Anyone who’s been following the NFT space in the past year is bound to have heard of the Bored Ape Yacht Club. Their non-fungible artworks have been selling for millions on this newly discovered market, with notable celebrity buyers including Steve Aoki, Mark Cuban and even Justin Bieber. Hot on the heels of their success in the token landscape, this month, Bored Ape’s creator, Yuga Labs, decided to launch its own cryptocurrency. The new ApeCoin is the native cryptocurrency of the BAYC ecosystem. Its base is Ethereum’s ERC-20 token standard, and it was conceptualised as a decentralised protocol layer for various community-led initiatives.
APE’s supply is limited to 1 billion tokens. Since its contract interface doesn’t allow for new tokens to be minted, the total issuance should never increase. At the same time, the project’s no-burning architecture means the supply won’t decrease, either. Here is a brief breakdown of its supply distribution.
150 million tokens were airdropped to holders of BAYC-related NFTs as follows:
Meanwhile, 470 million tokens from the same ecosystem fund are earmarked for the DAO treasury, with 7,343,750 unlocked at launch and the rest unlocking monthly over a period of 48 months. Beyond this, 16% of the total tokens will go to Yuga Labs and various charity initiatives, with the final 14% gifted to launch contributors under varying lockup terms.
The creators of this new fungible token were clear in their intentions, setting their sights firmly on the metaverse as a key place of exchange for APE. BAYC has already come out and stated that it will be possible to use the coin to buy virtual land, play games and even purchase services. Beyond that, APE owners will also be granted voting rights over the DAO, too. Much like any other token, it is also traded by investors and other market participants in a bid to earn profit and is now listed on more or less all major exchanges. You may remember the meteoric rise of another gaming-metaverse-based token launched by Axie Infinity last year.
Well, given the even greater popularity of the Bored Ape Yacht Club as an NFT brand, as well as the general hype surrounding this space right now, the potential for multiples of price growth is very real for ApeCoin.
ApeCoin famously reached the top 50 market rankings within just one day of launching. Following a starting price of $40, APE initially retraced to around $6.15. But then, the price surged upwards, where it found resistance at $18. After this 200% increase, APE entered a brief consolidation before declining once more under high selling pressure.
Recently, APE’s price found support at $9.50 following a bearish crash of 46% in just two days. Such price volatility is pretty normal for a freshly launched project. Basically, early investors are looking to maximise profits by constantly buying and selling at large levels.
Now, the price has moved steadily up to its current level of around $13.20, and a much more pronounced, sustainable uptrend appears to be forming as a firm support is being established around this level. Currently, every MA indicator from the 5-day to the 200-day is flashing BUY for ApeCoin, which would suggest that now could be a good time to enter long positions on the token.
One of the biggest barriers to getting in on newer crypto projects is their lack of availability. They are usually only available on specialised platforms and come with inherent risks of fraud from scammers using their obscurity to swindle you out of your hard-earned money. Luckily for all the crypto trailblazers, apart from CFDs on all the biggest coins like Bitcoin, Ethereum and Solana, Libertex offers some of the hottest newcomers around, including CFDs on Axie Infinity, Enjin and ApeCoin!
Moreover, with Libertex’s recent announcement that it’s completely slashing fees (commission, swap and exchange fees) on all crypto CFDs to zero, trading CFDs on ApeCoin looks even more attractive. So, create an account with Libertex if you haven’t already and start trading CFDs on ApeCoin, one of the hottest new crypto projects!
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||64%||76||$23 414.18||-0.57%||1.32%||$451 444 140 453|
|2||ETH||Ethereum predictions||65.6%||64||$1 660.60||0.87%||3.91%||$203 213 799 353|
|3||USDT||Tether predictions||96%||1||$1.000139||0%||0%||$68 038 057 989|
|4||BNB||Binance Coin predictions||81.2%||39||$332.21||2.49%||7.92%||$52 455 756 881|
|5||USDC||USD Coin predictions||95.2%||1||$0.999870||-0.01%||-0.02%||$41 954 575 977|
|6||XRP||XRP predictions||76.4%||51||$0.410035||0.05%||-0.66%||$20 829 395 994|
|7||BUSD||Binance USD predictions||92.4%||1||$1.000093||0.02%||0%||$16 273 786 064|
|8||ADA||Cardano predictions||69.2%||69||$0.401700||0.32%||2.18%||$13 898 855 921|
|9||DOGE||Dogecoin predictions||74%||48||$0.093742||2.62%||6.67%||$12 436 791 556|
|10||MATIC||Polygon predictions||68%||64||$1.23||4.02%||7.27%||$10 780 259 861|
|11||STETH||Lido stETH predictions||96%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|12||SOL||Solana predictions||61.6%||88||$24.55||0.87%||-0.41%||$9 145 525 743|
|13||DOT||Polkadot predictions||64%||74||$6.94||5.67%||5.23%||$8 000 392 092|
|14||SHIB||SHIBA INU predictions||64%||79||$0.000014||14.51%||18.56%||$7 679 941 030|
|15||LTC||Litecoin predictions||76.8%||38||$100.23||0.95%||13.08%||$7 236 835 830|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.