ApeCoin hits a key roadblock at $1 12 Is a reversal likely?

in Nov 30, 2022

All you need to do is connect your crypto wallet and start earning staking rewards. The Bored Ape Yacht Club (BAYC) is a highly popular NFT collection composed of 10,000 unique images of cartoon apes. During the height of the NFT boom in 2021, Bored Ape emerged as one of the most popular NFTs, with rare Apes selling for hundreds of millions of dollars. José is a copywriter and journalist with over 4 years of experience in the crypto field. He started his career in 2017 amid the Bitcoin and the cryptocurrency boom, and he hasn’t turned his back on the industry since then. ApeCoin’s success will depend on several factors here, such as how well the DAO and the APE Foundation develop the ecosystem and how Yuga Labs manages to attract a bigger audience and projects into the Otherside metaverse.

Typically, short-term holders are more inclined to sell their holdings for profit. Furthermore, the MVRV ratio for ApeCoin currently hovers at a notably low level, signifying that the majority of APE holders find themselves in an unprofitable position. ApeCoin [APE] has faced its fair share of hardships in the recent prolonged bear market. Unfortunately, more challenges loom on the horizon with an impending token unlock.

  • Another key point is after the DAO members have voted on the proposals, the APE Foundation will implement the community-driven governance decisions.
  • These projects include a decentralized exchange, a mobile wallet, and a point-of-sale system.
  • Altcoin performance has been underwhelming with notable exceptions as BTC dominance remains above 50%.
  • ApeCoin is a decentralized, peer-to-peer digital currency that enables instant, near-zero cost payments to anyone in the world.
  • A subcommittee of the Ape Foundation will also serve as the “board” of the ApeCoin DAO, which will oversee specific proposals.
  • In late April 2022, YugaLabs launched an auction for “land” in the Otherside.

Based on the price chart’s Fib tool, the levels are immediate hurdle ($1.12) and support (1.06). However, APE has been at the level for three days – A market indecision that called for patience from players. The price drop signified the inability of bulls to initiate a sustained reversal due to APE’s heavily bearish market structure. Meanwhile, Bitcoin [BTC] continued its sideways movement between $26.8k and $26.9k over the past 48 hours. A bearish structure continues on Apecoin’s price chart, with bullish recovery lacking the needed momentum. The proceeding selling pressure adds to the downside potential that could see ApeCoin price correct from its ongoing recovery rally.

ApeCoin essentials

All tokens are locked for a period of 12 months so shareholders aren’t able to cash out immediately, potentially crashing the price. ApeCoin DAO is the community in charge of governing the entire ApeCoin ecosystem. Each member of the DAO has the right to submit or vote on protocol proposals and basically participate in all things related to the ecosystem.

In addition, ApeCoin’s unique approach to data security means that your information is always safe and secure. With these features, ApeCoin has the potential to change the way we use the internet and could revolutionize the way we interact with the digital world. ApeCoin is a cryptocurrency created to become the standard currency for the ape ecosystem.

Of course, it also depends on the approach and developments within the various Ape related NFT projects. The founders have not left it at ApeCoin alone, but have also released the Mutant Ape Yacht Club and the Bored Ape Kennel Club NFT collections. As expected, all of these projects are extremely expensive to purchase. They are one of the most major success stories within the NFT world. Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes. Of course, with BitPay’s recent support for the token, you can also buy ApeCoin (APE), store, swap and spend in the BitPay app.

ApeCoin is many things, but primarily it’s the result of a vision to link many different decentralized projects together. This is shown by its creators, Yuga Labs, stating that ApeCoin will be the coin and token (APE token) for all new products and services launched by their company what is apecoin — from in-game currency to governance tokens. Thus, as both an ApeCoin cryptocurrency and an APE token for utility, ApeCoin has been built to launch all Yuga Lab’s future plans in the crypto space. ApeCoin is a digital asset and cryptocurrency built on the Ethereum blockchain.

ApeCoin essentials

The ApeCoin blockchain is secured by decentralized nodes that run the ApeCoin software. These nodes work together to validate and confirm transactions on the blockchain. Moreover, to pass an exchange’s KYC (Know Your Customer) process, you will also need to provide a copy of your government-issued ID and proof of address. You may also be asked questions about your income and your level of expertise as an investor. The popularity of BAYC led to athletes, musicians, and actors purchasing Bored Ape NFTs to use as profile pictures on social media, adding to the cult status of Bored Apes as profile picture (PFP) NFTs. As one of the early investors, Yuga Labs receives a portion of the token distribution.

You can expect more and more developments like this in the coming years. For many, something beyond comprehension, but for many cryptocurrency experts, a versatile coin with great growth potential. The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways.

ApeCoin essentials

With APE, token holders can vote on governance proposals on the DAO and access exclusive features of the APE ecosystem, such as games, events, and services. ApeSwap was created to provide a simple, efficient, secure way to trade digital assets. The exchange is built on the Ethereum blockchain and utilizes smart contracts to facilitate trades. ApeCoin is used as the native currency of the exchange and can be used to trade a variety of assets, including other cryptocurrencies, commodities, and fiat currencies.

According to Cryptopredictions, the price of an ApeCoin in the coming years will be as follows. This percentage will continually increase following launch day at regular intervals over a 48-month period. The total supply of ApeCoin is permanently fixed at 1 billion tokens, all minted https://www.xcritical.in/ at once. The team behind Yuga Labs created the official collection of Bored Ape Yacht Club. While they are connected to the ApeCoin as well, it has been clearly communicated and stated that Yuga Labs is not the one behind the development and implementation of this token.

As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis. As Bored Apes became mainstream, the company behind them, YugaLabs, used the momentum to launch new web3 applications. YugaLabs plans to take it even a step further and create an entire community based around web3 and blockchain technologies. Apecoin uses a Proof-of-Work (PoW) consensus algorithm to validate transactions and add them to the blockchain. PoW is a type of algorithm that requires users to put in work or computational power to validate transactions and add blocks to the blockchain.

The token originated from the Bored Ape Yacht Club (BAYC), an NFT series from Web3 company Yuga Labs. The collection features 10,000 unique cartoon ape drawings, each with a distinct look and style, with ownership of each verified on the blockchain. BAYC has been one of the most successful NFT projects to date, enjoying viral popularity including famous owners like Jimmy Fallon and Eminem. Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million. If you would like to know where to buy ApeCoin at the current rate, the top cryptocurrency exchanges for trading in ApeCoin stock are currently Binance, CoinTiger, OKX, Bybit, and Cointr Pro.

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