A Brief History Of Apecoin
Apecoin is a utility coin that entered the market as a Bored APE Yacht Club’s NFT project in March 2022. ApeDAO developed it as an ERC20 metaverse token for decentralized payments, governance, and Web3 network development. It was one of the best projects that actively contributed to gaming, retail services, and events.
When this coin was launched in mid-March, the total supply was 1 Billion APE tokens. It sold at $7.26 and reached $13 the following month. Out of this total supply, percentage amounts were shared with different groups in the ecosystem, including Charity, BAYC Founders, Treasury and Resources, Yuga Labs, and BAYC or NFT holders.
In November 2022, ApeCoin launched a personal NFT marketplace, allowing investors to trade tokens across Yuga Labs. In December 2022, it had a live staking opportunity. Currently, APE trades at $4.96 per token.
Is it Worth Investing in ApeCoin?
ApeCoin, like most top cryptocurrencies, has various use cases. For instance, it is used as a currency for the ApeDAO ecosystem’s governance. It is also a valid means of exchange for games, products, services, and events. Thus, it is almost impossible to say it is not valuable.
Generally, the cryptocurrency market remains unpredictable, even with many expert predictions. It is a volatile market such that the slightest changes in the economy or the coin’s ecosystem may automatically affect its value. More so, cryptocurrencies are high-risk investments.
Regarding ApeCoin (APE), it is a good investment (even though risky) because it surpassed expectations within its first few weeks. It also has an incredible tokenomics and ecosystem, making it invaluable to holders. Besides, the Metaverse is a growing industry, and tokens like APE will be useful to facilitate growth and progress.
Should I buy APE?
Actually, there is no general answer to this. However, you should know why many crypto enthusiasts are buying APE now. Many of them revolve around the utility of APE and are discussed below.
ApeDAO Governance Token
ApeDAO members utilize APE in any form of decision-making in the organization. Because APE plays such a pivotal role in the ApeDAO, there is a good chance that demand for the token will increase with time. In addition, remember that ApeDAO is part of the Bored Ape Yacht Club line of NFTs. Therefore, the arrival of the metaverse will further increase the demand for APE.
Gaming
The parent company of the Bored Ape Yacht Club line of NFTs, Yuga Labs, aims to employ APE as the in-game currency of an upcoming P2E game named Benji Bananas. In other words, gamers can use the token to buy a membership, win in-game prizes, and swap with other players. This could be a game changer for the token as P2E has become a popular form of gaming. If this happens, there is a great chance for the demand for the token to grow exponentially.
Payment for events
The Bored Ape community is currently among the largest NFT communities in the world. Because APE is the means of payment for Bored Ape events, the demand for the token will multiply as the community grows larger.
Merchandise sales
Most modern projects leverage their popularity through merchandise sales to community members. Yuga Labs is no exception, as it announced the sales of Ape-labelled metaverse in March 2022. However, you can only purchase the merchandise through your ApeCoin. Hence, the demand for the token will naturally increase as the community grows more popular and merchandise sales ultimately increase.
Wrapping Thoughts
In conclusion, whether to buy APE now depends on your investment plans, interests, and time. Nonetheless, ApeCoin is the brainchild of an impressive project, and it’s worth checking out if you’re looking to enrich your portfolio with tokens.
N.B: Cryptocurrency investments are risky, and there is no supporting evidence that a price may increase or decrease in the future. Most predictions are based on current performance and are liable to change later.
Reviewed and Fact Checked by Will Wood , Crypto Gambling Expert