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All you need to know about Apecoin

What is ApeCoin?

If you are active in the crypto market, you have probably heard of NFT tokens by now. The tokens can be regarded as a new market trend. In reality, NFTs are entirely proprietary and non-exchangeable.

They have a special place in the hearts of investors due to their exclusivity. Bored Ape Yacht Club (BAYC for short) is the world’s largest and most famous collector and producer of NFT tokens.

The company Yuga Labs founded the group, and they have created 10,000 unique tokens.

There are no other tokens like these in the world; each is unique. Every token holder in this club is permitted to care for a dog. This dog is a unique token and is entirely exclusive.

The dog token is provided to the owners for free, and they only need to pay for its network. Due to this, this project has drawn the interest of numerous investors, including Elon Musk.

The presence of such famous people in the list of clients caused the attention of a large number of blockchain world activists to be attracted to it.

As a result, the designers decided to develop a unique digital currency named ApeCoin. This currency has experienced rapid growth due to large customers and the high demand for its purchases and sales.

ApeCoin as a popular non-fungible token (NFT)

Since ApeCoin is one of the promising NFT tokens, it is crucial to know NFT s and their mechanism.

Non-Fungible Tokens (NFTs) are a way to record, verify and track ownership of unique assets, Physical or digital. As a result, NFTs can represent artwork, futures contracts, music, books, and real estate – any commodity considered unique or rare. NFTs are minted, stored, and transmitted on a blockchain and, therefore, cannot be confiscated or tampered with by bad actors.

On the other hand, NFTs can provide immediate proof of authenticity and provenance, thus eliminating the problem of counterfeiting. One area where NFTs are very popular is the art world, where digital tokens sell for tens of millions of dollars at major auction houses and beyond.

Aspiring artists who once published their work for free or sold it cheaply are discovering they can cash in on their talent through blockchain technology and NFTs.

Apecoin and metaverse

In addition to being one of the most popular and recent metaverse coins, ApeCoin is also one of the largest. It was created to fuel the growing ecosystem around the famous Bored Ape Yacht Club.

Bored Ape Yacht Club is one of the most successful non-fungible token (NFT) art collections. According to estimates, one of these blockchain art monkeys could be purchased for as little as $100,000.

According to CoinGecko’s data, the floor price for its sister NFT collection, Mutant Ape Yacht Club (MAYC), is $18,500. To harness the popularity of these pricey apes, APE was airdropped to every holder of a Bored Ape or Mutant Ape NFT in March 2022.

Holders of @BoredApeYC NFT will be eligible for the airdrop claim, representing 15% of the total supply of ApeCoin. APE is intended for voting and governance issues and transacting within the “Ape metaverse.

APE has declined since reaching a peak of about a $6.08 billion market cap, and the price of Bored Apes has also decreased.

ApeCoin history

One of the crucial aspects that major investors pay particular attention to is the project’s history and background. The more transparent a project’s background and history, the more appropriate the platform can be for users.

Although ApeCoin tried to provide a transparent background, there are many things that could be improved in this field. ApeCoin quickly gained attention after its launch due to its adoption by the Bored Ape Yacht Club. Following that, this currency’s price began to rise.

Approximately one month after it was released, it hit a record price of $25. Despite these advancements, there still needs to be more information about ApeCoin’s creators. The majority of blockchain proponents think Yoga Lab created this currency.

On the other hand, it is stated on the website of ApeCoin that the creator of this digital currency is ApeCoin DAO. It is crucial to note that most cryptocurrency projects have a decentralized structure.

In the decentralized network, a third organization is created to increase transparency and lack of dominance. To implement the programs, a decentralized organization is built in which all users are members and have the right to vote by having unique tokens.

The ApeCoin project initially created this self-governing organization; therefore, all Ape owners are members and can propose and vote on its programs.

Along with these self-governing organizations, there is a separate entity known as the Ape Foundation, which is in charge of several duties, including the day-to-day administration of the self-governing organization, the realization of BAYC club ideas, and assistance to the coin-holder community.

This foundation is known as the support of the self-governing organization. Unfortunately, the names of the prominent members and developers of the foundation have not been provided.

How does it work?

Another element that directly affects the lifespan of a project is the type of architecture and structure. A network’s effectiveness is directly related to how well it functions.

ApeCoin is built on the Ethereum network. Accordingly, all coins support the ERC-20 standard. This standard is considered one of the safest and most consistent methods for creating digital currency. However, the Ape digital currency itself does not have a unique structure.

In simpler words, its network has yet to use any creativity or original concepts. Although this project’s technology could have been more inventive, it attempted to implement original management concepts. Since its self-governing organization controls its operations, ApeCoin is completely decentralized.

A five-member board also controls the self-governing organization. In addition to the self-governing organization, a foundation has been formed for legal support and daily accounting.

The critical fact is that ApeCoin token holders can alter almost all necessary network actions. In other words, they can vote on various issues such as goals and progressive plans, members of the supervisory board, and the issuance of tokens.

ApeCoin features

Different functionality is another factor that often directly influences the adoption of digital currencies in the blockchain community. Although ApeCoin is less complex than many projects operating in the blockchain world, it can provide appropriate and accepted functionality, which also forms the basis of its influence. In the following, we describe some of its features.

  • Compatibility

High compatibility is one of the most critical factors for the ApeCoin project to quickly attract the attention of investors. This project is compatible with many projects and programs active in the blockchain field due to its compliance with the ERC-20 standard. For example, this currency can be easily transferred through different networks.

In addition, a wide range of other wallets can support it. This feature allowed this project to be listed on many exchanges shortly after its release. Moreover, the holder of this token can store and extract it in the easiest way.

  • Decentralized structure

The decentralized structure is another unique feature of ApeCoin that has caught the attention of major investors. Based on the structure, all critical actions within the network are carried out by the voting of its owners.

This decentralized procedure makes users’ assets practically immune to all kinds of management errors so that they can envision a better future for their investments.

  • High Security

Security is an integral part of any blockchain project. Networks that offer more security may be ideal investment choices. ApeCoin was created based on the Ethereum network and thus supports its unique security standards.

This action makes it impossible to penetrate its vital parts. On the other hand, the difficult verification of its blocks prevents fraudulent actions within the network.

  • Excellent  community

One key feature of the ApeCoin project is closer relationships between token holders. In fact, the project has launched a special forum on its official website where token holders can participate.

They can discuss with each other on this forum about APE cryptocurrency, futures prices, and various programs. This action allows token holders to have a closer relationship with each other.

  • Limited supply

The limited amount of coins is one of the critical factors for developing a cryptocurrency project. The more limited the number of tokens in the network, the higher the probability of success.

The ApeCoin project, like most of its peers, has a limited structure such that a specific range is specified for the number of its tokens. Although, it should be noted that the number of coins is much lower than other projects created on the Ethereum network.

  • High demand

High demand is another unique factor that has allowed the ApeCoin project to enjoy decent price growth. In fact, the crypto network is required to buy BAYC tokens. It is interesting that Yoga Labs owns two other big projects, CryptoPunks and Meebits.

If ApeCoin is accepted for their payments, the existing demand will double. On the other hand, several blockchain programs and games have also accepted this currency for their payments.

All these factors have created considerable demand for buying this crypto. Due to demand and Limited supply, the project has experienced very significant price increases.

ApeCoin roadmap

A project roadmap is one of the most important factors investors look at. The roadmap can outline the development team’s vision and plans.

In simpler words, they specify their goals and objectives for their society through a road map. The ApeCoin developer team has tried to define a clear roadmap for its investors.

The Apecoin developer team has defined a clear roadmap for its investors. In this roadmap, their objectives are described for users in general.

The project has stated on its website that it intends to convert ApeCoin digital currency into the primary currency for purchasing its NFT tokens.

ApeCoin applications

Crypto applications are one of the most important components contributing to its growth. As much as crypto can cover a broader range of affairs and applications, that crypto becomes a more suitable choice for customers.

Considering its short life, ApeCoin has relatively practical applications. Currently, the primary use of ApeCoin is for daily buying and selling.

In fact, it was initially created only to carry out various financial transactions and exchanges in this area. Accordingly, many exchanges have listed this token on their platform.

The second use of ApeCoin is membership in the self-governing organization ape dao. Indeed, users can become members of this decentralized organization and participate in voting within this network.

Finally, making payments on the BAYC network is considered one of the uses of this digital currency. Therefore, users can use this currency to buy NFT tokens available in this collection.

In addition, shortly, this token will be used to pay for Yoga Labs subsets. This action increases the scope of its applications.

The fourth application for IPCoin is to make payments in decentralized applications within the network. The platform has several decentralized applications and games on its platform; each of which has different users.

Final words

ApeCoin is one of the latest high-growth projects in the blockchain world. However, many users need to become more familiar with it. Therefore, we reviewed the network in this article and described it carefully.

In addition, we covered all its various aspects like features, history, and roadmap. Please note that the information provided in this article is for educational and informational purposes only.

All actions taken by readers based on the information contained in our paper is entirely at their own risk.

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