APE coin was once a remarkable phenomenon in the NFT and cryptocurrency market. APE once appeared strongly on leading exchanges such as Binance, FTX, Coinbase... Let's explore together what APE is and what makes this project so special.
APE coin is a prominent project and attracts the attention of many investors who love the NFT market in particular and cryptocurrencies in general. But what is APE and what is unique about it? Is investing in APE coin a wise choice at the moment? Let's find the answer together in the following article.
What is APE coin?
APE Coin is a special token of two major NFT collections on Ethereum, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). APE Coin is a decentralized governance token, built and controlled by the community, giving the community the power to shape and guide important project decisions. The main function of APE Coin is to Metaverse the project's activities, creating an independent virtual space in the real world.
How APE Works
APE operates within its ecosystem with governance from the ApeCoin DAO and support from the APE Foundation. ApeCoin DAO is a decentralized organization that allows APE token holders to participate in the organization's governance decisions. By holding tokens, users have the right to participate in making decisions on how to allocate Ecosystem funds.
Users can decide on aspects like governance rules, project priorities, and partnerships. The APE DAO will then execute these decisions.
The APE Foundation, a legal governing body, was created to promote the comprehensive growth of the APE ecosystem. The APE Foundation Board of Directors ensures community control by consisting of 5 members, including Reddit co-founder Alexis Ohanian.
APE holders will vote for new members annually, and the board of directors will monitor the implementation of the DAO community's decisions. This creates a consensus and transparent governance structure that will help shape the future of the APE ecosystem in a positive direction.
APE Ecosystem
The APE ecosystem includes the APE coin community and many unique products and services. NFT collections connected to this ecosystem include:
Bored Ape Yacht Club (BAYC): APE's first NFT collection, launching in April 2021 on the Ethereum blockchain. BAYC features 10,000 unique apes, each with unique physical characteristics and personalities.
Mutant Ape Yacht Club (MAYC): consists of 20,000 mutant apes from BAYC. In addition to being an NFT collectible, Mutant Ape's other purpose is to welcome newcomers to the APE community.
Club Dog (BAKC): a collection of dog NFTs, for BAYC owners. Each Bored Ape NFT owned by a user can adopt a Club Dog NFT. With 10,000 BAKC NFTs, this is a diverse and unique community.
Otherside Metaverse: consists of 200,000 virtual plots of land. Users can own them through buying or minting Otherdeeds - NFTs that act as ownership certificates for virtual plots of land
What is APE token used for?
APE was issued to serve as the official currency for the ApeCoin DAO. The APE token is primarily used to consolidate spending within the community, creating a currency that members can use without the need for a centralized intermediary.
APE is an important tool for third parties, developers can integrate APE into other games, services and projects in the ecosystem. APE is also the main payment method in the Bored Ape Yacht Club ecosystem. Using APE not only helps to make transactions smoothly, but also provides access to new products and future development opportunities.
Outstanding features of APE
The APE Foundation
APE Foundation is the governing body of ApeCoin, consisting of the ApeCoin community. It is a decentralized governance support fund, whose main tasks are to oversee the decisions of ApeCoin DAO, project management, accounting and other tasks. The main goal is to ensure that the DAO community idea is supported and turned into reality.
APE Foundation uses the Ecosystem Fund to pay for expenses as directed by the ApeCoin DAO, and provides infrastructure to support ApeCoin holders through an open governance process. Thereby, ensuring the comprehensive development of the APE ecosystem.
Decentralized Autonomous Organization (DAO)
ApeCoin DAO is a decentralized autonomous organization responsible for building and managing a global community, playing an important role in the APE ecosystem. The APE Improvement Proposal Process allows members of the ApeCoin DAO to participate in decisions about Ecosystem Fund allocation, projects, governance rules, partnerships, and other important aspects.
The Board
The Board of ApeCoin DAO follows the rules of the DAO members and is responsible for overseeing the organization's administrators. The main purpose of the board is to manage proposals from the DAO and consider community opinions. The board does this based on the rules of the ApeCoin DAO and will serve for a 6-month term, after which new board members will be elected at an annual election.
APE coin price history
The price of APE coin started on March 17, 2021, at around $5. The token increased sharply by more than 250% in just a few days, reaching $16. The price of APE coin remained stable at this level for about a month.
In April 2021, APE coin was integrated into the Otherdeeds metaverse mining and raised $320 million, contributing to the highest sales revenue of the BAYC NFT. This event positively affected the price of APE coin, bringing it to a high of $27.5 on April 28, 2021.
However, the overload problem on the Ethereum blockchain, due to the impact of this event, made many people unable to trade NFTs, and the price of APE coin dropped to 14.5 USD just a few days later. In early May 2022, Elon Musk used the image of the Ape on social media, causing the price of Ape to increase by 19% to 17.46 USD.
Amid the global recession affecting the cryptocurrency market, APE coin's market capitalization fell to $2.25 billion, from its all-time high of $7.5 billion.
So should we invest in APE coin?
About the project
The APE project is being touted as an important first step in the Bored Ape Yacht Club universeâs development plans for the coming years. The project plans to sell virtual land in the metaverse, build NFT games, and the APE coin will play an important role as the main cryptocurrency in this ecosystem.
APE was quickly listed on many major exchanges as soon as it was launched, which is something not every project can do, demonstrating the strong appeal of APE coin to the community.
About tokens
Currently, APE coin is priced at 1.3 USD, a price that seems modest compared to the success the project has achieved since its launch. However, in the context of the volatile market and the risk of a global recession this year, the decision to invest in APE coin needs to be carefully considered.
Conclusion
The above is a summary of information about APE coin that has provided a clear view of the project's highlights. Hopefully, through this article, you have gained more knowledge to make reasonable investment decisions for this cryptocurrency.
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