How do you see the future of the digital currency market ?
This can be a controversial question but with few examples like the growth of asset apecoin within a few days of launch provides evidence for the growing digital currency market.
What Is The ApeCoin?
Another cryptocurrency is getting popular in the community.This time with the name of ”Apecoin”. The symbol for the Apecoin is APE.
ApeCoin is a new ERC-20 token powered by the Ape foundation in the web3 economy and is useful for governance and utility over the Ape ecosystem.
As the open-source protocol layer of the ecosystem, Ape empowers decentralized community building at the forefront of web3.
This token has about 1,000 unique designs that are customizable depending upon the buyer’s needs.
This new token has already created so much of a buzz all around, that it ranks 47th as per the market capitalisation of $2.93 billion.
To understand Apecoin we first need to understand the Ape ecosystem.
The Ape Ecosystem
The Apecoin is just not a token but an entry to the ApeCoin DAO.
DAO means a decentralized autonomous organization.
DAO gives its members voting rights for the overall new activities in the ecosystem for example upgrading the space.
Apecoin DAO serves the community area of all Apecoin holders where they are eligible to make decisions regarding ecosystem fund allocations, governance rules, projects, partnerships and beyond.
The base of Apecoin is the apecoin foundation. This foundation is the base layer for the apecoin holders to create in the Apecoin DAO.
Apecoin is a utility token that benefits its participants by giving them a shared and open currency.
This currency is free from any intermediaries and fully decentralized.
Being an Apecoin holder will give you access to the community and its exclusive features. These features are exclusive games, merchandizing, events and services.
Apecoin incentivizes the entry of third – party developers into the ecosystem and incorporates Ape for services, games and other utility projects.
The Ape Allocation
Apecoin was newly launched on 17th march 2022 with various levels of allocation.
The extremely important role is played by supply because the supply of tokens makes the market prices move alot.
Hereby, the supply of Apecoin will remain stable as always as it is fixed at 1 billion.
There are no minting capabilities and no burning capabilities therefore no supply change constraints can behave out of fixed supply.
From the first day of launch, the funds were allocated among four categories:
Ecosystem – 62%
This 62% is divided between the holders of BAYC (Bored Ape Yacht Club) and MAYC (Mutant Ape Yacht Club) for incentivization and DAO treasury for working and resources.
Yuga labs and charity – 16%
Yuga labs is the firm that helped the apecoin creators.The backing of usage and some part of the total supply is directed towards charity.
Launch contributors – 14%
These consist of all the people and firms who made the project feasibly representable.
BAYC founders – 8%
This amount is unlocked for the founders of the BAYC token.
How To Buy Apecoin ?
Now when it comes to buying non-fungible tokens and cryptocurrencies, it is very frequent that you can find all the varieties over all exchanges.
These exchanges are facilitated by apps like CoinDCX, Opensea, Binance, Coinbase, FTX etc.
Step 1
Create an account on any verified cryptocurrency trading app and connect your wallet to it for purchasing options.
Step 2
Once you have connected your cryptocurrency wallet to the app, you can directly roll around the lists of assets.
Step 3
Find the APE from that list and press the buying option.
Step 4
Once you add it to your purchase, you need to decide the number of Apecoins you want.
Step 5
After all the decision-making process, final round of payment is done and the purchase of APE is transferred to your wallet via smart contract.
Competition In The Market
Although apecoin is backed up by big industry names like Yuga labs and BAYC, still it has immense competition due to pre-existing players in the market for the NFT ecosystems like Axie Infinity, Decentraland and The Sandbox.
For long term survival, ape coin does need to create benefit and real utility features.
In the short-run, it is performing on a very high bar, majorly due to the hyped-up concept of the NFT ecosystem as well as due to the backed up entities.
Knowing the uncertainties of the cryptocurrency market, one can not make out any predictions for the long term performance of the ape coin as it is too early to assess. But the sure game is that the ever-growing popularity of the NFT ecosystem will add up to the success of apecoin and its attractiveness.
