What is ApeCoin? All you need to know about APE token

APEcoin has emerged as a notable project, garnering attention from investors interested in the NFT market and cryptocurrencies in general.

However, what exactly is ApeCoin, and what sets it apart? Let’s explore these questions in this article with AZCoin.

What is APE coin?

APECoin is a token associated with two popular NFT collections on Ethereum: Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).

It is a decentralized governance token, meaning it is owned and controlled by the community, giving them the power to shape and guide important decisions for the project.

APE Coin’s primary function is to facilitate the project’s move into the metaverse, creating a virtual space that is independent of the real world.

How APE works?

APE operates within its ecosystem with governance from ApeCoin DAO and support from APE Foundation. ApeCoin DAO is a decentralized organization, allowing APE token holders to participate in the management decisions of the organization.

By holding tokens, users have the right to participate in decisions regarding the allocation of the ecosystem fund.

Users can decide on aspects such as governance rules, priority projects, and partnerships. APE DAO will then execute these decisions.

APE Foundation, a legally governing body, was created to promote comprehensive growth of the APE ecosystem. The board of directors of APE Foundation ensures community control by including 5 members, one of whom is Alexis Ohanian, co-founder of Reddit.

APE owners will vote for new members annually, and the board of directors oversees the implementation of DAO community decisions. This creates a consensus-driven and transparent governance structure, shaping the future of the APE ecosystem positively.

APE’s ecosystem

The APE ecosystem consists of the APE coin community and various unique products and services. NFT collections connected to this ecosystem include:

• Bored Ape Yacht Club (BAYC): APE’s first NFT collection, launched in April 2021 on the Ethereum blockchain. BAYC features 10,000 uniquely designed apes, each with distinctive physical characteristics and personalities.
• Mutant Ape Yacht Club (MAYC): comprising 20,000 apes that have mutated from BAYC. Besides being an NFT collection, Mutant Ape aims to welcome newcomers to the APE community.
• Bored Ape Kennel Club (BAKC): a collection of NFTs for dogs, intended for owners of BAYC. Each Bored Ape NFT owned by users can adopt a Club Dog NFT. With 10,000 BAKC NFTs, this is a diverse and unique community.
• Otherside Metaverse: consisting of 200,000 virtual land parcels. Users can own them through trading or minting Otherdeeds – NFTs serving as proof of ownership for virtual land parcels.

What is APE token used for?

APE is released as the official currency for ApeCoin DAO. The main purpose of the APE token is to consolidate spending within the community, creating a currency unit that members can use without going through centralized intermediaries.

APE is an essential tool for third parties, developers can integrate APE into games, services, and other projects in the ecosystem. APE is also the primary means of payment within the Bored Ape Yacht Club ecosystem. Using APE not only facilitates transactions but also provides access to new products and development opportunities in the future.

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Outstanding features of APE

The APE Foundation

APE Foundation is the governing body of ApeCoin, consisting of the community of ApeCoin owners. It is a decentralized management support fund, primarily tasked with overseeing decisions of the ApeCoin DAO, project management, accounting records, and other duties. The main goal is to ensure that the community-driven DAO concept is supported and turned into reality.

APE Foundation utilizes the Ecosystem Fund to cover expenses as directed by the ApeCoin DAO, while also providing infrastructure to support ApeCoin owners through an open governance process, ensuring the comprehensive development of the APE ecosystem.

Decentralized Autonomous Organization (DAO)

ApeCoin DAO is a decentralized autonomous organization responsible for building and managing a global community within the APE ecosystem. The APE Improvement Proposal Process enables members of ApeCoin DAO to participate in decisions regarding the allocation of the Ecosystem Fund, projects, governance rules, partnerships, and other important aspects.

The Board

The Board of ApeCoin DAO follows the principles of its DAO members and is responsible for overseeing the organization’s administrators. The main purpose of the board is to manage proposals from the DAO and consider community feedback. The board carries out this work based on the rules of ApeCoin DAO and will serve for a 6-month term, after which annual elections will select new board members.

APE coin price history

The price of APE coin started on March 17, 2021, at around $5. The token saw a significant increase of over 250% in just a few days, reaching $16. The price of APE coin remained stable at this level for about a month.

In April 2021, APE coin was integrated into the Otherdeeds metaverse land mining and raised $320 million, contributing to the highest sales revenue of NFT BAYC. This event had a positive impact on the price of APE coin, pushing it to a peak of $27.5 on April 28, 2021.

However, due to the Ethereum blockchain overload caused by this event, many people were unable to trade NFTs, leading to a drop in the price of APE coin to $14.5 just a few days later. In early May 2022, Elon Musk used an image of an Ape on social media, causing the price of Ape to increase by 19% to $17.46.

Amid the global cryptocurrency market downturn, the market capitalization of APE coin decreased to $2.25 billion, compared to its all-time high of $7.5 billion.

Should you invest in APE coin at this time?

About the project

The APE project is presented as a significant step in the development plan of the Bored Ape Yacht Club universe in the coming years. This project aims to sell virtual land in the metaverse, develop NFT games, and the APE token will play a crucial role as the main cryptocurrency in this ecosystem.

APE was quickly listed on several major exchanges upon its launch, which is not something every project can achieve, proving the strong appeal of the APE coin to the community.

Regarding the token

Currently, the price of APE coin is 1.43 USD, a seemingly modest level compared to the successes the project has achieved since its launch. However, given the volatile market conditions and the risk of global recession this year, investing in APE coin should be carefully considered.

Conclusion

The above is a summary of information about APE coin that has provided a clear insight into the project’s key points. It is hoped that through this article and Evaluation Process on AZCoin, you have gained more knowledge to make informed investment decisions regarding this cryptocurrency.