How To Buy ApeCoin (APE)?
A common question you often see on social media from crypto beginners is “Where can I buy ApeCoin?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy ApeCoin on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
Step 1: Create an account on an exchange that supports ApeCoin (APE)
First, you will need to open an account on a cryptocurrency exchange that supports ApeCoin (APE).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase ApeCoin (APE) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy ApeCoin (APE)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for ApeCoin (APE) or ApeCoin (APE) trading pairs. Look for the section that will allow you to buy ApeCoin (APE), and enter the amount of the cryptocurrency that you want to spend for ApeCoin (APE) or the amount of fiat currency that you want to spend towards buying ApeCoin (APE). The exchange will then calculate the equivalent amount of ApeCoin (APE) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of ApeCoin (APE) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is ApeCoin (APE)?
ApeCoin is an innovative ERC-20 governance and utility token designed to empower and incentivize a decentralized community at the forefront of web3 technology. Serving as the backbone of the APE Ecosystem, ApeCoin allows its holders to actively participate in shaping the future of this cutting-edge digital landscape.
The ApeCoin token fosters self-governance by enabling its holders to utilize a decentralized governance framework that controls the ApeCoin DAO (Decentralized Autonomous Organization). This decentralized approach ensures that the ApeCoin community can actively participate in crucial decision-making processes and collectively determine how the ApeCoin DAO Ecosystem Fund should be allocated.
By leveraging the power of decentralization, ApeCoin holders can vote on proposals that have the potential to shape the future of the APE Ecosystem and web3 as a whole. Once ApeCoin holders reach a consensus on a proposal, the APE Foundation steps in to administer the agreed-upon initiatives. This collaborative approach ensures that the APE Ecosystem evolves in a manner that is in line with the collective vision and interests of its community members.
A Closer Look at ApeCoin’s Initial Distribution: A Unique Allocation Strategy Fueling the Ecosystem
The initial distribution of ApeCoin presents an intriguing allocation strategy that helps drive the growth and development of the token’s ecosystem. With a sizable 62% of the total supply dedicated to the ecosystem fund, ApeCoin showcases a strong commitment to fostering innovation and supporting its community.
Out of this 62% allocation, 150 million APE tokens were distributed to BAYC (Bored Ape Yacht Club) and MAYC (Mutant Ape Yacht Club) NFT holders, which were claimable immediately upon the token’s launch. This strategic move has resulted in robust liquidity for ApeCoin, even as the current price momentum experiences fluctuations.
The remaining 470 million tokens within the 62% allocation were divided as follows: 117,500,000 APE tokens were unlocked at launch, with an additional 7,343,750 tokens unlocked each month thereafter. These tokens belong to the DAO treasury and resources, and while they may not necessarily be spent immediately, they serve as a solid foundation for the ecosystem’s future development.
Yuga Labs, the creators of BAYC and MAYC, received 16% of the total ApeCoin supply, alongside a charitable contribution. Yuga Labs was allocated 150 million APE tokens, vested for a 12-month period, while the Jane Goodall Legacy Foundation received 10 million tokens, also vested for 12 months. After the vesting period concludes, both entities will receive monthly unlocks for 36 months.
The four BAYC founders were allocated a combined 80 million ApeCoin tokens. These tokens are locked up for a 12-month period and will unlock at a rate of 2,222,222.22 APE per month. The remaining 14% of the total ApeCoin supply was distributed to launch contributors. These contributors received a small upfront amount, with the remainder scheduled to be released after specific time-based periods.
Understanding ApeCoin Claiming: How Many APE Tokens Are Eligible for Different NFT Holders?
As a BAYC, MAYC, or BAKC NFT holder who is not part of the initial allocations mentioned above, the number of claimable APE tokens varies depending on your specific holdings. Let’s dive into the details to understand how many APE tokens you can claim based on the type of NFTs you own.
For Bored Ape Yacht Club (BAYC) holders, the claimable APE tokens range from 10.094 to 10.950 tokens. This variation is dependent on whether the holder also owns a Bored Ape Kennel Club (BAKC) NFT. The additional Kennel Club NFT ownership influences the number of tokens one can claim.
Mutant Ape Yacht Club (MAYC) holders, on the other hand, can claim between 2.042 and 2,898 APE tokens. Similar to BAYC holders, this range is contingent on the user’s ownership of a Kennel Club NFT, which affects the total number of claimable tokens.
Interestingly, Bored Ape Chemistry Club (BACC) holders seem to be at a disadvantage when it comes to claiming APE tokens. Despite being part of the Yuga Labs family, BACC holders are not eligible for token claims. This decision might come as a surprise, especially considering that the BACC collection has a price floor of over 22 ETH.
After the ApeCoin claim period and the subsequent grace period conclude, any unclaimed APE tokens will be controlled by a multisig wallet. This ensures a secure and transparent approach to managing the remaining tokens that have not been claimed by eligible NFT holders.
Introducing the Founders of ApeCoin: A Decentralized Project Built on Collaboration and Inclusive Governance
ApeCoin is a decentralized project that emerged from the creative minds behind Yuga Labs’ highly successful Bored Ape Yacht Club (BAYC) initiative. The primary purpose of ApeCoin is to be utilized within the rapidly growing APE Ecosystem, which is backed by the APE Foundation. This ecosystem is designed to foster collaboration, innovation, and growth in the world of decentralized finance and non-fungible tokens (NFTs).
At the heart of the APE Ecosystem is the ApeCoin DAO (Decentralized Autonomous Organization), which aims to build and maintain the ecosystem in a fair and inclusive manner. The ApeCoin DAO empowers ApeCoin holders to participate in open and permissionless governance processes, enabling them to collaborate and contribute to the ecosystem’s evolution.
An essential component of the APE Ecosystem is the administrative council within the APE Foundation, known as the “Board.” This Board is responsible for executing the decisions made by the ApeCoin DAO members. The Board’s primary responsibilities include day-to-day administration, bookkeeping, project management, and other crucial tasks that ensure the community’s ideas receive the support they need to become a reality.
One of the unique aspects of the APE Ecosystem’s governance structure is that ApeCoin DAO members have the power to vote on the Board’s composition. This democratic approach to governance ensures that the ecosystem remains truly decentralized and operates in the best interests of its participants.
Discovering ApeCoin’s Unique Features: A Decentralized Governance Token Empowering Its Ecosystem
ApeCoin stands out as the governance token for the APE Ecosystem, providing its holders with the ability to actively participate in the ApeCoin DAO (Decentralized Autonomous Organization). This unique aspect grants the APE Ecosystem’s participants a shared and open currency that can be utilized without the need for centralized intermediaries.
One of the most notable features of ApeCoin is its generous allocation of tokens to the Ecosystem Fund, with 62% of the total supply being dedicated to this purpose. The Ecosystem Fund is designed to support community-driven initiatives, as determined by the votes of ApeCoin DAO members. This significant allocation highlights the project’s commitment to empowering its community and fostering a decentralized, collaborative environment.
In addition to its governance capabilities, ApeCoin also serves as a key that unlocks access to exclusive parts of the APE Ecosystem. These exclusive areas include specialized games and services, which are otherwise inaccessible to non-holders. This feature adds an extra layer of utility and value to the ApeCoin token, attracting users who are interested in accessing these exclusive offerings.
For third-party developers, ApeCoin presents an opportunity to integrate their services, games, and projects into the APE Ecosystem. By incorporating ApeCoin into their offerings, developers can actively participate in the thriving ecosystem and contribute to its ongoing growth and success.
Another distinguishing feature of ApeCoin is its connection to a one-of-a-kind NFT gifted to the APE Foundation by Yuga Labs, the creators of the Bored Ape Yacht Club. Yuga Labs has transferred all rights and privileges associated with this NFT and its underlying artwork to the APE Foundation. This unique asset is at the disposal of ApeCoin DAO members, who have the power to decide how its intellectual property will be utilized within the ecosystem.
ApeCoin’s Circulating Supply: Understanding the Token Distribution Dynamics
ApeCoin features a permanently fixed total supply of 1 billion tokens, all of which were minted simultaneously upon the project’s inception.
As of the project’s launch day on March 17, 2022, the initial circulating supply consisted of 30.25% of the total supply. This percentage will experience a gradual increase over time, with tokens being released at regular intervals during a 48-month period.
It’s important to note that the circulating supply of ApeCoin is a fluid figure that will be subject to constant change. This fluctuation results from the predetermined token release schedule, as well as various market factors that can impact the distribution and utilization of ApeCoin tokens.
Securing the ApeCoin Network: Ethereum’s Proof-of-Work Consensus Mechanism
ApeCoin is an ERC-20 token that operates on the Ethereum blockchain. Consequently, its network security relies on Ethereum’s well-established proof-of-work (POW) consensus mechanism. This robust system ensures the safety and integrity of the ApeCoin token and its transactions.
Ethereum’s POW consensus mechanism employs a decentralized network of miners who compete to solve complex mathematical problems. By solving these problems, miners validate and confirm transactions, and in return, they receive rewards in the form of Ether (ETH), Ethereum’s native cryptocurrency. This process, known as mining, ensures that the Ethereum blockchain remains secure and resistant to malicious attacks.
Since ApeCoin is built on the Ethereum network, it benefits from the same security features and protocols provided by the POW consensus mechanism. This strong foundation allows ApeCoin holders to trust in the safety and reliability of the token and its associated ecosystem.
ApeCoin development updates in 2023
ApeCoin (APE) has experienced several notable developments in 2023. Here’s an overview of the key updates:
Launch and Initial Adoption: ApeCoin, an ERC-20 utility and governance token, was created by the ApeCoin DAO, a decentralized autonomous organization. It is designed for use within the APE Ecosystem to incentivize community building and empower a decentralized community at the forefront of Web 3.0.
Airdrop and Claiming Process: In March 2023, ApeCoin DAO began airdropping ApeCoin to Bored Ape and Mutant Ape NFT holders. A significant portion of the eligible addresses claimed their APE tokens, with 116.18 million APE claimed out of the 150 million allocated for airdrops.
Integration and Adoption by Various Platforms: The token has been adopted for use in various platforms and projects. E11EVEN Residencies in Miami and SaltWater Brewery, a Florida-based brewery, announced their intentions to accept APE as payment. Additionally, gaming developer nWay plans to use APE in an upcoming play-to-earn game based on the Bored Ape Yacht Club. APE will also be featured in the Benji Bananas game for token rewards.
Market Performance and Price Fluctuations: After its launch, ApeCoin experienced significant price volatility, initially surging in value before experiencing a drop. This fluctuation impacted the floor price of BAYC NFTs but later showed some recovery.
Community Engagement and Future Prospects: The ApeCoin launch generated considerable interest and discussion within the crypto community. The support it received could potentially distinguish ApeCoin from other airdrop tokens that lose value shortly after their launch.
Upward Trend Prediction: As of late 2023, ApeCoin is anticipated to trend upward in the cryptocurrency market. Its popularity and value may be influenced by market sentiment, developments, or community engagement.
These updates indicate that ApeCoin is actively evolving and integrating into various aspects of the digital and crypto space, with a focus on community empowerment and broad utility within the ecosystem.
Official website: https://apecoin.com/
Best cryptocurrency wallet for ApeCoin (APE)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for ApeCoin (APE)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).