ApeCoin is a cryptocurrency developed by the Bored Ape Yacht Club (BAYC), a highly successful NFT community created by Yuga Labs in 2021. The APE cryptocurrency launched in March 2022 and is limited to a billion tokens. Currently, there are approximately 368.6 million tokens in circulation.
ApeCoin is an ERC-20 token based on the Ethereum blockchain and acts as both a governance and utility token. It serves a wide range of applications for trading and gaming. The Bored Ape Yacht Club's token is primarily intended for its own APE ecosystem and also allows the creation of decentralised communities known as decentralised autonomous organisations (DAOs). ApeCoin owners are also automatically entitled to become members of the ApeCoin DAO. This is a decentralised organisation in which joint decisions can be made on future ApeCoin projects.
The aim of the Bored Ape Yacht Club crypto project is to establish a functional currency for Web 3.0 and the metaverse that provides access to both blockchain products and APE products. In the long term, the BAYC token aims to connect many different decentralised projects.
Like many other cryptocurrencies, the price of ApeCoin is determined by the relationship between supply and demand. All APE token holders can actively participate in the development of the cryptocurrency. These transparent processes make it less likely that a central administrative body will make poor decisions that can negatively impact the APE's supply and demand, and therefore, the price of ApeCoin.
ApeCoin (APE) price: Milestones and key events
APE burst onto the crypto scene in 2022, and during that short period it has already become one of the top 50 cryptocurrencies when measured by market capitalisation. ApeCoin reached its all-time high in April 2022 with a price of $26.19. In November 2022, the APE crypto dropped to its all-time low of $2.62. In February 2023, the ApeCoin price was able to break the $6 threshold at times.
Key events and milestones in the APE price development were:
- March 2022: $7.26 USD per APE (release)
- April 2022: ApeCoin price at $26.19 USD (all-time high)
- November 2022: ApeCoin price at $2.62 USD (all-time low)
- February 2023: $6 USD per APE
APE in the crypto winter of 2022 and potential forecasts for ApeCoin
After the initial hype about the new cryptocurrency, ApeCoin suffered from the general crypto winter in 2022. “Crypto winter” is a term experts use to describe a period of declining prices for cryptocurrencies. Governmental regulatory intentions and the crashes of the crypto platform FTX and the Terra blockchain weakened investors' trust in digital assets. Thus, the ApeCoin price also fell to its all-time low of $2.62 US dollars in November.
However, due to decreasing inflation numbers and the predicted improvement in the economic and geopolitical situation, the APE cryptocurrency's price was able to stabilise. In February 2023, ApeCoin temporarily broke the $6 threshold per token. Still, past price trends are no indicator of future performance.
The metaverse and the Bored Ape Yacht Club ecosystem
What sets ApeCoin apart is its close connection to the Bored Ape Yacht Club community. The NFT Collection launched by BAYC in 2021 was a tremendous success, attracting numerous prominent supporters. Since then, the BAYC community has consistently made headlines with projects and events, such as a yacht party for the NFT owners.
Moreover, holders of APE cryptocurrency get access to exclusive BAYC content, including merchandise, games and even special events from the Bored Ape Yacht Club ecosystem. Many content and games are offered exclusively in the crypto community, where APE is used as both payment and reward. Additionally, ApeCoin is self-managed in a decentralised way by its owners through the so-called “ApeCoin DAO”.
The ApeCoin (APE) price compared to other cryptocurrencies
Compared to other cryptocurrencies that also use Ethereum-based governance and utility tokens, ApeCoin particularly benefits from the financial strength and creativity of its parent platform, the Bored Ape Yacht Club. Additionally, ApeCoin is also helped by a strong base of prominent supporters like Snoop Dogg or Neymar Jr., which could help expand ApeCoin's applications quickly and gain more practical significance. It’s also important to note that it is still a relatively young token in its early stages and will gain many more functions and features over time.
Should the metaverse increase in popularity, ApeCoin could greatly benefit from this development. Compared to other metaverse tokens, such as Sandbox, ApeCoin has a higher market capitalisation and a more solid base with prominent supporters and the NFT community of the BAYC ecosystem. However, predictions and past price trends are not indicative of future price developments.