Today, non-symbolic tokens, like symbolic tokens, have a special reputation and importance in the digital currency market. Because people can sell many NFTs in digital markets using these assets. One of these digital assets that we are going to explain in this article is the ApeCoin digital currency. You might be wondering what Apecoin digital currency is and what it is used for. The ApeCoin token is the exclusive token of the APE platform, whose holders enjoy special features on this platform. If you intend to invest in this famous digital currency, read the continuation of the article What is ApeCoin digital currency?
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What is ApeCoin digital currency?
Apecoin is the digital currency of the APE platform, which is implemented on the Ethereum blockchain. This digital currency is one of the newest digital assets that is bought and sold in the digital currency market. Unlike the NFTs on the APE platform, Apecoin digital currency is completely fungible. This digital asset is the exclusive token of the APE platform, which is used for in-app activities. After the launch of ApeCoin digital currency, it was quickly listed in centralized exchanges and the possibility of buying and selling this digital asset was realized. After the listing, the credibility and popularity of ApeCoin digital currency increased. Note that this asset is mostly used in the field of NFTs market, so it is better to take a look at the NFT training article before buying it to familiarize yourself with this type of asset.
ApeCoin was launched at a price close to $8, but after almost a month, its value reached $16. So far, the highest price recorded for this digital asset on the Coin Market Cap website is $24.07. With the fall of Bitcoin to the $20,000 valley, the value of this digital asset also changed. Currently, the price of ApeCoin digital currency is $4.34. In the next part of the article, what is ApeCoin digital currency, we intend to introduce you to the founders of this digital asset.
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Founders of ApeCoin
ApeCoin is a decentralized project inspired by Yoga Lab’s Bored Ape Yacht Club project. ApeCoin was established for use in the growing APE ecosystem, supported by the APE Foundation. The goal of ApeCoin DAO is to build and maintain the APE ecosystem in a fair and inclusive manner to provide an infrastructure for ApeCoin holders to cooperate with each other through open and permissionless governance processes. The APE Foundation Board will implement the decisions of ApeCoin DAO members. The Board of Directors is responsible for day-to-day administration, accounting, project management and other tasks that ensure the community’s ideas have the support they need to realize them. ApeCoin DAO members vote for board members.
Number of ApeCoin digital currency coins
Up to this part of the article What is ApeCoin digital currency, you got to know about this digital asset. ApeCoin, like many digital assets, has a supply cap of 1 billion tokens. According to the white paper released for this digital asset, it is not possible to increase this amount. On the other hand, the token burning process is also considered for this digital asset, which causes this amount to decrease. Of the 1 billion copies earmarked for this digital asset, 150 million tokens are dedicated to AirDrop holders of the collection’s monkey NFTs. To learn about the concept of airdrops and how to earn money from them, read the article What is an airdrop. 150 million tokens are distributed among the holders of Monkey NFTs as follows.
- 10,094 tokens for Bored Ape holders
- 2,042 tokens for Mutant Ape owners
- 10,950 tokens for Bored Ape and Kennel Club owners
- 2,898 tokens for Mutant Ape and Kennel Club owners
Out of the other 850 million tokens of ApeCoin digital currency, 470 million of them will be deposited into the treasury of Dow and another 117 million and 500 thousand tokens will be launched at the time of launch. 7,343,750 thousand of it is going to be launched on the market exactly 48 months after the first release. As we stated at the beginning of the article What is ApeCoin digital currency, this asset was produced by Yoga Labs. 150 million tokens of this digital asset belong to this laboratory, and 4,166,666 of these tokens are supposed to be released every month to release all the tokens allocated to this laboratory. The development team of this digital asset has also put some more for the contributors. Approximately 14% of the total token is for these people, of which 8% is locked.
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What makes ApeCoin unique?
Now that you are familiar with the price of ApeCoin digital currency and what this digital currency is up to this part of the ApeCoin digital currency article, it is better to know what makes this digital asset unique. Apecoin is the governance token of the APE Ecosystem, which allows token holders to participate in the ApeCoin DAO, providing its participants with a common, open currency that can be used without centralized intermediaries. 62% of the total ApeCoin was allocated to the ecosystem fund, which supports community-driven initiatives voted by ApeCoin DAO members. ApeCoin also provides access to certain parts of the ecosystem, such as exclusive games and services, that are otherwise unavailable.
For third-party developers, ApeCoin is a means to contribute to the ecosystem by incorporating ApeCoin into services, games and other projects. APE Foundation was awarded a 1 of 1 NFT by Yuga Labs, creator of Bored Ape Yacht Club. Yoga Lab has transferred all rights and privileges to this NFT and its underlying artwork to the APE Foundation. ApeCoin DAO members can decide how this intellectual property is used.
ApeCoin digital currency is another digital asset that is in the NFT domain. This digital asset is used when creating Monkey NFTs on the APE platform. If the digital currency market returns to its previous state, this digital asset will also have a multiple value. In this article, we tried to introduce you to the ApeCoin digital currency and also answer the question of what is the ApeCoin digital currency.