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ApeCoin: A New Hype Coin?

The young cryptocurrency called ApeCoin is quickly gaining popularity around the world. Before, Bored Ape Yacht Club NTFs have entered the public’s consciousness, given the fact that many high-profile names now own one of these premium digital assets. The recent release of ApeCoin has added another ape-based asset to the crypto market, which could have massive potential in the future. 

Bored Ape Yacht Club

Bored Ape Yacht Club or BAYC is a collection of 10,000 Bored Ape NFTs — digital collectibles living on the Ethereum blockchain. Each Bored Ape is unique and programmatically generated from over 170 possible traits, including expression, headwear, clothing, and more. Most NTFs are expensive, and some of them are rarer than others. If there's one brand that's transcended NFT culture, even in minor ways, it's the Bored Ape Yacht Club. 

NTFs by BAYC are displayed on OpenSea, the main platform where NFTs are traded. On any given NFT's page, its properties will be listed as well as the percentage of NFTs in the collection that share the property. Usually, anything under 1% is considered rare. For instance out of 10,000 apes only 46 have solid gold fur, making these particularly valuable.

Many celebrities bought these NFTs, including Justin Bieber and Jimmy Fallon.Eminem is the latest celebrity to flaunt a Bored Ape Yacht Club NFT as a social media profile picture.

Release of ApeCoin by Yuga Labs

ApeCoin was released in March 2022. In its essence, it’s the ultimate Bored Ape Yacht Club-affiliated cryptocurrency that promises to be the coin-of-choice for a new metaverse ecosystem being built out by Yuga Labs — the creators behind BAYC.

The release of the coin, which came shortly after Yuga Labs acquired pioneering NFT collectible CryptoPunks, and was followed up by the announcement that Yuga Labs raised $450 million in venture capital funding. ApeCoin seems to have the potential to bring new people into crypto, via the events, gaming, and merch that will be accessible through the token. It is also a sign that the NFTs space is quickly becoming popular.

ApeCoin was originally distributed to owners of the Bored Ape Yacht Club and Mutant Ape Yacht Club via a claimable airdrop. But anyone with an account on Coinbase, or a number of other crypto exchanges can also buy the coin. In the days after it launched on March 17, Ape Coin price fluctuated wildly, swinging from as high nearly $40 to as low as $6.48. The hyped token traded more than $2.3 billion in volume on Coinbase on March 24 alone.

ApeCoin: Goals

However, ApeCoin is not just about hype. ApeCoin is an ERC-20 token designed for governance and utility. Hosted on the Ethereum blockchain, ApeCoin was created and launched by ApeCoin DAO – a decentralized autonomous organization with the sole goal of growing the coin in the coming years.

The Ape Coin token aims to facilitate the establishment and growth of a decentralized web 3.0 community by enabling the following:

1. Governance: Holders of ApeCoin can be members of the ApeCoin DAO and can vote on governance rules, projects, partnerships, and more.
2. Access: Exclusive items, games, services, and even events are reserved for ApeCoin holders
3. Incentivization: Third-party developers can participate in the ecosystem by incorporating APE into services, games, and other projects.
4. Spending: As a utility token, ApeCoin is a cryptocurrency that can be used without centralized intermediaries.

Yuga Labs also says that ApeCoin will be the only cryptocurrency for all new projects, including the coming Play-to-Earn aspect of Benji Bananas, a popular mobile game owned by Animoca Brands. In even bigger news, the token will play the same role in Otherside — Yuga Labs’ forthcoming metaverse game that will seemingly also be interoperable with other leading NFT collections like Mutant Ape Yacht Club, CryptoPunks, World of Women and Cool Cats.

ApeCoin Tokenomics

There will only ever be 1 billion total APE tokens. Here’s how they’ll be allocated: 

1. 62% of the tokens will go to the ApeCoin DAO community. Of that, 15% goes to holders of BAYC and MAYC, with holders of BAYC eligible to claim 10,094 $APE for each NFT they own, and MAYC holders able to claim 2,042. The rest will be released as part of the DAO’s ecosystem fund.
2. 16% of the tokens will go directly to Yuga Labs. Yuga Labs has also designated a portion of their allocation toward the primatologist Jane Goodall’s charity foundation, to help support IRL apes.
3. 14% of the tokens will go to ‘launch contributors,’ which are defined as ‘the companies and people who helped make this project a reality’.
4. 8% of the tokens will go directly to the four founders of Yuga Labs and BAYC.

Gucci and TAG Heuer to Accept ApeCoin

Thanks to NFT projects such as Yuga Labs' Bored Ape Yacht Club (BAYC), many companies are beginning to accept the Ape crypto for payment along with Bitcoin and other altcoins. For instance, high-end Italian fashion brand Gucci has become the first major company to accept payments in the form of Ape Coin.

Following the Italian fashion house in accepting ApeCoin is Swiss luxury watchmaker TAG Heuer. First integrating BAYC NFTs into design elements of its Calibre E4 digital watch, it will now allow clients in the U.S. to purchase timepieces using ApeCoin.

The Bored Ape Yacht Club brand has popped up in other industries too: in January, a mobile game, Apes vs. Mutants, launched on both the App Store and Google's Play Store. Another mobile game is in production, scheduled for Q2. Moreover, Bored Ape figurines by Super Plastic are on the way.

Time Magazine has said that it will soon accept ApeCoin for digital subscriptions, while rappers Snoop Dogg and Wiz Khalifa have released 8 songs together that can only be bought using ApeCoin.

Is Ape Coin a Good Investment?

Given the media attention that ApeCoin is generating already, this token could become one of the best altcoins in 2022 if the price continues to rise. As ApeCoin’s primary use case is as a decentralized payment method, the token may become integrated with various blockchain-based games. An upcoming project from Animoca Brands, one of ApeCoin’s initial investors looks likely to use APE – helping increase demand for the token.

As of August 4, 2022, APE ranks 33rd by capitalization ($2.3 billion) among all cryptocurrencies with a daily trading volume of $595 million. ApeCoin price is currently hovering around $7.51, showing a weekly increase of more than 10%.

If ApeCoin’s creators can partner with more high-profile gaming projects, it will ensure that the demand for APE crypto isn’t just fueled by speculation. Let’s take a look at what some of the largest crypto websites have to say on Ape Coin price predictions.

Ape Coin: Price Prediction

One of the most popular websites on the Internet, PricePrediction, promises Ape Coin crypto a bright future. Even though at the moment the price of ApeCoin token hovers around $7.43, the experts believe that in 2025, this cryptocurrency will be worth much more: its average price will soar to $17.36.

PricePrediction gives an even better forecast for 2030 and 2031: they expect that the average price of ApeCoin crypto will rise to $111.31 and $160.18, respectively.

The experts atTechNewsLeader believe that in 2025, APE token will cost $31.65, while its price will skyrocket to $217.29 in 2030 and $328.21 in 2031, respectively,

Bottom Line

In fact, ApeCoin has an indirect connection with the success of the NFT-collection it’s tied to. It is not an asset that has high investment appeal on its own. The NFT-collection popularity trends are likely to influence the popularity of ApeCoin. However, it still remains unclear if the token will be able to stay in high demand and if it will have sufficient liquidity to hold its positions in the crypto industry. Ape Coin token may be another cryptocurrency that will prove to be a profitable short-term investment, nonetheless, we may see it become even more popular and expensive as the trend continues.

Where to Buy APE Coin?

StealthEX is here to help you buy ApeCoin crypto. You can do this privately and without the need to sign up for the service. Our crypto collection has more than 1500 different coins and you can do wallet-to-wallet transfers instantly and problem-free.

How to Buy ApeCoin?

Just go to StealthEX and follow these easy steps:

1. Choose the pair and the amount you want to exchange. For instance, BTC to APE.
2. Press the “Start exchange” button.
3. Provide the recipient address to transfer your crypto to.
4. Process the transaction.
5. Receive your crypto coins.

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Don’t forget to do your own research before buying any crypto. The views and opinions expressed in this article are solely those of the author.