What Is ApeCoin APE?

By doing this, Yuga Labs expanded the access to the coin but also created a code exploit. Suffice to say, the end result was a shadow on the team’s competence for future projects. Among the top three decliners over the past week investors may want to keep their eye on are ApeCoin (APE -0.87%), Arbitrum (ARB 4.78%), and Internet Computer (ICP 0.26%). These three tokens declined 15.9%, 12%, and 10.9%, respectively, over the past week, meaning there are key project-specific headwinds investors are pricing in with these specific projects. The platform’s utility platform, TCRV is in its fifth presale stage and trades at $0.025 per token.

What is ApeCoin used for

The APE coin has a fixed supply of 1 billion APE and is trading on several exchanges, including Binance, Huobi, and OKEx. ApeCoin (APE) is an ERC-20 governance and utility token that serves a variety of functions within the APE ecosystem, which is made up of individual token holders and the products and services utilizing the token. It’s affiliated with a non-fungible token (NFT) project known as the Bored Ape Yacht Club (BAYC), a massively successful and valuable collection launched by Web3 company Yuga Labs. ApeCoin seems to have stabilized but it’s still very early days in the token’s life. Add this to the fact that Yuga Labs intends to launch a vast Metaverse play-to-earn gaming platform with ApeCoin as its native currency, and it certainly seems to paint a positive future for the cryptocurrency. Additionally, as ApeCoin becomes more of a known currency, developers across the DeFi space may begin to adopt it for their DApps — an option which forms part of Yuga Labs’ vision and would add value to ApeCoin.

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ApeCoin (APE) was launched in March 2022 as an ERC20 token, meaning it runs on the Ethereum network. This means ApeCoin users benefit from Ethereum’s security and technology and that ApeCoin what is apecoin has the ability to be used on any Ethereum DApp in the future. ApeCoin is many things, but primarily it’s the result of a vision to link many different decentralized projects together.

In April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside. The sale went viral, and helped raise $320 million within just 45 minutes. APE is poised to be deeply integrated with Yuga Labs’ metaverse project, Otherside, where it could be used for any transaction within the environment. If Otherside eventually incorporates a P2E mechanic, APE could be given as rewards to players. From the creators of the Bored Ape Yacht Club, the much anticipated ApeCoin ($APE) was finally launched in late March 2022 by Yuga Labs.

The APE token has the role of community governance and is airdropped to those who already own NFT BAYC. 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.

With its user-friendly interface and built-in wallet, ApeCoin makes it easy for anyone to send and receive payments without a third party. In addition, ApeCoin’s unique approach to data security means that your information is always safe and secure. With these features, ApeCoin has the potential to change the way we use the internet and could revolutionize the way we interact with the digital world.

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With APE, token holders can vote on governance proposals on the DAO and access exclusive features of the APE ecosystem, such as games, events, and services. The ApeCoin ecosystem is made up of individual token holders, as well as a wide range of products and services that are using the cryptocurrency. Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects.

The ApeCoin blockchain is maintained by a network of computers called nodes, spread across the globe. Each node in the network stores a copy of the blockchain and verifies all the transactions on the network. When a transaction is made, it is broadcast to all the nodes in the network, which then verify the transaction and add it to the blockchain.

Investors willing to diversify the digital assets in their portfolios can consider adding $WSM by visiting the presale website. The ApeCoinDAO and the Ape Foundation are two entities working together to ensure the future of ApeCoin rolls out as the community envisions it. The ApeCoin price as of June 4 is $6.19 USD with a 24-hour trading volume of $197,979,457 USD. While their circulating supply is only 292,187,500.00 APE with fully diluted capital being 292,187,500.00 APE.

  • When ApeCoin first airdropped on April 30, mostly to existing BAYC NFT holders, it gained up to $40 value on some exchanges, only to drop by 80%.
  • ApeCoin is a decentralized, peer-to-peer digital currency that enables instant, near-zero cost payments to anyone in the world.
  • According to information from the project’s website, over 343 million $WSM tokens are staked with an annual percentage yield of 58%.
  • ApeCoin’s primary use is as a governance and utility token within the APE ecosystem.
  • 8% of the tokens have been set aside for the four founders of Yuga Labs and BAYC.
  • ApeCoin is a cryptocurrency that was developed by a team of developers in early 2018.

Given the green histogram bar formation, this bullish momentum will strengthen APE’s price rally to $1.5 and beyond in the long run. As a result of the positive signals in APE’s market, the oversold Relative Strength https://www.xcritical.in/ Index (RSI) at 29.45 is pushing up to the neutral zone (between 30 and 70). Additionally, its trading volume in the last 24 hours has spiked by approximately 34%, sitting above $82 million within the same time frame.

The Coin is likely to serve as a ‘gate token,’ granting access to select aspects of the ecosystem, such as particular games and events. Each NFT represents a cartoon ape with different color schemes, facial expressions, and clothing. 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.

Despite its launch coming days after Yuga Labs had expanded their NFT collection, with the purchase of CryptoPunks and Meebits, ApeCoin’s value failed to take off, instead dropping to $6.50 that same day. Once more people heard about ApeCoin, however, the token began to regain its value. By March 18, 2022, ApeCoin had reached $17.75, later falling to $10 before stabilizing at $12- $13, where it remains today.

What is ApeCoin used for

ApeCoin (APE) is the native cryptocurrency token for the Bored Ape and Mutant Ape ecosystem. However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn (P2E) game in which players can realize their gains in the form of ApeCoin.

Will Apecoin(APE) Price Downtrend Breach The $1 Threshold? – The Coin Republic

Will Apecoin(APE) Price Downtrend Breach The $1 Threshold?.

Posted: Mon, 04 Sep 2023 07:00:00 GMT [source]

Current exchanges can be clunky and frustrating to use, so the team developed an easy-to-use solution for users of all skill levels. With ApeSwap’s user-friendly interface, you’ll never have to worry about losing your crypto assets again. Out of all the limelight-stealing NFTs, the Bored Ape Yacht Club (BAYC) and related collections are probably the most prominent. They feature bored-looking apes that could be customized down to the tiniest detail based on the buyer’s taste. These seemingly-ordinary looking artworks attracted extraordinary attention.

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