On March 17, a new coin made its debut on top exchanges. From the very beginning it gained popularity and with it a gigantic capitalization. So what is ApeCoin (APE) and what is behind it?
Token supporting NFT
The theme of NFT collection under the name of Bored Ape Yacht Club (BAYC) is already widely known and considered very innovative. Recall that it is a collection of graphics depicting monkey avatars, characterized by different personalities reflected in the style of being, behavior and a multitude of details. Meanwhile, the creators of the popular collection decided to support it by creating a token. Thus, every NFT holder from the BAYC collection experienced a fantastic airdrop of 10,000 APEs. Considering the price of APE at the time of writing this article is $12.50, this airdrop is very substantial.
ApeCoin itself is an ERC-20 token based on the Ethereum network. It was created to manage the APE space. Thus, ApeCoin holders manage their own decentralized space by controlling the ApeCoin DAO and voting on the use of the Ecosystem Fund, which holds 62% of all APEs. In doing so, ApeCoin provides additional opportunities, such as participation in exclusive games and services being developed in the ecosystem, which will be revealed over time. Special events are also planned that will be dedicated exclusively to APE holders.
ApeCoin (APE) in numbers
On the day of APE’s launch, 30.25% of the 1 billion coins in total were put into circulation. According to the plan, this percentage will increase at regular intervals, and the total distribution time will last 48 months. At the time of writing this article APE is ranked 41st among coins with the highest market capitalization. It stands at nearly $3.5 billion. ATL is valued at $1, while ATH is valued at $39.40. Both achieved on the day of APE issuance. The coin is currently listed on centralized exchanges such as Binance, BitCoke, Bitfinex, Coinbase, FTX, Gemini, and Kraken. It can also be found on decentralized platforms such as Uniswap and SushiSwap.
The history of the ApeCoin (APE) price action, due to the fact that it is quite short, can be depicted on an hourly chart. On it, we can see that since the issuance of the coin, which was accompanied by very high volatility, significant stabilization came with time. Nevertheless, the ongoing consolidation is in a wide range between $9.00 and $18.00.