ApeCoin $APE Wiki: Coin History, Techstack, and Crypto News

26 Sept 2022

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ApeCoin is a cryptocurrency for the members of the Bored Ape Yacht Club. The cryptocurrency acts as a governance and utility token and is based on the Ethereum blockchain. APE grants access to the ApeCoin Decentralised Autonomous Organization(DAO) which is a decentralized community of builders on Web3. Those that hold the token can buy products and services and pay for assets in play to earn games.

Decisions made by the ApeCoin DAO get implemented by the steward of the ApeCoin token which is the APE foundation.

History

YUGA labs are among the leading Non-Fungible Token (NFT) brands in the world. Their Bored Ape and Mutant Ape NFT collections are the most highly recognized NFT types out in the market today. Ownership of these premium NTFs has become a movement for the elite and the highly influential. ApeCoin was launched to power the ecosystem of services and apps run by Yuga Labs as well as third-party brands.

ApeCoin began trading on March 17, 2022. The currency was distributed to Bored and Mutant ape NFT holders first, with members receiving between 1000 and 2000 tokens respectively. The price of the token got to a peak of $39.40 and hovered at $10 within 24 hours of the token launch. This caused the floor price of the Mutant Ape to spike from 20.3 ETH to 23.3 ETH and the bored ape to spike from 91.9 ETH to 105.9 ETH.

Since the launch of APE, ApeCoin has gained partnership deals from popular game projects which wish to integrate the crypto coin into its in-game currencies.

Biggest Claim To Fame

ApeCoin became the most valuable metaverse token within one month of the Bored Ape Yacht Club creators Yuga Labs announcement of the creation of the coin. It surpassed more established cryptocurrencies such as MANA by Decentraland, SAND by The Sandbox, AXS by Axie Infinity.

Apecoin is a widely known cryptocurrency. Many people around the world have seen or been in contact with a bored ape or the mutant Ape NFT and know of it, even those that are not precisely into the idea of buying it. Through this, the ApeCoin has been made visible and popular which has made the cryptocurrency coin prices rise and remain high.

Biggest Criticism of ApeCoin

The ApeCoin is seen as a cryptocurrency coin for the elite. The Bored Ape and Mutant Ape NFTs were marketed to and popular among the rich, influential, and elite. The prices to buy one of these NFTs were too high for normal people to buy as an investment. Due to this, ApeCoin is seen as the same, though efforts have been made to separate the idea of the bored and mutant apes NFTs. The ApeCoin cryptocurrency has opened up the market to a wider audience.

Buying ApeCoin is the equivalent of being a shareholder. Those that have bought the coin have voting rights to the company. The problem with this is the price of APE is connected with the perceived value of Yuga Labs or the Bored Ape Yacht Company. But the cryptocurrency and Yuga Labs are not explicitly linked. In fact, Yuga Labs has gone through a lot of effort to keep the two entities separate. So the ApeCoin is as close to fake stocks as one can get without being outright illegal.

Though the tokens are meant to be decentralized, the insiders reap all the real benefits. Those that had originally bought the Yugo Labs-associated NFTs got the ApeCoin investment for free as the ApeCoin was first distributed to those who had NFTs.

YugoLabs makes a profit every time an NFT is sold or resold. This is detrimental to the original idea behind cryptocurrency, decentralization. The way the company makes a profit is centralized which goes against the original purpose of cryptocurrency.

Team

The initial board of investors for the ApeCoin includes Reddit co-founder Alexis Ohanian, Maria Bajwa of Sound Ventures, Horizon Labs Dean Steinback, Yat Siu of Animoca Brands, and Amy Wu who is the lead of crypto exchange FTX’s venture arm.

Each board member gets a term of six months before DAO members are able to vote on future members.

In Conclusion

ApeCoin’s value rests on a parent company that does not have any ties with the coin. Should Yuga Labs ever decide to fully sever the association between ApeCoin and itself, the utility of the cryptocurrency may become volatile.