ApeCoin Price

What Is ApeCoin? 

With a focus on culture and community, the team behind ApeCoin is building the ultimate web3 experience — which combines art, gaming, entertainment and events — in what’s set to become the “metaverse of apes.”

What started out as an NFT collection for Bored Ape Yacht Club (BAYC) members has since evolved into a whole ecosystem. Buoyed by the success of BAYC NFTs, Apecoin (APE) was launched as a cryptocurrency on March 16, 2022. APE aims to provide access to other parts of the Ape ecosystem, including ApeCoin DAO. Third-party developers can also use the token to create new experiences or games.

The ApeCoin team believes that its tokenized economy will fuel the next wave of innovation and creativity within not just the platform’s community, but the metaverse in general.

What Is APE?

APE is the ticker for ApeCoin, the native cryptocurrency of the Ape ecosystem. The supply of APE is fixed at 1 billion tokens, and APE can neither be minted nor burned.

The ApeCoin blockchain runs on Ethereum and is based on the ERC20 standard, making it easy to integrate with existing Ethereum infrastructure and wallets.

Who Is the Founder of ApeCoin?

Yuga Labs, the company behind the BAYC NFT collection, came up with the idea of ApeCoin. While ApeCoin was launched by ApeCoin DAO and is associated closely with it, it’s actually managed in part by the APE Foundation, which functions as an administrative center, or hub. 

An administrative council within the APE Foundation oversees the decisions of the ApeCoin DAO, and is responsible for project management and the day-to-day operations. Called "The Board," it comprises industry leaders such as Alexis Ohanian (the co-founder of Reddit), Amy Wu (head of ventures and gaming at FTX) and Yat Siu (co-founder of Animoca Brands).

What Is ApeCoin (APE) Used For?

Users need to hold APE to access certain parts of the ecosystem. Additionally, ApeCoin holders can participate in the decision-making process of ApeCoin DAO. 

APE is also used to incentivize third-party developers to create new games and applications in the Ape ecosystem. 

Until June 15, 2022, BAYC and MAYC NFT owners were able to claim APE for free via the official ApeCoin website. The amount of APE that each holder received was dependent on the difference of the floor price between each collection of NFTs (from approximately February 7, 2022 to March 8, 2022.)

How Does the Ape Ecosystem Work?

The Ape ecosystem comprises (but is not limited to) the ApeCoin DAO, APE, and various NFT collections. At its core, ApeCoin is pioneering a new decentralized community that will feature DApps and smart contract protocols designed to support an expansive metaverse. 

One of ApeCoin’s main objectives is to provide users with a seamless experience that bridges the gap between the physical and virtual worlds using NFTs. That transition has already begun with BAYC and MAYC, and ApeCoin plans to further elevate the experience. The ApeCoin team is also working to integrate features that will make it easy for anyone to use the Ape ecosystem.

ApeCoin DAO

With the ApeCoin DAO, a decentralized government will manage the ecosystem through improvement proposals that DAO members can put forward. By holding APE, any individual or organization will automatically become a member of ApeCoin DAO.

In July 2022, ApeCoin DAO announced that it would fund a Bored Ape-centric news outlet, The Bored Ape Gazette, with $150,000. The proposal, known as AIP-70, was passed by an overwhelming majority, with 88 percent of token holders (1.1 million people) in support of the funding.

Why Is ApeCoin (APE) Valuable?

1. A Cohesive web3 Ecosystem

The ApeCoin team is focused on creating a comprehensive ecosystem that can be used by anyone, regardless of their level of technical expertise. To achieve this, the team is working to integrate into APE’s ecosystem several features that will make it a breeze for users to trade, transact and play.

1. Utility

One of the main reasons ApeCoin is valuable is because it serves as the utility token of the entire ecosystem. As mentioned earlier, users need APE to access certain ecosystem features, such as NFT collections, airdrops and rewards.

1. Developer Incentivization

Another reason ApeCoin is valuable is that it’s used to incentivize third-party developers to create new games and applications in the Ape ecosystem. In doing so, the team can expand the reach of the ecosystem and make it more accessible to users.

1. Governance

Finally, ApeCoin is valuable because it allows users to participate in the decision-making process of the ApeCoin DAO. By holding the token, users can advocate for changes that will better meet their needs and help shape the future of the ecosystem. 

1. Retail Purchases

As of August 2022, APE can be used to buy goods at select Gucci stores in the U.S. (via BitPay.)

What Makes the Ape Ecosystem Unique?

One factor that makes ApeCoin stand out is that it’s built by the same team as that of the highly successful BAYC collection. Soaring in popularity shortly after their launch, BAYC NFTs eventually became $400k status symbols. The team has applied the same level of expertise to create a new ecosystem that’s even more expansive and exclusive. 

It’s also worth noting that ApeCoin likely benefited from the high-level exposure that BAYC NFTs got when several Hollywood A-listers, including Justin Bieber and Jimmy Fallon, were known to own them.

How Many APE Are in Circulation?

As of August 3, 2022, there are 306.88 million APE in circulation. ApeCoin's market cap is set at $2.22 billion.

Here’s how APE is distributed:

• 62%: Ecosystem fund (this includes BAYC and MAYC NFT holders and the DAO’s treasury)

• 16%: Yuga Labs and charity

• 14%: Launch contributions

• 8%: BAYC founders

How to Store APE

APE can be stored in any wallet that supports the ERC20 standard, including popular wallets such as MetaMask, MyEtherWallet and Trust Wallet.

How to Buy APE

You can buy APE from any top crypto exchange, including Bybit.

How to Buy APE on Bybit

To purchase APE on the Bybit exchange, follow these simple steps:

1. Head to Bybit’s spot trading page (Home → Trade → Spot Trading).

2. Select your trading pair on the left side of the page. You can trade APE with USDT (APE/USDT).

3. Choose the type of order you’d like: Limit Order, Market Order or Conditional Order.

For Limit Orders:

1. Select Limit.

2. Enter the order price.

3. Enter the number of APE you wish to buy.

4. Click on Buy APE.

5. Once you’ve confirmed your information is correct, click on Buy APE.

6. View your order details under Active on the web page, or Orders if you’re using the Bybit app.

For Market Orders:

1. Select Market.

2. Enter the amount of USDT you’ve paid to buy APE.

3. Click on Buy APE.

4. Once you’ve confirmed your information is correct, click on Buy APE.

5. View your order details under Filled.

For Conditional Orders:

1. Select Conditional.

2. Enter the trigger price.

3. Choose to execute at Market Price or Limit Price.

1. Market Price: Order price doesn’t need to be set.

2. Limit Price: Order price needs to be set.

4. According to order types:

1. Market Buy: Enter the amount of USDT you’ve paid to buy APE.

2. Limit Buy: Enter the number of APE you want to buy.

5. Click on Buy APE.

6. Once you’ve confirmed your information is correct, click on Buy APE.

7. View your order details under Conditional on the web page, or All Orders → Current Orders on the Bybit app.

For more help, visit the Bybit spot trading guide.