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What is ApeCoin (APE)? The long-awaited Bored Ape Yacht Club token arrives

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ApeCoin (APE) is the new star of the crypto space. Or at least it has been for the last few hours.

It is not common to see a digital currency reach as high and as fast as ApeCoin has done. But there it is, in position 34. But now it is going down.

Although that, in no way, detracts from what he has just achieved.

It seems that the success of ApeCoin runs in the family, since it shares genes directly with the most famous non-fungible tokens that can be found.

We refer to the eccentric NFTs of Bored Ape Yacht Club . The same ones that unleashed the NFT fever in 2021, winning the favor of famous and not so famous, but wealthy.

So is. ApeCoin (APE) comes to fulfill the dream that BAYC followers have cherished for so long: to have their own token.

“ApeCoin has landed”

“The Eagle has landed”, or “the Eagle has landed” were the words that Neil Armstrong pronounced when landing the Apollo 11 module on the lunar surface.

And the ApeCoin thing is quite close to “reaching the Moon”, according to what is understood in the world of cryptocurrencies.

Although it was not an escalation in its price; just by being put on the market, it got among the best traded cryptos .

ApeCoin came into the world on March 17, so it is not a recent currency, but what is before. The APE Foundation made the long-awaited announcement, auguring the best for the new crypto.

Apecoin - What is ApeCoin (APE)? The long-awaited Bored Ape Yacht Club token arrives

It has gone well for him, at least at first. According to CoinMarketCap records, that day the token began trading at USD 1, reaching USD 39.40 in a few hours .

In a jump, sheltered by the fame of Bored Ape Yacht Club, ApeCoin was positioned at #33, among the 100 cryptos with the highest market capitalization.

Some time ago something similar happened with The Internet Computer (ICP, USD 17.30), a coin that reached third place in the ranking a few hours after its premiere in the ecosystem.

Coincidence or not, at the moment both currencies are almost at par. ICP is ranked #35, while ApeCoin follows at #36.

fleeting fame

From the moment APE touched $40, several CMC users predicted the fall to come . And they did not fail at all.

Some warned not to buy at launch, others dared to speak of a “rug pull” scam . User @mattlebreton77 referred to the way the tokens were allocated as the main cause of the drop.

More optimistic was NigarPhg, commenting that ApeCoin could become the next crypto phenomenon , just like Axie Infinity .

The truth is that the price of APE deflated as fast as it rose. Showing crying emoticons, one of the users confessed to having bought ApeCoin for USD 50. But we are in the crypto world and anything can happen.

Tokens from the sky

The guys at Yuga Labs, authors of APE, doled out the first tokens to those in possession of Bored Ape Yatch Club, Mutant Ape Yatch Club, and Bored Ape Kennel Club NFTs.

This trio of clubs, for now, are the core of the so-called “APE Ecosystem”, the main recipient of the token’s functionality .

Bored Ape Yacht Club are the original NFTs, whose picturesque headquarters are located in the swamps. By drinking a portion of the so-called “mutant serum”, each BAYC can transform into an NFT Mutant Ape Yacht Club.

There are up to three sera, M1, M2 and M3, which give rise to three different types of mutant apes.

Since life in the swamps is often lonely, Yuga Labs allowed the BAYCs to adopt pets. Such was the objective for the appearance of the Bored Ape Kennel Club, some NFT dogs that serve as company for the apes of the club.

apecoin airdrop - What is ApeCoin (APE)? The long-awaited Bored Ape Yacht Club token arrives

The Kennel Club quadrupeds were assigned free of charge to anyone who wanted to adopt one. As the ApeCoin distributed by airdrop at its launch were also free.

Whoever had a Bored Ape , or a Mutant Ape, would receive 10,094 tokens in the first case, and 2,042 in the second. Apes accompanied by their respective Bored Ape Kennel Club pet would get 10,950 ApeCoin (in the case of Bored Ape) and 2,898 if the owner was a Mutant Ape.

Now what they were commenting on CoinMarketCap is explained. Such a generous gift caused, according to users, a massive sale of ApeCoin that ended up denting its price.

ApeCoin (APE)

As of this writing, CoinMarketCap reports that ApeCoin (APE) has lost 49% of its value over the past 24 hours. The token is trading for $13.88 and appears to be recovering towards $14.

There will only be a total of 1,000 million ApeCoin in existence , with a current circulation of 277 and a half million. Its marketcap is USD 3,822,819,079.

62% of the tokens will be used to finance the APE ecosystem. Those distributed through the airdrop are included there. 8% goes to the founders of BAYC, and 16% to Yuga Labs (who will donate a portion).

Yuga Labs will award 14% to those who acted as collaborators in the launch of ApeCoin.

Where to buy and store ApeCoin

Approximately 45 cryptocurrency exchanges currently offer APEs on their platforms. They present higher volume Binance (24%), Mandala Exchange (22.31%), BKEX (5.34%) and Coinbase Exchange (4.82).

APE is mostly paired with Tether (USDT) or Binance USD.

Being an ERC20 token, it is possible to store APE in any wallet compatible with said specification.

“Something big is coming”

This is how the people of Yuga Labs threaten on their Twitter account, when referring to ApeCoin. They seem to be about to surprise everyone with the release of a game, “The Otherside” .

There the APE token will be accepted as a means of payment. The same will be done by the Arcade people in their Arcadeverse. Additionally, Arcade will turn NFTs from the APE ecosystem into animated avatars to play with.

Will we have staking? Yes, we will have APE staking . At least Animoca Brands has already submitted the proposal to the ApeCoin DAO.

If approved, it will be possible to start collecting passive income in five months, or a little sooner.

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About Author

Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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