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ApeCoin - APE

Updated: Jul 12

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What is ApeCoin (APE) and how does it work?


ApeCoin is an ERC-20 token launched in 2022 on the Ethereum blockchain, and as such, it operates under a proof-of-work (PoW) protocol. ApeCoin is a utility and governance token used within the APE ecosystem to empower and incentivize the decentralized community to build and innovate within web3. This token is held by the token holders and used within a governance framework to control the ApeCoin DAO and vote on changes that the ApeCoin DAO Ecosystem Fund should adopt. Any community members can put forward the change proposal, and the foundation has the job of administering these proposals.


APE tokens are redeemable on the ApeCoin website for anyone holding a Bored Ape, a set of NFTs that are part of the Bored Ape Yacht Club (BAYC) project. BAYC is a collection of 10,000 unique NFTs that act as a membership for the club and grant access to members-only benefits, such as ‘The Bathroom’, a collaborative graffiti board, exclusive events, and more perks that are still currently in development. These NFTs were sold at 0.08 ETH during an initial sale and are now available to purchase on the NFTs exchanges such as Opensea.



ApeCoin token is used for governance, allows holders to participate in the ApeCoin DAO, and gives participants a share of the available currencies used within centralized intermediaries. Out of the total supply, just over 60% of the funds were allocated to the Ecosystem Fund, whose aim is to support community-driven initiatives voted by the community members. ApeCoin token also grants access to exclusive games and services, otherwise inaccessible.


After creating the collection of Apes and the whole ecosystem, founder Yuga Labs gifted the foundation with a 1 of 1 NFT that doesn’t share many traits with the other Apes in the collection, as well as conveying all of the rights and privileges of his collection, including the underlying artwork to the Foundation. As a result, the ApeCoin DAO members can now decide how to evolve the project and the ecosystem and how to use the intellectual property from the project in the future.


All the tokens were minted at once with a fixed total supply of 1 billion. After launching in early March of 2022, 30.25% of all tokens were released and are in circulation. After that, additional tokens are released at regular intervals over 48 months, following a dynamic schedule release that will constantly change based on different market conditions.

 

Coin Analysis

Last update 3/7/2022


ApeCoin was first listed on Binance in March of 2022. Unlike many other cryptocurrencies that were struggling during that period, APE crypto had a successful launch, was listed below $1, and quickly rose to $16. This was followed by a continuation of the initial momentum, growing as much as $26 in the weeks following its launch and reaching this new high in May of 2022.


However, this move was short-lived and ApeCoin’s trend would soon change, reverting and following most other cryptocurrencies in a freefall. After reaching the ATH APE crypto fell back to its support around $16, and then to its lower one at $16, before falling through the next one and going as low as $5. Here APE would stabilize and make a lateral move for some days before falling again and establishing new support around $3.90.

APE/BUSD daily candles chart
APE/BUSD daily candles chart

Since dropping to $3.90, APE crypto has formed a range around this level, fluctuating between that price and the resistance price around $5.70. APE price has reached its 20EMA on the daily chart, a key level as it seemed to correlate strongly to its moving averages in the past. If APE manages to hold this level and regain the next resistance, which also coincides with the 50EMA, it is likely to see a trend reversion and prices move to higher levels.


APE is available for trading on BmyBit.com dApp.


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APE coinmarketcap

ApeCoin website

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