Apecoin: What is It and How it Became so Popular Among Investors?

Apecoin represents one of the top NFT brands that has stormed the crypto world recently

The crypto market has recently become one of the core investment projects for finance enthusiasts. The domain is now filled with several exciting crypto tokens representing distinct domains. Currently, investors are especially attracted to NFTs, and out of all the limelight0catching NFTs, the Bored Ape Yacht Club and its related collections are probably the most prominent. The creators basically feature bored-looking apes that could be customized down to the tiniest details based on the buyer's choices. These ordinary-looking artworks attracted the attention of several investors. Some of them even sold for hundreds of thousands of dollars with the customer list ranging from Justin Bieber, Eminem, and so on. The Apecoin is the Bored Ape Yacht Club's very own cryptocurrency that gained striking popularity in recent months. Let's dive in deep to know more about it.

So, what is Apecoin?

Apecoin is the governance and utility toke that serves the Bored Ape Yacht Club community and related communities. This airdrop has been one of the most anticipated in the NFT community due to the massive popularity of the Bored Ape Yacht Club brand. It is basically being airdropped to holders of Bored Ape Yacht Club, Mutant Ape Yacht Club, and additional ones are allocated to holders that also have the Bored Ape Kennel Club. 

Currently, there is no true functionality of Apecoin except its membership in the ApeDAO, which oversees the governance of the Apecoin token. However, the roadmap of the future reveals that there will be utilities for holders of the token, especially when it is combined with the underlying NFTs. These include a marketplace, potential games, and more. 

Apecoin does not yet have a big following, but it is backed by some pretty big names. The primary company that is connected to Apecoin is Yuga Labs, which is considered one of the more well-known names in the NFT world. Even though it does not have quite a massive amount of support, the future for Apecoin seems quite bright, given the popularity of the brand that it represents.