What is ApeCoin?
ApeCoin is a new cryptocurrency that was released on the Ethereum (ETH) network. It is the native cryptocurrency for the APE ecosystem, which includes the ApeCoin DAO and all services and products that utilize APE. ApeCoin was created by Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, and has been adopted as the primary token for all new products and services.
The Bored Ape Yacht Club, which was launched in April 2021, is comprised of thousands of individual ape NFTs, each with its own distinct facial expressions and clothing. The concept gained popularity when celebrities such as Jimmy Fallon, Justin Bieber, and Paris Hilton invested significant sums in the Bored Ape NFTs.
ApeCoin is intended to serve as the decentralized protocol layer for various community-led initiatives and is managed by the APE Foundation, which administers the decisions of the ApeCoin DAO (decentralized autonomous organization). The holders of ApeCoin are the only voters in the DAO, which the Foundation facilitates.
The ApeCoin token aims to facilitate the establishment and growth of a decentralized web 3.0 community by enabling governance, access to exclusive items and events, incentivization for third-party developers, and spending without centralized intermediaries. The total supply of ApeCoin is permanently fixed at 1 billion tokens and will be distributed among four main groups. 62% of the total ApeCoin tokens are reserved for BAYC and MAYC NFT holders and the DAO treasury, while 150 million APE has been allocated to Yuga Labs and 10 million APE has been allocated to the Jane Goodall Legacy Foundation. In addition, 140 million APE has been allocated to "the companies and people that made this project a reality," and 80 million APE has been allocated to the Bored Ape Yacht Club founders, which are "locked" for the first year and then unlocked gradually over 36 months.
ApeCoin is an Ethereum-based ERC-20 token with a total supply of 1 billion tokens, all of which were minted in one go. It is being traded on several exchanges, including Binance, Coinbase, KuCoin, Huobi, and Kraken, and has a projected market capitalization of $2.93 billion. Despite being a relatively new cryptocurrency, it is already ranked 47th in market capitalization as of April 2022.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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