ApeCoin (APE) Review (8.9/10⭐)

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ApeCoin (APE) is the native token on the Bored Ape Yacht Club( BAYC) ecosystem which is amongst the most sought-after NFT collections. It is a web3 and metaverse token that empowers the decentralised token community on the Ethereum blockchain. The token is derived from the ApeCoin Decentralised Autonomous Organisation( DAO) despite its association with YogaLabs. It is an ERC-20 token that users have as a utility token on the network. The token can be used in four major ways. These include incentivisation, access, governance, and unification of spend.

 

A Bit About ApeCoin

ApeCoin DAO launched the ERC-20 cryptocurrency and is supported by the APE foundation. There is an initial board to serve for 6 months before token holders vote for another board. The current foundation's board includes: Alexis Ohanian - Reddit co-founder and General Partner of Seven Seven Six Amy Wu - Head of Ventures and Gaming at FTX Maaria Bajwa - Principal at Sound Ventures Yat Siu - Co-founder and Chairman at Animoca Brand. Dean Steinbeck - President and General Counsel at Horizon Labs The coin stands for the web3 economy. Token holders on the DAO participate in governance. It includes governance rules, selection of projects, allocation of the Ecosystem Fund, and partnerships. The foundation implements the voting on the governance decisions by DAO members. The coin also serves as a utility token for in-game purchases and as a play-to-earn token in Animoca Brands' Benji Bananas.

ApeCoin is a cryptocurrency for the web3 economy.CryptoLists.com

 

ApeCoin is an ERC-20 token on the Ethereum blockchain that ApeCoin DAO launched with a maximum supply of 1 billion. It primarily serves as the utility and governance coin of the BAYC community. Qualification of the airdrop is for members of BAYC, MAYC, BAKC, and others. 15% of the total supply to BAYC/MAYC holders is allocated to smart contracts. Several celebrities have backed the coin with Yuga Labs being highly associated with the coin. Yuga Labs is a reputable name in the NFT space. It is the primary company stewarding the intellectual assets of the Bored Apes. Token holders under the DAO govern the organisational unit. Holding the cryptocurrency is an automatic qualification to be a member of the DAO without owning a Bored Ape NFT.

 

Utility of ApeCoin?

The following are utilities of the APE token:

Governance: It serves as a governance coin on ApeCoin Dao by allowing its holders to vote on governance issues in the DAO organisational unit.
Utility: It is the utility token in the coin's ecosystem hence it displays the unification of spend on various products and services such as play-to earn games on the BAYC club
Access: The coin serves as a gatekeeper in the ecosystem by limiting access to particular sections such as games, events, and products that are exclusive.
Incentivisation: Third parties can engage in the ecosystem by integrating the token into games and other services. Players of Benji Bananas, a play-to-earn game offer a membership pass. The pass is an NFT facilitating earnings of special coins that you can swap for APE.

 

Advantages of ApeCoin

+ Holders of the coin are automatically members of the DAO and vote.
+ APE is the primary token for Yuga Labs and BAYC.
+ ApeCpinIt can transact in web3 and the metaverse ecosystems.
+ NFT holders of BAYC can claim the token for free.
 

Disadvantages

- VC Investors are some of the highest recipients of APE.
- There is uncertainty on the regulation of the ApeCoin.
- There is possible NFT maximalism with Yuga acquisition of Crypto punks
- The practical utility of DAOs are usually overstated.
 

Costs

▪ Rated at 8/10

Different exchanges offer different transactional fees on the coin. Users of the coin do not incur any deposit fees for exchanges. The withdrawal fee ranges with each exchange. Exchanges with a low minimum withdrawal amount of $$0.5276602, such as Bilaxy, have a minimum withdrawal fee ranging from $0.2638301. Those on the ERC 20 network with a higher minimum withdrawal amount of $982,346.10 have a withdrawal fee ranging from $491,173.05.

 

Reputation and Buzz

▪ Reputation rated at 9/10
▪ Buzz rated at 9/10

Many forums are excited about the launch of the coin. However, discussions are limited on its short-term price predictions as its airdrop only occurred on 17 March 2022. Some investor forums advise to be prudent and await the coin to stabilise. Some observers view the launch of the coin as a publicity stunt for the already popular BAYC. The airdrop was not as smooth as intended despite its hype. Scammers were also in anticipation to exploit after risking the security of the coin.However, others encourage investors due to its affiliation with BAYC which has popularity. It also has price-insensitive celebrities that increase its demand. Some are confident of the BAYC ecosystem and Yuga labs to outperform their competitors and cause an increasing demand for the coin.

 

FAQ

What is the coin's current price?

The coin is currently trading at $ 11.62 and a trading volume of $522,541,125.

How is the coin's network secured?

It is an ERC-20 token on the Ethereum blockchain secured by its blockchain Proof of Work model.

Can I still hold my NFT while I wait for the coin's price to shoot up?

Yes, you can still hold your NFT but only an opening window of up to 90 days is given to claim your token.

How different is the token from the Tronix token?

The Tronix token is under the Tron blockchain while the APE coin is on the Ethereum blockchain, meaning transactions costs way more due to gas fees.

Where to buy the coin?

Most major exchanges list the coin. Some of these includes: Coinbase, Gemini, Binance, eToro, FTX and Kucoin.

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Screenshots from ApeCoin

 

More sites where to buy/sell/trade ApeCoin

Below you can see some other platforms, exchanges and/or brokers where you can buy, sell or trade this coin/token. Click on the logo to read our review.