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On March 18, the world of Cryptocurrency saw the addition of a new coin "ApeCoin". This cryptocurrency is the latest sensation in the crypto market and is being keenly followed and pursued by a lot of crypto investors. ApeCoin is a token that powers the APE NFT ecosystem. The token has also been listed on global exchanges namely Binance and OKX. The Ape coin 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.
ApeCoin commonly referred to as APE is nothing but an ERC-20 utility and governance token which is known to be used within the APE ecosystem in order to incentivize as well as empower an entire decentralized community building at the forefront of Web3.
Not just that, ApeCoin holders are said to govern themselves with the help of the decentralized governance framework controlling the Ape Coin DAO (decentralized autonomous organization) and vote on how exactly the Ape Coin DAO Ecosystem Fund should be put to use.
Apart from this, the APE Foundation administers proposals that are already agreed upon by ApeCoin holders. Before moving on any further, it is probably worth noting that, ApeCoin is a decentralized project that is known to have been inspired by Yuga Labs' Bored Ape Yacht Club project. Also, ApeCoin was founded to have been used within the burgeoning APE Ecosystem, which as mentioned, is supported by the APE Foundation.
In conclusion, Apecoin does not yet have a big following, but it is backed by some pretty big names. The primary company that is connected to Ape coin 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.
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