There has been an unprecedented revolution in the world, and blockchain technology and crypto currencies have helped to guide it. 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 and powerful people. NFTs (Nonfungible Tokens) have given the technology a boost. One of the most well-known is the Bored Ape Yacht Club. 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. Learn more about ApeCoin (APE) and where to purchase it.
Let’s get right to it!
What is ApeCoin?
ApeCoin(APE) is the APE ecosystem’s ERC-20 governance and utility token. This allows ApeCoin owners to join the ApeCoin DAO, and take part in the decision-making process. Decentralized Autonomous Organizations (DAOs) are crypto-based venture capital funds that include crypto 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 lets users trade directly with one another using ApeCoin tokens, without any need to have a central authority. Learn more about DeFi, and how it transforms the financial industry by visiting the CoinStats guide on What is DeFi.
ApeCoin tokens allow access to ApeCoin ecosystem services such as events, merchandise, and games. ApeCoin also encourages developers from third parties to join the Ape ecosystem through the incorporation of APE tokens into their apps, games, and services.
Bored Ape Yacht Club is commonly known by the name Bored Ape. It’s a collection 10000 NFTs that was built using Ethereum blockchain. Yuga Labs was the company that launched it. The collection went live on 23 April 2021. Bored Ape Yacht Club’s sales have surpassed USD 1 billion as of 2022. These NFTs have been purchased by many celebrities, including Justin Beiber and Madonna. Purchased NFTs are also used to obtain a Bored Ape Yacht Club Membership Card. Bored Ape Yacht Club NFTs sold for USD 190 and 0.08ETH, respectively.
Four friends founded the Bored Ape Yacht Club under the pseudonyms Gargamel Goner, Gordon Goner and No Sass. Gargamel Goner and Wylie Arow were respectively doxxed in February 2022 as Greg Solano, and Gordon Goner. 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 also manages Mutant Apes and CryptoPunks as well as Bored Ape Kennel club, Meebits, and other NFT-related projects. 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
It is decentralized. 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, 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 does not have to be limited in voting rights. Any member of the DAO can make any modifications and submit them for voting and deliberation. 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. You can trade within the ecosystem, make transactions, and have voting rights.
Yuga Labs estimates that 1 billion tokens are available. DAO’s smart contract states there is not more mining capacity. Thus, the APE token supply is limited to 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.
The launch saw 38 percent of APE tokens locked for various periods. The remaining 62% were given to members of the Mutant Ape Yacht Club and Bored Ape. From the 38 percent locked, 16% were assigned to Yuga Labs. This large part of Yuga Labs was donated to charity. The remaining 14 percent went amongst those who made the project a reality. Finally, the 8 percent was distributed to the four Bored Ape Yacht Club founders.
At the moment, there are only 292187500 Ape tokens in circulation. This is around 29 percent of all tokens. According to CoinStats data, the Ape token’s market capital is currently USD 1.9billion at the time of this writing. At the current USD 6.50 price, USD 6.5 billion would represent the market capital of APE tokens fully diluted. The price of APE tokens has fallen due to many global factors, including inflation and pandemic, as well as confusion over crypto taxation and regulations. ApeCoin’s record-breaking price was USD 22.59, on April 29, 2022. So, if you’re looking to buy APE, there is no better time than right now to get it on the cheaper side. Although investors and markets have positive ApeCoin prices predictions in the near and distant futures, you should remember that cryptocurrency prices can be volatile and should not be relied upon for investment decisions.
Now, let’s look into the markets where you can buy ApeCoin APE. ApeCoin launched relatively recently. The popularity of NFTs such as Bored Apes NFTs has made ApeCoin extremely popular. Many major projects and tokens such as Dogecoin, Shiba Inu or Shiba Inu had to wait for their listings on the major exchanges. ApeCoin however was quickly listed on hundreds of cryptocurrency exchanges. ApeCoin users can now select from their preferred crypto exchanges for buying or selling. 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 purchase ApeCoin from 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. You can also buy cryptocurrency via bank transfers, credit/debit cards and peer-to–peer trading. You can buy ApeCoin immediately on Binance by following our steps-by-step instructions:
Set up a Binance account
You must register on Binance in order to buy 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. The verification process takes about a half hour to complete. You will need funds to buy ApeCoin after you have been verified.
You can 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.
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. The APE/USDT trading pairs with the most trading volumes globally are chosen. To buy ApeCoin you must first purchase USDT on the spot market. This will allow you to get the ApeCoin amount that you wish to purchase. Peer-to-peer trade allows users to purchase USDT. 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. Similar to ApeCoin, other cryptocurrency tokens can be traded on Binance.
How to buy ApeCoin from Coinbase
Coinbase is one of the most well-known cryptocurrency exchanges in the world. 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. Follow these simple steps to buy ApeCoin from Coinbase.
Coinbase account created
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. It takes only a few minutes to verify your account and you are able to buy cryptocurrency tokens from Coinbase.
Connect 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 available for purchase
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 and Huobi Global are some other cryptocurrency exchanges where you can purchase ApeCoin. It is just as simple to buy APE from any one of these exchanges as on Binance or Coinbase. Many exchanges offer leverage trading for experienced traders.
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.
Keep Your ApeCoin Safe
Once you have learned how to buy ApeCoin and where it can be purchased, your next step is 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. These are the main differences between a Hardware and Software wallet:
- Software wallet: A software wallet is also called a Hot Wallet and it’s always connected to the Internet. You have complete control over your crypto assets and can access them easily. The CoinStats Wallet is one of the best software wallets to store ApeCoin and make the most out of DeFi. This wallet allows you to store many cryptocurrency tokens, and also tracks their current PnL. Another software wallet you have to consider is Trust Wallet.
- Hardware wallet: You can store your crypto assets in a hardware wallet, which is similar to a USD hard drive. As they have safe offline storage and backup options, cold wallets such as Trezor, Ledger or Ledger are safer choices. They are better suited for users with large token collections.
ApeCoin is a well-known token that has become a sought-after worldwide. 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. To learn more, visit our CoinStats Blog.