what is apecoin


Chibuike Eze

While crypto markets have started gaining momentum after an all-time low at the beginning of 2022, certain crypto projects have taken the lead like the APECOIN.

Defining ApeCoin

Ape Coin is an ERC-20 token native to the Bored Ape Yacht Club (BAYC) ecosystem. With a design to be the decentralized protocol layer for various initiatives led by a community of coin holders, the native cryptocurrency positions itself to build an ecosystem at the forefront of all things web3 from gaming to commerce.

The BAYC consists of high net worth individuals who each own one or more NFTs off the Bored Ape collection. Each of these 10,000 NFTs sells between 94 ETH to 103 ETH, which is approximately $288,000 up to $400,000. The prices of these digital assets are a little icing compared to other numerous benefits. From access to exclusive discord spaces, and social clubs with only the elite across different industries, to a calculated percentage of newly released apecoins that have only 1 billion in circulation.

You’re probably wondering, “1 billion coins is a lot!. That is correct but also just a little wrong as the total supply will neither increase nor decrease. This is as a result of Apecoin’s smart contract limiting the creation of new coins or burning existing ones like in the case of bitcoins that go through the halving process.

Here’s a current breakdown of how much Apecoins are in circulation.

62% - Funding of BAYC ecosystem (this includes all Bored Ape NFTs holders and related projects created by Yuga Labs)

14% - New launches

9.75% - Yuga Labs (creators of the Bored Ape Yacht Club)

8% - Yuga lab founders

6.25% - Jane Goodall Foundation (a charity group dedicated to protecting chimpanzee habitats)

In a first official tweet made by @apecoin, the project announced that “Ape Coin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund. Holding ApeCoin is the only requirement for membership in the ApeCoin DAO. Furthermore, The DAO is supported by the Ape Foundation, which was created to act as the legal steward of Ape Coin and administer the decisions made by the ApeCoin DAO community. (Basically, someone needs to sign the checks.)”

Why buy ApeCoin?

  • Access to the Ape ecosystem, events, games and activities only exclusive to holders of the coin
  • Gaming has been highlighted as one of the key uses of the apecoin. With Yuga Labs set to release its play2earn game soon, which allows users to buy and earn rewards as well as collectibles.
  • Allows coin holders to be a part of the decision-making process as relates to the Ape ecosystem. This means that the holders will have access to the tools and support they need to bring their ideas to reality.

How To Buy ApeCoin on Busha

  • Download and Sign up on the Busha app
  • Click on the ‘Wallet Icon’
  • Select “ApeCoin” from the list,
  • Click “BUY”

Busha App is available on the web, Android and IOS store.