Ape coin is a meme coin that is directly linked to one of the most hyped up and successful NFT clubs of all time: Bored Ape Yacht Club
The group aims to make the $APE coin the go-to coin for all transactions in the Metaverse.
In the next section, we will look at some of the details of the Bored Ape Yacht Club project that ApeCoin gets part of its backing.
What is ApeCoin?
ApeCoin was launched by Yuga Labs as an extension to the popular Bored Ape Yacht Club.
The Bored Ape yacht club was the group leading one of the biggest trends of the time which happened to be ‘Non-Fungible Tokens’ abbreviated as ‘NFTs’.
The company was behind the launch of numerous Bored Ape NFTs such as “Bored Ape”,” Mutant Ape”, “Kennel Club NFT” and so on.
At its launch in April 2021, it cost just 0.08 ETH or less than $200 to mint one NFT. Now the minting cost has gone up to about 100 ETH.
The most expensive bored Ape NFT was sold for about a whopping $2.9 million.
Now that we have looked at the main attractions behind the ApeCoin project let us now look at how the ApeCoin fits into the project and what its tokens are capable of.
Also Read: How To Buy An NFT On OpenSea? All You Need to Know
What is an ApeCoin ($APE) token?
The ApeCoin ($APE) token, when it was first launched on March 17, 2022, was airdropped to all the then-holders of the Bored Ape NFTs.
The ApeCoin entitled the holders of the coin to the following benefits:
- The Holders can vote on Apecoin DAO and decide on how funds should be used.
- They can Deposit and withdraw $APE to use at the BetOnline Sportsbook and Casino and it is predicted that soon $APE can be used as an in-game currency for games such as Benji Bananas.
- Holders can use APE to buy land in MetaRPG, the Metaverse built by Yuga Labs, and in BAYC LAND NFTs
Each Bored Ape NFT was entitled to 10,094 APE, or about $170,000 near its peak price of $17 on 18th March 2022.
The value of the coin has a strong correlation with the projects that are undertaken by the team supporting the coin.
One of the reasons for its popularity was the fact that the coin was listed on major exchanges like Binance, FTF, Kucoin, and Coinbase soon after its launch.
In the next section let us look at what the ApeCoin’s vision for the Future is and how the ApeCoin ($APE) will play a role in it.
ApeCoin’s Vision Towards the Future
APE is set out to become the center of a whole new Web3 build-out that includes games, virtual land, culture, community, and governance.
In this new model of the web, Apecoin holders will automatically belong to an ApeCoin DAO (Decentralized Autonomous Organisation) where they will have the option to vote on ecosystem improvements and the allocation of funds.
Helping to administer functions of this DAO and other ApeCoin activities will be the APE Foundation.
In relevance to their future vision, we will talk about the APE Foundation in the next section. The APE Foundations is the group that seems to be tasked with the actualization of the vision of ApeCoin.
What is the APE Foundation?
The APE Foundation is the project group tasked with spearheading the task to make the APE coin the primary token in the virtual world.
The ape Foundation consists of members like Alexis Ohanian (Co-founder of Reddit), Amy Wu (Head of gaming at FTX), and Yat Siu (co-founder and chairman of Animoca Brands behind the sandbox)
The vision of Ape is to become ‘the’ metaverse currency in multiple integrated games and interconnected metaverses.
In the recent updates about the project, it was also revealed that the APE group has been at the forefront of developing a game together with the multiplayer gaming developer “nWay” which is rumored to feature a giant MechApe as one of its characters.
A general look at the current market standings of ApeCoin ($APE)
With relation to the current trading price of the Ape coin, the coin should gain about 434.15% in order to meet the trading expectations set forward by many major analysts.
Based on the data that has been gathered of the coin at the time of writing this article the market call for the coin is mostly sided to a more bearish run with 7 technical indicators showing a bullish run while 21 technical indicators signaling a bearish run.
The Relative Strength Index (RSI) momentum analysis, which shows the overselling or undersold status of a cryptocurrency shows a point of 40.26 indicating APE coin to be in a neutral position at the current moment.
Read More: Top 10 Metaverse Coins
Final Thoughts
In conclusion, the ApeCoin ($APE) and its tied-up ventures seem to be holding itself to achieve monumental feats in the future.
With its impressive team and development prospects the coin certainly has gained a lot of attention from the community and might soon attract a lot of investors looking to make gains in the long run despite the negative price predictions for the coin.
