Should you get in on ApeCoin or stay the hell away from it!?
ApeCoin was made available to retail investors on Wednesday, March 16th.
The cryptocurrency comes from a partnership between The Bored Ape Yacht Club and a decentralized company, ApeCoin DAO.
The new cryptocurrency has gained the attention of the retail community primarily invested in NFTs and crypto.
But stocks, crypto, NFTs, that’s what the new generation is all about.
ApeCoin started at $1 per token and is currently trading over $14!
Will the cryptocurrency continue to go up in value?
Let’s talk about it.
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What is ApeCoin?
ApeCoin is a cryptocurrency deriving from the Ethereum blockchain launched by the Bored Ape Yacht Club (BAYC).
If you don’t know who BAYC is chances are you might have seen their popular NFTs online at some point.
They depict creative and stylish bored apes that sell tremendously high on the market!
Below is a gallery of their work.
The company Yuga Labs is the creator of both the Bored Ape Yacht Club and now ApeCoin.
ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund.
What is the purpose of ApeCoin?
ApeCoin ($APE) is a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.
The cryptocurrency is essentially creating a token for members of its community to further enrich its NFT culture.
Will Yuga Labs’ new cryptocurrency have the same ‘status’ as Bored Ape Yacht Club NFTs do?
It’s certainly possible, but I’d love to hear your thoughts on this in the comment section at the end of the article.
The project is looking to create value within the blockchain culture, which has many possibilities that are still to this date unknown.
Just like when the internet was new, this new culture of blockchain technology is going to change the world.
Crypto, NFTs, and everything that we currently know in the space is just the beginning.
Where can you buy ApeCoin?
You can buy ApeCoin through a crypto exchange such as:
Something curious happened when the new cryptocurrency launched, it was available on every major crypto exchange.
The crypto is still fairly new and I anticipate as it continues to gain more attention, more retail investors will take a position.
How many ApeCoin tokens are in circulation?
ApeCoin has a total max supply of 1 billion tokens and 277.5 million are currently in circulation, which equivalates to only 28% of the total supply.
ApeCoin’s total max supply is less than Cardano (ADA, 45b), Ripple (XRP, 100b), and Algorand (ALGO, 10b).
While the new cryptocurrencies circulating supply is relatively low compared to its max supply, investors must be aware that developers may increase the circulating supply at any moment.
Increasing the supply (like any other cryptocurrency) would lower the price of ApeCoin.
The cryptocurrency is still a highly speculative play and investors should always due extensive research to identify and estimate whether the cryptocurrency will continue to go up in value.
Open an account with Coinbase
Interesting facts about ApeCoin
The creators of ApeCoin distributed the cryptocurrency for free to every Bored Ape Yacht Club holder.
For each Bored Ape you own, you’re entitled to 10,094 $APE.
That’s equivalent to $150,000 today.
So far, around 110 million APE tokens have been claimed by NFT holders.
Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation.
140 million $APE will go to the companies and people that helped initiate the project.
The 80 million $APE going to its founders of Yuga Labs will be locked for the first 12 months so holders cannot cash out and tank the price.
So, is APE worth buying and holding for a year?
Let me know what you think in the comment section below.
How is ApeCoin being used?
A mobile game called Benji Bananas, developed by Animoca Brands (whose co-founder, Yat Siu, is on the board of the Ape Foundation), is adopting ApeCoin as a kind of in-game currency.
For 25 ApeCoins, you can buy a Benji Bananas Membership Pass, which lets you earn “special tokens” in-game.
Those tokens can then be swapped for actual ApeCoins.
So far, this is the only utility of APE as it’s relatively new.
ApeCoin is part of the Bored Ape Yacht Club’s ecosystem and I expect a lot more utility will be offered in the future as we enter the metaverse and blockchain technology becomes more familiar.
What we do know is that APE will be used to access merchandise, events, and services later on.
How much is $APE worth?
At the time of this article, ApeCoin is currently trading in the market for $23.85.
Its current market cap is $7.1B with a typical hold time of 25 days according to Coinbase.
An improvement from earlier this March as seen below.
If retail investors decide to go long on APE then we can expect the typical hold time to increase.
ApeCoin is up more than 2,300% since its inception and has gained a lot of popularity across multiple crypto exchanges.
The $12-$13 price range seemed to be a foundation for APE although the cryptocurrency has begun to set new ATHs.
Granted, it’s only been two months, but I’d love to know your thoughts on how high this crypto asset can go.
Open an account with Coinbase
Is ApeCoin a buy?
It’s definitely worth keeping an eye out on it.
What are your thoughts on APE?
Are you buying the new cryptocurrency or are you giving it time and keeping an eye out on more crypto news?
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Leave a comment below with your thoughts and ideas on what’s coming next with $APE.
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Heavy buy IMO