TL;DR Breakdown:
- APE is up by over 50% in a week.
- The token has the potential to be a critical part of web3 gaming, culture, and community trade.
- Major exchanges like Binance and Coinbase have listed APE.
ApeCoin has been catching the crypto headlines since last week after the popular NFT collection Bored Ape Yacht Club (BAYC) announced the launch of their own cryptocurrency.
ApeCoin is an ERC-20 token based on the Ethereum blockchain. While the coin is linked to its popular NFT counterparts, it is however fungible, unlike NFTs. It means ApeCoin can be used like any other cryptocurrencies such as Bitcoin or Dogecoin and traded freely on decentralized exchanges.
Given the popularity of BAYC and the Bored Ape collection, almost every major crypto exchange raced to list the token after its launch. The token went live on most exchanges with a price of around $7. Since then it has soared over 50% in a week.
What makes ApeCoin so special?
The most exciting aspect of ApeCoin is the development team behind it. The token is directly linked to BAYC and Yuga Labs, the founders behind the most successful NFT project in the industry. The token’s market cap is over $2 billion, and its overall circulation is capped at 1 billion.
According to the founders, ApeCoin has the potential to be a critical token for gaming and cultural trade like NFT in major web3 development that is happening around the industry right now. With the expansion of the metaverse, the token can be a feasible entity for both baseline trading and activity-driven engagement. It can also allow NFT users to transition into core crypto trading, thus helping the overall crypto ecosystem to grow.
Should you invest in APE?
Like anyother cryptocurrency, APE also has investment risks in terms of volatility. However, the token is being governed by recognized developers, and it is listed on major exchanges like Coinbase, Crypto.com and Binance. The token is also endorsed by major celebrities like Snoop Dog and Wiz Khalifa. So, the token has great potential for fast adoption, especially due to its connection with the Bored Ape NFT counterpart.
So, it is potentially safe to trade and invest in this token. APE is currently trading at $13.23 and has the third-highest weekly growth in the crypto market.
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