ApeCoin is a recent addition to the market. It has only been introduced to the market this year. But, strangely, they have managed to create a market cap of approximately $2 billion so fast. So, the Founders of ApeCoin, Bored Ape Yacht Club NFT collection members, are working further to improve its features in the long run.
ApeCoins are majorly in link with the expensive NFTs in the market. It is also linked to Yuga Labs, which has the intellectual property rights to Bored Ape Yacht Club. Learn more about such potential Cryptos as you visit Quantumai.
What Is The Hype Around This Newly Launched Crypto, ApeCoin?
ApeCoin is a build-it-yourself currency that was launched in the Ethereum blockchain network. It is an ERC-20 token. A club launches them with an NFT collection, but they are fungible like other Cryptos. So all the ApeCoins are of the same amount, and there is free buying and selling of ApeCoins on a decentralized Crypto exchange.
As soon as a Crypto is launched, they get listed in the market. The same was the case with ApeCoin. It got listed on the big Crypto exchanges, and the price rose to $14 in just one day of its launch. However, the total supply of ApeCoin is limited to 1 billion, and all of them are not in circulation right now.
Who Is Behind ApeCoin?
Analysts suggest that ApeCoin was launched by a new governing body named ApeCoin DAO. All the ApeCoin holders are considered to be members of this body. First, the token holders can propose changes that they would like to see in ApeCoin. Then, the ApeCoin community holds a voting session where all the members get to vote and decide if the change will be implemented.
They have a different organization responsible for looking over the day-to-day activities of ApeCoin DAO. This organization came to be known as Ape Foundation. It is considered to be the legal body that looks after ApeCoin. Their subcommittee has been made the board of ApeCoin DAO that approves all the proposals that go for voting.
What Can ApeCoin Holders Do With It?
Currently, ApeCoin is just a Crypto to trade on and governance for the DAO. You can invest your money in it and wait for it to level up. You can also expect ApeCoin to incorporate many new things into it after they become pretty familiar with the market. It is hoped that ApeCoin will emerge into this whole ecosystem that will consist of things other than just a token to invest in.
How Do You Get Hold Of ApeCoin?
ApeCoin is a prospective investment that you might want to consider. Analysts say that ApeCoin does not have a big following yet, but they are associated with some big names like Yuga Labs. This is one of the most famous names in the NFT world. So, ApeCoin has been listed in most of the top exchanges since entering the market.
