Blockchain technology and cryptocurrency have been the harbingers of a world revolution. No one could have imagined how Bitcoin would change the world in such a short time when Satoshi Nakamoto invented it in 2009. While only the “geeks” and “nerds” were initially interested in it, it has since become the go-to place for the new generation across the globe. Many celebrities and influential individuals have been attracted to cryptocurrencies, as well as important institutions, governments, powerful people, and prominent personalities. With the introduction of NFTs (Non Fungible Tokens), the technology is gaining new life. The Bored Ape yacht club is one such example. The Bored Ape Yacht Club has launched ApeCoin (APE), its own cryptocurrency, and if you’re looking to get your hands on these tokens with immense potential, then this guide is for you. Continue reading to find out where and how you can buy ApeCoin.
Let’s get right to it!
What’s ApeCoin?
ApeCoin(APE) is the APE ecosystem’s ERC-20 governance and utility token. ApeCoin holders can become ApeCoin DAO members and be involved in decision-making. Decentralized Autonomous Organization (DAO), in crypto, is similar to a venture capital firm. It’s made up of investors and crypto enthusiasts. It differs from a conventional venture fund in that it’s governed by computer codes or smart contracts to protect user autonomy and prevent centralization of power and control.
ApeCoin allows you to trade between each other with ApeCoin tokens. There is no need for any central authority. You can learn more about DeFi to see how it has revolutionized the financial market by going to the CoinStats guide, What Is DeFi?
ApeCoin tokens give you access to ApeCoin ecosystem features such as special merchandise, games and services. ApeCoin encourages third-party developers, by incentivizing them to take part in the Ape ecosystem, by including APE tokens within their games, apps and services.
ApeCoin history
Bored Ape Yacht Club (also known as Bored Ape) is an Ethereum-based collection that consists of 10000 NFTs. Yuga Labs launched it on April 23, 2021 with an open pre-sale. Bored Ape Yacht Club’s sales have surpassed USD 1 billion as of 2022. Famous celebrities like Justin Beiber (pictured), Snoop Dogg and Madonna, Neymar as well as Jimmy Fallon and Paris Hilton have all purchased NFTs to become members of Bored Ape Yacht Club. Purchased NFTs are also used to obtain a Bored Ape Yacht Club Membership Card. Bored Ape Yacht Club NFTs went on sale for approximately USD 190. They were priced at 0.08ETH per unit and sold quickly.
Four friends founded the Bored Ape Yacht Club under the pseudonyms Gargamel Goner, Gordon Goner and No Sass. Gargamel Goner was doxxed by Wylie Aronow and Greg Solano in February 2022. They said they chose apes as the mascot for their NFTs due to the crypto-term “aping-in.”
Yuga Labs is the company behind Bored Ape Yacht Club. They have built an enormous community through their events, airdropping NFTs to members and other activities. Yuga Labs has several other NFT projects, including Mutant Apes (Crypunks), Bored Ape Kennelclub, Meebits and CryptoPunks. The Bored Ape Yacht Club is not available to all NFT holders. Only Mutant Apes or Bored Apes have it.
What Is the Ape Foundation
Decentralized, the Ape Foundation has no centralization. It implements the ideas and decisions of the ApeCoin DAO and handles day-to-day DAO administration, proposal management, and “other tasks that ensure the DAO community’s ideas have the support they need to become a reality.” It’s the legal backing for ApeCoin DAO, aiming to facilitate the fair and inclusive development of the APE ecosystem.
ApeCoin DAO
ApeCoin DAO, the decentralized new governing body of which all APE owners are members, is now in place. It’s meant to field proposals from the community, including governance, partnerships, project development, etc., letting ApeCoin token holders vote on them. The membership doesn’t just have voting rights. Instead, anyone can propose changes to the DAO, and it will be up for debate and vote. You can become a DAO member regardless of your ApeCoin holdings. The ApeCoin APE tokens can be used to join the Ape ecosystem, even if your Bored Ape NFTs have been taken. These tokens allow you to trade, perform transactions and even give you the ability to vote.
ApeCoin Tokenomics
Yuga Labs claims that there is a total 1 billion tokens. DAO’s smart contract states there is not more mining capacity. Thus, the APE token count is set at 1 billion. The tokens can’t be burnt to manipulate the price, so the token supply will neither increase nor decrease at any point in the future.
38% of APE tokens had been locked to be used for different times. The remainder were then distributed among the Bored Ape Yacht Club members. From the 38 percent locked, 16% were given to Yuga Labs. The rest was donated to charities. 14% were shared amongst companies and individuals who made the project possible.
At the moment, there are only 292187500 Ape tokens in circulation. This is around 29 percent of all tokens. The market cap for the Ape token is US$ 1.9 billion at the time this article was written, according data provided by CoinStats. APE tokens’ market value at USD 6.50 per unit would be USD 6 billion if fully diluted. The price of APE tokens has fallen due to many global factors, including inflation and pandemics and confusion around crypto regulation and taxation. ApeCoin reached an all-time record price of USD 22.59 in April 2022. So, if you’re looking to buy APE, there is no better time than right now to get it on the cheaper side. Markets and investors are optimistic about ApeCoin’s price in the future. However, crypto prices fluctuate so any ApeCoin prediction must be taken with caution. Investors should also ensure that they do their research before making an investment.
ApeCoin Markets
Now, let’s look into the markets where you can buy ApeCoin APE. ApeCoin is a relatively new cryptocurrency. However, there has been a tremendous demand due to the NFTs (e.g. Bored Apes NFTs) in the community. ApeCoin has been listed quickly on more than 100 crypto exchanges. This is in contrast to many other major tokens or projects like Shiba Inu and Dogecoin. You can choose from your favorite cryptocurrency exchanges to purchase or sell ApeCoin. Binance is the most used crypto exchange to trade ApeCoin.
Now, let’s learn how to buy ApeCoin on Binance and other cryptocurrency exchanges such as CoinBase, etc., to help you start buying ApeCoin right away.
How to buy ApeCoin in Binance
Binance is the world’s largest cryptocurrency exchange in terms of trading volume, with a 24-hour trading volume of more than USD 15 billion. It’s also the default cryptocurrency exchange for most people wishing to trade ApeCoin. What makes Binance so popular amongst cryptocurrency enthusiasts, investors, and traders is that it’s super easy to use and supports a large number of cryptocurrencies and trading pairs. It also allows you to purchase cryptocurrency with a bank transfer or credit/debit card, as well as peer-to-peer trades. You can buy ApeCoin immediately on Binance by following our steps-by-step instructions:
Set up a Binance account
Register an account with Binance to purchase ApeCoin. If you are new to cryptocurrencies and don’t have an account already, get started by creating an account on Binance using the Binance app on your mobile devices or the website on your desktop. You’ll only need to provide a valid email address and phone number to create an account on Binance, but you can only trade once you complete your KYC verification. You will need a photo and an official government-issued ID document to complete your KYC. Verification usually takes anywhere from a few minutes up to several hours. Once you are verified, deposit money to purchase ApeCoin.
Deposit funds
You will need funds to purchase ApeCoin. Users can deposit fiat currencies using Binance. This includes but not limited to USD and EURO as well as INR, GBP and AUD. You can make these deposits using either a bank transfer or credit card, debit card, and third-party payment.
APE
Binance has many options for trading ApeCoin. These include APE/USDT or APE/BUSD. APE/ETH. APE/ETH. APE/ETH. APE/BNB. APE/TRY. Once you’ve successfully added funds to your Binance account, go to the spot trading option and buy the asset against which you wish to buy ApeCoin. Let us say that we pick the APE/USDT pairing with the greatest trading volume worldwide. You will need to first buy USDT in the spot market to acquire ApeCoin. You can also purchase USDT via peer-to–peer trading. Once you’ve added USDT to your SPOT wallet on Binance, go to Spot trading, enter the amount of ApeCoin you want to buy, and place an order. The order will be completed within seconds, and you’ll see the bought ApeCoin reflected in your spot wallet.
Selling ApeCoin via Binance works in the same way as buying ApeCoin. You can also trade ApeCoin and other crypto tokens on Binance.
How to Purchase ApeCoin On Coinbase
Coinbase is also a popular exchange for cryptocurrency. Coinbase works in the same way as Binance and offers a wide range of cryptocurrency support, including ApeCoin. Users can exchange ApeCoin for many crypto tokens. While Coinbase’s trading volume isn’t as high as Binance’s, it’s still a popular choice amongst users due to its high security and ease of use. These are the steps you need to follow in order to purchase ApeCoin via Coinbase.
Coinbase Account
The first step is to create an account on Coinbase if you don’t already have one. To receive a confirmation mail, you will need to enter a valid email address. Once you’ve entered your basic information, you’ll need to complete your KYC and set up two-step verification to keep your account and assets safe. You can then start purchasing cryptocurrency tokens through Coinbase.
Register a Payment Method
After creating a Coinbase account, you’ll need to link a payment method to deposit funds into your account. Coinbase allows you to pay using different methods, depending on where you live. While Coinbase doesn’t charge any transaction fees on a bank transfer, if you use it to buy ApeCoin or any other cryptocurrency, you won’t be able to withdraw them for 5 days. While wire transfers incur a transaction fee, withdrawals are not subject to a waiting period.
ApeCoin to Buy
After depositing funds into your Coinbase account, you need to click on “Withdraw,” input the amount you want to buy ApeCoin, and go to “Trade” to select your market. Choose your trading pair, i.e., APE-USD, input the amount of APE you wish to buy, and click “Purchase.” The order will be placed and fulfilled within seconds, and the APE tokens will be reflected in your Coinbase Wallet.
As you can see, it’s straightforward to trade ApeCoin on Coinbase, and you can get your hands on ApeCoin in a few easy steps.
ApeCoin and other Cryptocurrency exchanges available for purchase
Kucoin is Huobi Global and BitMEX are other popular cryptocurrency exchanges that you can use to buy ApeCoin. You can buy APE in these exchanges just like you could on Binance, Coinbase and Coinbase. Leverage trading is available on most exchanges for the experienced.
ApeCoin is just one example of a cryptocurrency that can be highly volatile. The information in this article is not intended to be financial advice. You should do your research (DYOR), before you invest in cryptocurrency.
Place Your ApeCoin
Once you have learned how and where to buy ApeCoin from, it is time to find out where your assets should be stored. Although cryptocurrency exchanges offer their users their own wallets for storage of their crypto assets they’ve been subject to numerous hacks and thefts that have resulted in users losing their money. Binance was the most notable example of this in 2019 when USD 40,000,000 worth of BTC was taken from the exchange. So, if you own ApeCoin or any other crypto, including NFTs, it’s a good idea to store them in your private wallet to retain complete control over your assets.
Your ApeCoin tokens can be stored in either a Software Waller, or a Hardware wallet. There are two main types of hardware wallets:
- Software wallet: An internet-connected software wallet (also known as a hot wallet) is available. This wallet allows you to access your cryptocurrency assets from anywhere, and is completely under your control. CoinStats Wallet, one of the safest software wallets available for storing ApeCoins and making use of DeFi, is the most popular. You can store any type of crypto tokens, and keep track of their PnL real-time. Another popular Software wallet that you could use is Trust Wallet.
- Hardware wallet: To store crypto assets, a Hardware wallet works like a USD drive. Because they offer safe offline storage as well as backup, hardware wallets (or cold wallets like Trezor and Ledger) are more reliable. They are better suited for users with large token collections.
Last Word
ApeCoin already has a reputation and is one of the most desired tokens in the world. ApeCoin’s prospects look great with the NFT marketplace growing. With our complete guide, you’re now well informed about the Ape token and can make an informed decision on whether to invest in ApeCoin. You can read more about how to buy cryptocurrency and NFTs on our CoinStats blog.