According to the team behind APE, there are plans ahead for the token, naturally, including exclusive games and services. Decentralized exchanges are smart contract-powered online trading platforms that enable users to trade crypto on a peer-to-peer basis without https://www.xcritical.com/ the need for a central authority. Airdropping tokens is a common marketing tactic to get new blockchain projects into people’s wallets. This attracts public scrutiny and triggers the FOMO instinct—fear of missing out. After all, we have seen multiple times how token appreciation can mint millionaires overnight based on wild price swings.

What You Need To Open a Cryptocurrency Exchange Account

The signal line is attempting to cross below the SMA line, which usually signals a shift in momentum toward the downside and increasing selling pressure. If this crossover happens, it could reinforce the likelihood of continued declines, leading traders to reconsider their positions amid the weakening bullish sentiment. The College Investor® provides the latest news and analysis for what is coin ape saving and paying for college, student loan debt, personal finance, banking, and college admissions. He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. So if you have your Apes in different wallets, you need to connect each one.

Join our free newsletter for daily crypto updates!

In the context of the growing metaverse, ApeCoin could serve as a key to unlock premium experiences, exclusive virtual real estate, or limited-edition digital assets. This access function helps to create a vibrant, engaged community around the token. It’s a tool for governance, a ticket to exclusive experiences, and a medium of exchange in a growing digital ecosystem. The token’s versatility sets it apart in a crowded field of digital assets, offering holders a range of opportunities beyond simple transactions. While current Bored Ape and Mutant Ape NFT holders will benefit most initially, given that they all get a free stash of valuable tokens that they could sell off, anyone can buy APE from popular exchanges.

Step 3: Select ApeCoin among the available assets and buy the token

Instead, it is a gamified metaverse platform where users can use their NFTs from other collections as playable avatars. In addition, APE is adopted by Yuga Labs as the primary token for all new products and services. Yuga Labs is the creator of the trending Bored Ape Yacht Club (BAYC) NFT collections. It also owns the IP of another two popular NFT projects, CryptoPunks and Meebits. Projects on the Ethereum blockchain can easily communicate with other projects, using the functionality of other protocols to benefit your own. This relationship attracts more protocols and developers to work on the Ethereum chain, in turn making the ecosystem richer with utility.

This versatility could lead to a rich ecosystem of ApeCoin-compatible applications, potentially driving demand and utility for the token. The limited supply also plays into the token’s potential as a store of value, similar to Bitcoin’s fixed supply model but with the added utility of governance and ecosystem access. The fixed supply of 1 billion tokens creates scarcity and potential for value appreciation. This cap on supply is written into the token’s smart contract and cannot be changed without a major overhaul of the entire system, providing a level of certainty to holders about the token’s long-term supply dynamics. The ApeCoin DAO allows token holders to have a say in the ecosystem’s development.

ApeCoin DAO is the community in charge of governing the entire ApeCoin ecosystem. Each member of the DAO has the right to submit or vote on protocol proposals and basically participate in all things related to the ecosystem. You are eligible to become a member by simply holding ApeCoin in your wallet. Bored Apes have enjoyed tremendous success in the NFT market– seeing a rise from a minting price of 0.08 ETH to an average all-time high of 152 ETH, or $434,000 in April 2022.

• Anything that is somewhat tied to apes has received a lot of speculative trading.
• The transaction function of ApeCoin is particularly interesting in the context of the metaverse, where it could become a standard currency for a wide range of digital interactions and commerce.
• If Otherside eventually incorporates a P2E mechanic, APE could be given as rewards to players.
• The choice of the Ethereum blockchain for ApeCoin brings both advantages and challenges.
• ApeCoin is designed to be used in any number of web3 and metaverse projects, but perhaps the most notable one (which came soon after ApeCoin’s release) was the release of Otherside land NFTs.

In today’s market, something like ApeCoin needs to show real value to remain relevant. The development of ApeCoin DAO, along with the new staking platform, has set ApeCoin apart from the rest of the rabble. The odds are stacked against ApeCoin, especially if the bear market is prolonged. While its survival is trivial, those on the inside of the DAO have the ability to guide it through this crypto winter. ApeCoin can be purchased on centralized and decentralized exchanges (DEXs).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product’s website.

If you’re thinking of APE-ing in to the buzzy token, here’s a look at how ApeCoin works, who’s eligible to claim a stash of them, and the various purposes that ApeCoin DAO has in mind for the just-launched token. Let’s take a look at the requirements to open an account on a crypto exchange. Alex is a banker-turned-bitcoiner who ditched the bond trading desk for working remotely from all corners of the world, creating engaging and educational content for Bitcoin startups and crypto media publications. ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned.

This backing has helped ApeCoin quickly establish itself as a notable player in the crypto space. Some critics argue that the close tie to BAYC centralizes control of ApeCoin, contradicting principles of decentralization. Others see it as a strength, providing a solid foundation for the token’s growth. CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner. José is a copywriter and journalist with over 4 years of experience in the crypto field.

It facilitates the growth and development of the APE ecosystem in a fair and inclusive way. The Board consists of 5 members from the tech and crypto community, including Reddit co-founder Alexis Ohanian. As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis.

These contracts govern the distribution, transfer, and management of the tokens. The ApeCoin DAO plays a crucial role in decision-making processes, with proposals and voting conducted transparently on-chain. However, being on Ethereum also means that ApeCoin is subject to the network’s limitations, particularly in terms of transaction fees and processing times during periods of high network congestion.

Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. ApeCoin DAO members vote as a community on issues impacting the direction of the ecosystem’s growth, from how funds are allocated, how rules are enforced, what partnerships to pursue and which projects to undertake. The “metaverse” bit in that equation just means that people can use their MetaMask wallet to import their NFTs. As for the Otherside gameplay itself, not much has yet been revealed (at the time of writing), except it will be “immersive and supported by AI and physics.” Otherside aims to be more than just a blockchain game, similar to the mega-popular Axie Infinity.

The token also exists to incentivize third-party developers to participate in the APE ecosystem by building applications that incorporate ApeCoin. 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. Neither BAYC NFTs nor upcoming concrete software constitutes social media vaporware, which meme coins revolve around. In fact, those interested in becoming a part of the APE ecosystem can take advantage of Otherside’s upcoming SDK (software development kit).

This ERC-20 token was airdropped to wallets holding BAYC NFTs, including those that held Mutant Ape Yacht Club (MAYC) NFTs. The token can also be purchased on the open market through a crypto exchange. The price per token is trading at just under $4, with a market capitalization that is chopping around $1.3 billion. The token’s unique position at the intersection of NFTs, community governance, and metaverse development makes it a fascinating case study in the evolution of digital assets. By empowering its community through decentralized governance, ApeCoin aims to create a self-sustaining ecosystem that can adapt and thrive in the rapidly changing landscape of Web3 and beyond.