NFT project Bored Ape Yacht Club, is planning to release a metaverse MMORPG called Otherside and propel its ambitions for an immersive Web3 world. To help them achieve this, they appointed former Activision Blizzard President and Chief Operating Officer Daniel Alegre. Bank transfer is another option in trying to make payment for some ApeCoin. Once again, Exodus bank account payments possible for ApeCoin, alongside a range of other tokens. Pat’s discovery of Bitcoin led to a realization of the implications of the underlying tech, and to focusing his writing on all things crypto & blockchain.

47% will be released to the general public over time, and 6.25% will be donated to the Jane Goodall Legacy Foundation aimed at preserving chimp habitats. Bored Ape Yacht Club is perhaps the most acknowledged non-fungible token collection in existence. This fanciful collection of apes has drawn significant attention from mainstream media outlets due to the hefty price tags attached to the pioneering NFT collection. ApeCoin is the utility and governance token of the APE ecosystem. This includes other NFT collections such as Mutant Ape Yacht Club and Bored Ape Kennel Club . In addition, ApeCoin will incentivize the development and expansion of the APE product offering.

Nonetheless, the likelihood is that few traders, if any, were able to capitalize on the brief spike in the ApeCoin price in the few minutes following the listing on Binance. This is partly due to the high gas price for minting APE tokens and the short window of opportunity available for transferring them to Binance and selling them. Project contributors receive an allocation of 14% of the APE token supply that is vested for various durations. A total allocation of 140 million APE tokens will reimburse the contributors who helped launch the ApeCoin project. This includes 80 million APE tokens with an initial lock-up period of twelve months. The ApeCoin allocation will see 62% of APE tokens distributed to the ecosystem fund.