ApeCoin – From zero to one hundred and back again?
3 min read
Eminem is there, as are Jimmy Fallon and Timbaland, Shaquille O’Neal didn’t miss it, Snoop Dogg certainly not, and Paris Hilton and Madonna couldn’t resist either: The Bored Ape Yacht Club (BAYC) is probably the most dazzling celebrity of the moment -NFT Member Club. Anyone who’s respectable in the world of stars and starlets – and has the wherewithal to spare – is currently flaunting a monkey NFT on Twitter, showing everyone that you’re in.
But what actually? There is talk of the Ape ecosystem, which you can now buy into with horrific sums of money. The Web3 buzzword is also inflationary. So far, however, the few associated exclusive rights consist of a Discord server and the collective painting of a virtual one toilet wall. Therefore a few million dollars spending it shows a great deal of confidence in what is yet to come – or a naïve lust for prestige. ApeCoin (APE), which was launched on March 17, is also somewhat in limbo. As with the NFTs, the nebulous intended use does not detract from the current success.
ApeCoin: Give the monkey sugar
Over two billion US dollars in just one week: the market capitalization of ApeCoin is impressive. ApeCoin has rapidly passed cryptocurrencies such as Dash, Maker and Gala and is currently fighting with IOTA for 60th place among the most valuable crypto assets. The price has moved back by 22 percent from the peak at 17 US dollars. A weekly plus of 56 percent is not the worst yield.
This has just paid off for members of the exclusive Bored Ape Yacht Club, who got 10,094 APEs per BAYC-NFT free at token launch. Mutant Ape owners got 2,042 tokens after all. A total of 62 percent of the total circulation amount, which is limited to one billion tokens, will be distributed for NFT owners and the DAO. The only option for the rest is to go to the stock exchange. Coinbase, eToro, Binance and Crypto.com have already added ApeCoin to their range.
Who sells like sliced bread there. Loud etherscan the coin has now been distributed to over 36,000 wallets. If the profit margin is also lucrative for small investors at the moment, well-heeled crypto investors in particular have discovered ApeCoin for themselves. whale stats According to ApeCoin, it is currently the most traded token among the 1,000 largest ether whales.
Metaverse, Web3, Gaming: A roadmap full of buzzwords
That’s for sure: ApeCoin is the native cryptocurrency of the Ape ecosystem. However, this is still in development, and it is not really clear where the journey will lead to. “Culture has found a new expression on the Web3 through arts, games, entertainment and events”, said the brief ApeCoin manifest. “The possibilities for blockchain’s impact on culture are so endless that it’s impossible to predict all of them. APE is a token designed to support what’s next, controlled and developed by the community.” You won’t get any smarter from it, but the areas of gaming and metaverse should probably form the main focus.
One of the flagships: The game “Otherside”, which will probably be released at the end of the year and which at least sends one Trailers can show. The recent acquisition of the rights to the CryptoPunks and Meebits by Yuga Labs, the company behind the Bored Ape Yacht Club, points to a star meeting of the most popular NFT collections. Game publisher nWayPlay also announced a play-to-earn game with ApeCoin integration on twitter.
Future: uncertain
The development of the ecosystem should be controlled by the community, i.e. by members of the Ape DAO. DAO members make suggestions and collectively vote on spending of funds, projects and partnerships. Anyone who owns an ApeCoin is also a member of the DAO.
The ApeCoin is also a governance and utility token, which, in addition to project funding and integration into services and games, is also intended to offer exclusive access rights for “games, merch, events and services”. Due to the immense demand for the NFTs of the now world-renowned Bored Ape brand, the hype and blockchain games, Metaverse and Web3, ApeCoin does not seem to have the slightest growth prospects. But what else the Ape ecosystem has in store for us remains to be seen.
