What is ApeCoin (APE)?

ApeCoin (APE) is an Ethereum-based digital coin that the Bored Ape Yacht Club released. This digital coin is released in line with the metaverse ecosystem that Yuga Labs are developing.

Contrary to how other virtual coins operate, individuals who purchase ApeCoin automatically join the ApeCoin Decentralised Autonomous Organisation (DAO). These individuals get the authority to vote on future project proposals. They also have a say on how the treasury of the DAO is spent.

The ApeCoin DAO is headed by a five-member board, which forms the centralized entity overseeing its affairs. However, this board membership isn’t permanent as members get rotated after a six-month term. After which, it’ll be left to the ApeCoin community to vote on the board’s new members.

Who Created ApeCoin (APE)?

Yuga Labs (the people behind the Bored Ape Yacht Club) is the company that created ApeCoin (APE). This Miami-based company was founded in 2021 and has established itself in the Non-Fungible Token community.

ApeCoin (APE) was released in March 2022, shortly after Yuga Labs acquired CryptoPunks. This cryptocurrency was distributed via airdrop to owners of the Mutant Ape Yacht Club and the Bored Ape Yacht Club.

The APE tokens were allocated following the format below:

• 8% of the tokens were allocated to the four founders of Yuga Labs and the Bored Ape Yacht Club BAYC).
• 14% of the APE tokens were given to the launch contributors, companies that helped make ApeCoin a reality.
• 16% of the APE tokens were given to Yuga Labs, which would help run the APE network. Yuga Labs has reportedly allocated a portion to the Jane Goodall charity foundation, which takes care of apes.
• The remaining 62% of the APE tokens went to the entire ApeCoin DAO community. This allowed them to receive 10,094 APE for every Bored Ape NFT they own. Individuals who owned Mutant Ape Yacht Club tokens received 2,042 APE for each NFT they owned.
• The remaining APE tokens have been kept as part of the ecosystem fund for the DAO community.

How Does ApeCoin (APE) Work?

ApeCoin (APE) is a virtual coin that was created to meet the demands of a metaverse token for Yuga Labs web3 projects. This digital coin works by allowing its owners to participate in governance processes and cast votes on important issues. Some of these issues include framing of rules, project selections, allocation of funds for projects, choice of partnerships, etc.

APE tokens can be stored in online wallets like the Coinbase Wallet and the Binance Trust Wallet. Individuals who prefer online storage can use the Ledger Nano X or the Ledger Nano S.

Is ApeCoin (APE) A Good Investment?

ApeCoin (APE) is an upcoming investment since it was only released recently. Right now, only Yuga Labs has spoken about their plans for this coin. These plans revolve around using APE as the official token for their metaverse and their other web3 projects.

Nevertheless, we can ascertain from these actions that ApeCoin is in for some good years. Based on the track record of Yuga Labs, investors can be confident in the success of ApeCoin. As the internet is gradually moving towards the era of the metaverse, investing in ApeCoin is a good decision.