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Can ApeCoin reach 100$? Here’s What To Know About the APE token!

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Cryptocurrencies have grown in popularity since 2009- the year Bitcoin was created and started trading. Since then, many Blockchain entities and affiliates have also built cryptocurrencies, most of which are making waves in the space. One of such affiliates is Bored Ape Yacht Club (BAYC) and the associated NFT collections, which have recently launched ApeCoin. In this article, we will be looking keenly into the ApeCoin project to determine if it is worth an investment.

What Is Bored Ape Yacht Club (BAYC)?

The Bored Ape Yacht Club is a collection of 10000 unique Bored Ape NFTs living on the Ethereum blockchain. It was created by four friends who wanted to make dope apes, test skills, and try to build something ridiculous. The project’s parent company is Yuga Labs, which also launched its pre-sale on April 23, 2021. The project believes in fair distribution and has fixed its membership and Bored Ape price as the same for all. The cost of one Bored Ape is 0.08 ETH.

Buying Bored Ape grants you a Yacht Club membership card and exclusive community access. Importantly, it also gives you access to the BAYC Bathroom. The Bathroom contains a canvas accessible only to wallets holding at least one ape. Ape holders will be able to paint a pixel on the bathroom wall every fifteen minutes. It is yet to be operational and will go live after its pre-sale period is over. According to the BAYC website, pre-sale is at 80% and should attain the 100% mark before Q4 2022. The native and governance token of the project is ApeCoin.

What Is ApeCoin?

ApeCoin is the governance and native cryptocurrency of the APE and BAYC ecosystem. Its design enables it to become the decentralized protocol layer for activities within the community and its ecosystem. It is also an ERC-20 token that developers use to empower and incentivize decentralized community building at the forefront of web3. Token holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO.

Holders of the token can also vote on how to use the DAOs ecosystem funds. Apart from Yuga Labs’ Bored Ape Yacht Club, ApeCoin is also an affiliate of the APE Foundation. APE Foundation ensures that it administers proposals by the token holder, allowing them to collaborate through open and permissionless governance. Since ApeCoin is an ERC-20 token on Ethereum, the blockchain’s proof-of-work (POW) consensus mechanism secures it. The token is also acts as incentivization for developers who incorporate it in their products, games, and services.

ApeCoin Tokenomics

ApeCoin is the ecosystem’s native token, giving its holders exclusive access to participate in ApeCoin DAO and governance. The total supply of the token is at a whopping 1 billion coins. The developers cannot burn the token, which means it won’t decrease in supply. Alternatively, traders cannot mint it, which implies it will never increase. The token launched on March 17, 2022, and about 30.25% of the total distribution is available for trading. The project will also airdrop the first 150 million tokens to BAYC NFT holders in the proportion below;

Bored Ape NFT = 10,094 tokens
Mutant ape = 2,042 tokens
Bored Ape + Kennel Club = 10,950 tokens
Mutant Ape + Kennel Club = 2,898 tokens

A total of 470 million tokens are going to the DAO treasury, with 117.5 million unlocked during its launch. The remaining 352.5 million tokens will unlock at 7,343,750 tokens per month for the next four years. 8% of the total supply will go to the founders of BAYC, who will only be able to unlock the supply after a year. Alternatively, 16% of the token will also go to Yuga Labs, which will invest a portion of it in charity. Lastly, 14% of the token’s total supply will go to contributors to the project. ApeCoin is currently available for purchase on exchanges like Binance, Coinbase, Gate.io, etc.

How To Buy ApeCoin On Binance?

On March 18, 2022, Binance informed its customers that they could now purchase APE on the platform. The exchange has saw huge trading volumes on the token. To buy ApeCoin on Binance, you will follow the three steps below;

Step 1 – Sign Up or Log In

Fig. 2.0. Log In or Sign Up

Logging in or signing up on Binance is the first for new users. This process is usually seamless and complete after supplying a few KYC details. You will also need to verify the information you provided. However, existing users will only need to log in to their accounts.

Step 2

Fig. 2.1. Fund Your Account

After creating an account and logging in, you must have enough funds or digital assets in your account. This will enable you to complete the purchase of ApeCoin smoothly. Funding your Binance account is easy and you can do it via a bank transfer or a debit/credit card.

Step 3

You will now use the funded account to purchase BTC, BUSD, or USDT. You will choose from three trading pairs, APE/BTC, APE/BUSD, and APE/USDT, and confirm your order. The purchase ApeCoin will automatically reflect in your account and immediately available for trading.

Why Did ApeCoin (APE) Price Decline After Being Listed?

APE began trading barely 72hours ago, and the token has witnessed a heavy dip of more than 80%. The funfair met with the launching of the token, could have been responsible for the enormous losses. This is not unusual, as investors who get free airdrops will try to sell them off to make huge returns. One such rally is the one that occurred on the OKEx exchange. That rally saw APE become the asset with the fifth largest turnover in spot trading overnight. According to respective media, the token moved prices between $214 and $8 in less than 48hours.

Fortunately, this phenomenon is not unusual with crypto projects and new tokens, and a correction phase looms ahead. Another reason could be that BAYC owners sold the token at $40 instead of its trading price of $14. Unfortunately, this is technically impossible in such a short time, considering that it requires the use of exchanges. According to crypto analysts, the reason behind this dip could have originated from other unknown factors. However, while no one is certain on why APE dropped drastically, the token has started to bounce back.

Should I Invest In APE?

APE/USD 4-hours Chart on TradingView
Fig.3 APE/USD 4-hours Chart on TradingView

Despite the drastic deep in price after it launched, APE has started to show signs of strength and bouncing back. The token is the 43rd performing asset on CoinMarketCap, boasting 24hour trading volume above $2,566,078,222.39. The market capitalization of the token is now at a whopping $11,569,216,699.94. These are massive figures for a new cryptocurrency, a testament that great things will come for the BAYC-bounded token. The token is now trading for about $11 in today’s prices, and crypto analysts expect it to go on a rally very soon.

Alternatively, its community expects a bullish run, especially if the selling continues. This year, a factor that could impact APE prices is an upgrade to the BAYC roadmap currently at 80%. Should BAYC move past that mark, APE will surely be more marketable and valuable. Another factor that could impact the price of APE is the monthly release of new tokens into the system. This could create temporary scarcity, which will improve prices, especially for investors looking for short-term rewards. However, while nothing is certain, the expectations concerning APE in 2022 are nothing short of rewarding investors bountifully.

Conclusion

ApeCoin is the governance and native cryptocurrency of the APE Foundation and BAYC ecosystem. The token witnessed a considerable fall when it launched last week amidst an 80% loss in value. However, that status quo is changing, as it has started to bounce back. It is currently available for trading in many centralized and decentralized exchanges, including Binance, Coinbase, and OKEx. Crypto analysts believe that APE will stamp its authority in the crypto market this year, and investors will smile after trading the token.

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apecoin© Cryptoticker
Can ApeCoin reach 100$? Here’s What To Know About the APE token!  

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