What is ApeCoin?
ApeCoin is a cryptocurrency that is based on the Ethereum platform. It came from a popular Bored Ape Yacht Club (BAYC) project. BAYC is a set of unique pictures called NFTs that feature 10,000 different cartoon apes, each with its own look. Ownership of these pictures is confirmed on the blockchain. BAYC has been very successful, and famous people like Jimmy Fallon own some pictures.
The prices of these pictures can change and at one point, they were selling for over $100,000, with some even going for over $1 million. The company that made BAYC, Yuga Labs, is also using ApeCoin for other projects, like Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). They also have a virtual world called Otherside that you can use ApeCoin in.
How does ApeCoin work?
ApeCoin, like other digital currencies, uses blockchain technology to record all transactions. Each time someone buys or sells ApeCoin, that information is added to the blockchain as a new block. All the blocks are linked together, forming a chain.
To ensure all transactions are verified, other users on the network act as validators. They verify that each transaction is accurate. For their work in verifying transactions, these validators are rewarded with ApeCoin.
How is the ApeCoin network secured?
The ApeCoin network is secured by the blockchain technology that it runs on. ApeCoin works on the Ethereum blockchain, which uses a proof of stake consensus algorithm. This means that other users, called validators, check and ensure that every network transaction is correct.
To be a validator, you must own a certain amount of ApeCoin tokens. As a reward for their work, validators receive more ApeCoin tokens.
What is ApeCoin used for?
ApeCoin serves as the backbone of the ApeCoin ecosystem, granting holders a say in the decision-making process via the ApeCoin DAO and giving access to exclusive features such as games, events, and other services.
ApeCoin’s utility extends beyond its own ecosystem, with developers in various industries utilising the token, such as in the play-to-earn game Benji Bananas, where players can earn ApeCoin through in-game performance.
Why does APE have value?
ApeCoin has value because it serves a specific purpose and isn’t just a meme coin. It can be used in gaming and the metaverse, which are both expected to grow in the future. The token’s utility in the ApeCoin ecosystem allows holders to participate in governance and access exclusive features. Its integration into other industries, such as gaming and virtual worlds, grants it real-world value.
Who created ApeCoin?
ApeCoin was created by Yuga Labs, a US-based company that made a name for itself in the digital collectables space. Yuga Labs is well known for its viral NFT collection, the Bored Ape Yacht Club and others.
Where can I buy ApeCoin?
You can deposit money into a broker or exchange account by a bank transfer or card payment. However, if you prefer to use a different payment method, like PayPal, then your options may be more limited.
Are there any other ways to invest in ApeCoin?
The simplest way to invest in ApeCoin is to buy it outright. However, another option is to simply open a crypto account. Crypto accounts are like regular bank accounts and allow you to store a variety of currencies, send and receive payments, earn interest on savings, and spend freely with a credit card.
You can also invest in crypto more generally through a crypto ETF or a crypto fund. These are financial instruments that give you exposure to a group of leading cryptocurrencies, more suited to high net worth individuals.
More about the APE price
What is the ApeCoin price today?
The APE price is currently $4.62, as of 19 January, 2023. The price of ApeCoin is down 83.38% from its all time high. You can use the live ApeCoin chart to track the APE/USD price in real time above, or compare the ApeCoin value today to its past performance using the ApeCoin price history tab at the top of this page.
What is the price prediction for ApeCoin?
The average ApeCoin price prediction values the coin at $10 by the end of 2025. Things like the economic climate, establishment support and acceptance, and the crypto market as a whole can all have an impact on the price.
It’s best to take predictions with a grain of salt but you can use expert estimates to help you understand the weight of opinion about a coin.
What is the total supply of APE?
The circulating supply is 361,250,000 APE, out of a total maximum supply of 1,000,000,000 APE.
Are there any ApeCoin alternatives?
ApeCoin is best known as a metaverse or meme coin and you can find many similar options. Here are a few alternatives to ApeCoin for you to consider.
- Shiba Inu. SHIB is one of the most popular meme coins.
- Decentraland. MANA is a metaverse project allowing users to play in a virtual world.
- Bloktopia. BLOK is another metaverse coin based on virtual gaming.
More crypto guides
Yes, ApeCoin is considered safe. It’s an ERC-20 token built on the Ethereum blockchain. This means other users on the network verify and secure all transactions.
In 2022 verified Twitter accounts were compromised in a phishing scam that used the Bored Ape Yacht Club (BAYC) profile picture. The scam aimed to deceive crypto-savvy users into giving away over $1 million through a fake ApeCoin airdrop.
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