What is ApeCoin?
ApeCoin is an Ethereum token based on the Bored Ape Yacht Club NFT project. According to its website ApeCoin is for the WEB3 economy and is being launched by ApeCoin DAO, a new governing body in which all APE holders are members. Unlike NFTs ApeCoins are “fungible”- as with bitcoin (BTC). It means you can buy and sell them freely on a decentralized exchange, a kind of digital trading post for cryptocurrencies.
You can already find and trade ApeCoin on some of the major exchanges such as Binance, Coinbase, FTX, Huobi, KuCoin, Bybit and Kraken. The total and fixed supply of this coin is 1 billion tokens. There are no capabilities to mint further tokens through its contract interface and this supply should never increase. Moreover, there is also no burning capability, so the supply won’t decrease either.
The members of the Ape Foundation are:
- Alexis Ohanian: co-founder Reddit, Founder Seven Seven Six
- Amy Wu: head of gaming at FTX
- Maaria Bajwa: principal at Sound Ventures
- Yat Siu: co-founder and chairman of Animoca Brands
- Dean Steinbeck: president of Horizen Labs
The ApeCoin Protocol
As mentioned, ApeCoin is an ERC-20 token that serves the purposes of governance, but it also brings utilities when used within the ApeCoin ecosystem.
The open-source protocol layer of the entire ecosystem has a few purposes to serve:
APE is to serve as a tool for developers to take part in the ecosystem by incorporating it in their products, games, services, and so forth.
As explained above, governance is one of the main purposes behind ApeCoin as it allows holders to participate in the DAO.
The cryptocurrency provides access to some parts of the ecosystem which are otherwise unavailable. These would include merch, events, games, and so forth – exclusive to holders.
Being the utility token of the ecosystem, ApeCoin also gives its participants a currency that can be used without any centralized intermediaries.
What Can You Do With It?
You can use ApeCoins in the mobile game called Benji Bananas by Animoca Brands. For 25 ApeCoins, you can buy a Benji Bananas Membership Pass, which lets you earn “special tokens” in-game. Then you will be able to swap those tokens for ApeCoins.
Apparently, this is only the beginning of a whole ecosystem powered by ApeCoin: Yuga Labs plans to use ApeCoin as its de facto currency for all new projects. That’s part of the legal element, too – the more you can do with the token, beyond speculation, the better your shot at evading the SEC.
What is the Bored Ape Yacht Club?
Bored Ape Yacht Club is a collection of 10.000 unique Bored Ape NFTs – unique digital collectibles on the ETH blockchain. It is one of the most powerful NFT projects in the world. Bored Ape Yacht Club or BAYC was launched on April 29, 2021. Over the next months ape secondary sales started to pick up fast and the developers started implementing their roadmap within the now quite active BAYC community. The only way to join this exclusive club is to purchase an ape on secondary. Although enrollment started out low, as of March 2022, the ape floor is sitting at nearly 82 ETH.
ApeCoin price predictions
According to the latest market analysis:
- In 2025 the average price of the ApeCoin will be $26.26 but falls in 2026 by a couple of dollars,
- In 2030 the coin will rise again and the price will be $61.72.
At the time of writing this the price of ApeCoin is $10.52.