This is the official HackerNoon wiki for ApeCoin. As part of our coin price pages, this living wiki displays on ApeCoin crypto price page. If you’d like to suggest edits to our official ApeCoin wiki, please submit them in comment field below, a real human editor will read and review your suggestions for accuracy and publication.
ApeCoin is a cryptocurrency for the members of the
Decisions made by the ApeCoin DAO get implemented by the steward of the ApeCoin token which is the APE foundation.
History
YUGA labs are among the leading
ApeCoin began trading on March 17, 2022. The currency was distributed to Bored and Mutant ape NFT holders first, with members receiving between 1000 and 2000 tokens respectively. The price of the token got to a peak of $39.40 and hovered at $10 within 24 hours of the token launch. This caused the floor price of the Mutant Ape to spike from 20.3 ETH to 23.3 ETH and the bored ape to spike from 91.9 ETH to 105.9 ETH.
Since the launch of APE, ApeCoin has gained partnership deals from popular game projects which wish to integrate the crypto coin into its in-game currencies.
Biggest Claim To Fame
ApeCoin became the most valuable
Apecoin is a widely known cryptocurrency. Many people around the world have seen or been in contact with a bored ape or the mutant Ape NFT and know of it, even those that are not precisely into the idea of buying it. Through this, the ApeCoin has been made visible and popular which has made the cryptocurrency coin prices rise and remain high.
Biggest Criticism of ApeCoin
The ApeCoin is seen as a cryptocurrency coin for the elite. The Bored Ape and Mutant Ape NFTs were marketed to and popular among the rich, influential, and elite. The prices to buy one of these NFTs were too high for normal people to buy as an investment. Due to this, ApeCoin is seen as the same, though efforts have been made to separate the idea of the bored and mutant apes NFTs. The ApeCoin cryptocurrency has opened up the market to a wider audience.
Buying ApeCoin is the equivalent of being a shareholder. Those that have bought the coin have voting rights to the company. The problem with this is the price of APE is connected with the perceived value of Yuga Labs or the Bored Ape Yacht Company. But the cryptocurrency and Yuga Labs are not explicitly linked. In fact, Yuga Labs has gone through a lot of effort to keep the two entities separate. So the ApeCoin is as close to fake stocks as one can get without being outright illegal.
Though the tokens are meant to be decentralized, the insiders reap all the real benefits. Those that had originally bought the Yugo Labs-associated NFTs got the ApeCoin investment for free as the ApeCoin was first distributed to those who had NFTs.
YugoLabs makes a profit every time an NFT is sold or resold. This is detrimental to the original idea behind cryptocurrency, decentralization. The way the company makes a profit is centralized which goes against the original purpose of cryptocurrency.
Team
The initial board of investors for the ApeCoin includes Reddit co-founder Alexis Ohanian, Maria Bajwa of Sound Ventures, Horizon Labs Dean Steinback, Yat Siu of Animoca Brands, and Amy Wu who is the lead of crypto exchange FTX’s venture arm.
Each board member gets a term of six months before DAO members are able to vote on future members.
In Conclusion
ApeCoin’s value rests on a parent company that does not have any ties with the coin. Should Yuga Labs ever decide to fully sever the association between ApeCoin and itself, the utility of the cryptocurrency may become volatile.
This is the official HackerNoon wiki for ApeCoin. As part of our coin price pages, this living wiki displays on ApeCoin crypto price page. If you’d like to suggest edits to our official ApeCoin wiki, please submit them in comment field below, a real human editor will read and review your suggestions for accuracy and publication.