ApeCoin (APE): Here’s all you need to know

ApeCoin (APE) is the governance token for the popular NFT (non-fungible token) collection Bored Ape Yacht Club (BAYC). The token was airdropped to BAYC holders, as well as holders of spinoff collections Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club. These collections are among the most valuable NFTs, with investors spending millions of dollars on pixelated artwork.

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What is ApeCoin?

ApeCoin is one of the trending cryptocurrencies, a governance token for the prestigious NFT collection, BAYC. The ApeCoin airdrop took place on March 17, 2022. Following its launch, eligible holders could claim APE from the official website and immediately trade it on exchanges. Each BAYC holder is eligible to receive 10,094 APE with more than 13,000 users who have claimed it. ApeCoin has a maximum supply of 1 billion Ape coins and is already the 34th largest cryptocurrency by market cap, despite being live for less than 48 hours. At the time of writing, only 28% of the coin’s total supply is in circulation.

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ApeCoin simultaneously doubles as a governance token, a meme coin, and a gaming asset. Its ties to the prestigious BAYC and MAYC NFT collection also make it one of the first NFT-backed tokens.

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ApeCoin use cases include the following:

1) DAO governance

2) currency to spend across the ApeCoin ecosystem.

3) Access to exclusive perks such as games, events, merchandise, and other related services offered by the Apecoin DAO.

4) Incentivizing developers to participate in the ecosystem through integration with other games or services that promote ApeCoin adoption.

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ApeCoin is backed by the ApeCoin Foundation, a self-named “steward” behind the issuance and distribution of the token. According to the ApeCoin website, the ApeCoin Foundation has the ultimate goal of supporting the growth of the APE ecosystem until it transitions into a fully-fledged decentralized autonomous organization (DAO). ApeCoin also has a board that is comprised of key leaders within the cryptocurrency ecosystem that holds BAYC and MAYC NFTs.

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Apecoin can be purchased on Coinbase, Binance, Gate.io, FTX, Kucoin, Nexo, Uniswap and Sushiswap.