- ApeCoin currently trades at $16.18
- APE gained more than 1,500% today.
- Here is what to know about the new token by Bored Ape Yacht Club.
A new digital token, ApeCoin (APE), hits headlines today after gaining around 1,516.94% in a day (Coinmarketcap data). Today’s gainer makes APE the 2nd-largest gainer, Playground (PLAYA), leading the pack with a whopping 2003.25% upsurge at this publication.
ApeCoin attracted the attention of many investors despite lots of caution. Market players are always careful about new coins due to increasing scam assets in the marketplace. APE has attracted individuals in the NFT and crypto community on social media sites such as Twitter.
Such developments had market players interested in investing in APE. For that reason, our team prepared this article to help investors understand what ApeCoin is all about.
About ApeCoin
ApeCoin is an ERC-20 coin introduced by the creator of a leading NFT. It’s the utility and governance currency of the APE Network that comprises ApeCoin DAO, APE Foundations, and ApeCoin, an open-source protocol. Third-party developers such as game creators can utilize ApeCoin to accomplish their undertakings.
APE holders use ApeCoin DAO to govern the protocol. Moreover, holders can use the token as a decentralized coin in the ApeCoin network. They access explicit parts within the platform, including exclusive games, merchandise events that might seem unavailable and unique services.
Meanwhile, APE Foundation comprises members that manage the ApeCoin network, not as overseers but as a base layer for holders to interact with ApeCoin DAO. Bored Ape Yacht Club creator Yuga Labs gifted the APE Foundation a “one of one NFT.” ApeCoin DAO will decide what the platform will do with the non-fungible token.
APE Price Forecast
Analyzing ApeCoin price actions might be challenging since it’s a new token in the marketplace (launched in 2022 March). Yahoo Finance commented on APE after the new token lost around 80% hours following its launch. However, the alt turned things around and rallied by more than 1,500%.
The momentum that APE showed following a brief plunge after its launch indicated a long-term optimistic trend that might take the alt toward $20 before March-end.
Final Thought
ApeCoin (APE) might be an option for enthusiasts looking for new cryptos to trade. However, beware that virtual assets have high risks due to massive volatility.
