ApeCoin Price

Understanding ApeCoin

ApeCoin (APE) is an ERC-20 token introduced in March 2022. The token was meant to power the APE ecosystem, an interconnected community of several popular ape-inspired non-fungible token (NFT) projects, and a world-building metaverse called Otherside.

What is ApeCoin?

ApeCoin is the native token of the APE ecosystem, which consists of the Bored Ape Yacht Club (BAYC), the Mutant Ape Yacht Club (MAYC), the Bored Ape Kennel Club (BAKC), and the Otherside metaverse.

It is an ERC-20 utility and governance token that can be used to pay for goods and services in the APE ecosystem while allowing its holders to vote on governance rules, improvement proposals, and the allocation of funds for new projects.

The token was originally airdropped to anyone with a BAYC or MAYC NFT. Owning it automatically made one a member of a decentralized autonomous organization (DAO) known as ApeCoin DAO, which controls ApeCoin and manages the decision-making process in the APE ecosystem.

Who are the founders of ApeCoin?

While many people associate APE with Yuga Labs, the team behind the BAYC and MAYC NFT projects, it was technically founded by the ApeCoin DAO.

The DAO was created through ApeCoin Improvement Proposal 1 (AIP-1), submitted by Brian Tang, co-founder of a Cayman Island-based consulting firm called Cartan Group.

AIP-1 also created a corporate parent for ApeCoin DAO, known as the APE Foundation, which guided the distribution of APE tokens to stakeholders, including BAYC and MAYC NFT owners, the ApeCoin DAO treasury, the Cartan Group, and Yuga Labs.

The original APE Foundation board included Reddit co-founder Alexis Ohanian, Animoca Brands chairman Yat Siu, and Amy Wu, former head of gaming at the now-bankrupt crypto exchange FTX.

What makes ApeCoin unique?

ApeCoin has several unique features that set it apart from other cryptocurrencies. For instance, it is specifically designed to support the development of a decentralized web3 ecosystem. It also enables its holders to access exclusive features of the BAYC, MAYC, and Otherside projects, including premium services, games, events, and limited series merchandise.

The token is also explicitly linked to NFTs created by Yuga Labs, the company stewarding the Bored Ape Yacht Club and the Mutant Ape Yacht Club.

Exploring the ApeCoin ecosystem

The ApeCoin ecosystem comprises several elements, including Individual token holders, the ApeCoin DAO, and the APE Foundation.

The most prominent member of that ecosystem is Yuga Labs, which has adopted APE as the primary cryptocurrency for its projects, including Bored Ape Yacht Club and Mutant Ape Yacht Club.

During the APE token airdrop, Yuga Labs received 150 million tokens, which was 15% of APE’s total supply of one billion. Other beneficiaries of the APE airdrop and constituents of the APE ecosystem include the Jane Goodall Legacy Foundation, which received ten million ApeCoins, and several launch contributors, who together received 140 million APE tokens.

Overseeing all these token holders and DAO members is the Ape Foundation, led by five prominent crypto investors, each appointed for one year. The current leaders, known as the Special Council, are Bored Ape G, Gerry, Vera Li, Waabam, and CaptainTrippy, who replaced Reddit co-founder Alexis Ohanian on July 1, 2023.

How does ApeCoin work?

ApeCoin was developed on the ERC-20 standard, allowing it to operate on the Ethereum blockchain and ensuring compatibility with Ethereum wallets, exchanges, and assorted infrastructure.

It can be transferred between ETH addresses, with holders able to send and receive the token in their Ethereum wallets. Furthermore, these transfers are recorded on the blockchain, guaranteeing their transparency and immutability.

And as far as governance is concerned, APE holders can run the associated ApeCoin DAO by voting for proposals related to the token’s future development, the allocation of funds, and other community-led initiatives.

Holding APE also provides users of the ecosystem with exclusive features and benefits, including access to premium events, web3 games, and limited edition merchandise.

Finally, like most cryptocurrencies, the value of APE largely depends on the supply and demand dynamics in the market. Its price can fluctuate depending on factors such as overall market sentiment, adoption, use cases, community engagement, and the overall success or failure of the APE ecosystem it powers.  

Creation of ApeCoin

While Yuga Labs has tried to distance itself from the creation of APE, given the token’s strong affiliation with Yuga’s most prominent projects, namely BAYC, MAYC, and the Otherside metaverse, the general belief is that Yuga Labs conceptualized ApeCoin as part of a broader vision for its projects’ shared ecosystem.

ApeCoin’s developers designed it as an ERC-20 token to give it greater interoperability and compatibility with the broader Ethereum infrastructure. It was distributed via an airdrop on March 17, 2022, with every BAYC or MAYC NFT owner eligible to receive a portion of APE. BAYC holders received 10.094 APE tokens, while MAYC holders received 2.042 APE tokens for each NFT they owned.

Yuga Labs’ founders also got a considerable share of the total supply of APE, and the firm is identified as a contributor to the project.

Overview of the ApeCoin ecosystem

The communities and projects making up the broader APE universe can be split into three; the Bored Apes, the Mutant Apes, and the Otherside metaverse. All three are held together by the APE token, which serves as their primary medium of exchange.

Let us take a closer look at each element of the APE ecosystem:  

The Bored Ape Yacht Club (BAYC)

BAYC launched in April 2021 on the Ethereum blockchain with 10,000 one-of-a-kind NFTs. Each digital art piece featured an algorithm-generated cartoon ape profile image with a distinct appearance, design, and scarcity.

It was the first NFT series in the ApeCoin ecosystem, and it enjoyed great success at the height of the digital art boom in 2021, with some pieces selling for as much as $3.4 million.

The project established itself as an NFT staple when major sports stars, actors, and musicians, including Justin Bieber, Eminem, and Jimmy Fallon, started purchasing Bored Ape pieces to use as profile photos on their social media pages.

BAYC also featured a sub-series of NFTs known as the Bored Ape Kennel Club, which are dog-themed digital artworks Bored Ape holders could adopt as “pets” for their BAYC NFTs.

However, BAYC has had its fair share of scandals and challenges, ranging from charges of using racist images to an inquiry by the U.S. Securities and Exchange Commission (SEC) for potentially violating securities laws.  

Mutant Ape Yacht Club (MAYC)

The Mutant Ape Yacht Club is the follow-up collection to BAYC. Yuga Labs launched the project in Aug. 2021, and it is made up of 20,000 modified Bored Apes. The company created the series by airdropping 10,000 so-called mutant serums to the original Bored Ape NFT holders, allowing them to develop mutated versions of their NFTs.

While a “vial” of the mutant serum sold for 3 ETH during the airdrop, increased demand from Bored Ape enthusiasts saw their prices jump to as much as 7 ETH, which at the time was equivalent to about $22,400.

The mutant serum, a clever name for a unique smart contract, came in three types, M1, M2, and M3, also known as Mega Mutant. They allowed Bored Ape holders to add to the uniqueness of their NFTs’ traits and create as many as three new Mutant Apes. However, each BAYC could only produce one mutant from a single serum type, and the serum was destroyed after usage.

ApeCoin (APE)

At the heart of the APE ecosystem is ApeCoin, the governance and utility token supporting the APE community. There are plans to incorporate ApeCoin into all future Yuga Labs projects and enable holders to access exclusive goods, events, and services.

The token can be used to reward BAYC and MAYC holders and allow third-party developers to participate in the APE ecosystem by incorporating it into their games or services.

ApeCoin is also set to be merged into the Otherside metaverse, possibly making it a transaction token on metaverse marketplaces.

Otherside Metaverse

The Otherside metaverse is the final piece of the APE ecosystem, at least for now. Yuga Labs debuted the 3D world in 2022 in partnership with the Hong Kong-based gaming software company Animoca Brands.

In Otherside, users can create their own unique realms using Otherdeed NFTs, which represent plots of land that can evolve over time. Its fanciful terrain is filled with strange creatures and valuable resources, and it engages users via narrative-driven gameplay spanning 11 chapters of stories.

ApeCoin price and market data

APE price

ApeCoin is currently changing hands at $1.26.

ApeCoin price history

Like most cryptocurrencies, APE has experienced numerous price fluctuations since its launch. The token has see-sawed between a high of $26.70 and a low of $1.01.

It initially sold for an average price of $9 within the first few hours of trading, but since then, the token has traded chiefly between the $3 to $7 range.

However, by mid-2023, APE prices started stagnating around the $2 range, mirroring the loss in value of some of the APE ecosystem’s highest-priced assets. According to reports, BAYC NFTs have lost as much as 90% of their market value since they peaked a year ago.

Daily trading volume of ApeCoin (APE)

ApeCoin’s latest trading volume stands at $60,403,837.

All-time high for ApeCoin (APE)

Since it was introduced in the market, APE has recorded an all-time high price of $26.70.

All-time low for ApeCoin (APE)

Following severe volatility in the market on October 10, 2023, ApeCoin registered its lowest-ever price of $1.01.

Market cap of ApeCoin (APE)

ApeCoin currently has a market capitalization of $790,995,676

Fully diluted valuation of ApeCoin (APE)

As of April 26, 2024, APE’s fully diluted valuation stands at $1,259,866,417. The token has a maximum supply of 1 billion, each currently priced at $1.26.

Where can you buy ApeCoin?

You can buy ApeCoin from major crypto exchanges, including Coinbase, Bitstamp, and Binance, through a simple process that mainly involves three steps; signing up on the exchange, completing the know your customer (KYC) process, and depositing fiat or crypto currency to buy APE tokens.

Adding ApeCoin (APE) to MetaMask

If you want to transfer APE tokens to your Metamask wallet, the process involves importing APE as a custom token.

To successfully add APE to your Metamask wallet on the Ethereum Network, follow these four simple steps:

• Make sure you are connected to the Ethereum Network on your Metamask wallet. It ensures that you operate within the correct network where APE tokens exist.
• Access the Metamask interface and navigate to the Import Tokens section. Look for the option labeled Import Custom Token and select it. This step allows you to add tokens not automatically recognized by Metamask.
• Now, it’s time to obtain the Ethereum contract address for APE. You can find this information on any reliable source that provides token details. Copy the Ethereum contract address provided for APE.
• After copying the Ethereum contract address, return to your Metamask wallet and double-check that APE is correctly detected. You can do this by ensuring that the token symbol (APE) and decimal places align with the information provided by the token’s contract. Once you’ve confirmed the accuracy, select Add Custom Token to finalize the integration of APE into your Metamask wallet.

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