The NFT boom that started in 2021 continues in 2022 with increased intensity, creating deeper connections and infrastructure. The creators of the most famous NFT series Bored Ape Yacht Club had recently launched their own DAO and the token, which rose up high after the implementation but was pulled off shortly after. Read our APE token price prediction to understand what’s happening with the asset.
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ApeCoin Fundamental Analysis
ApeCoin is a decentralized project developed by the Yuga Labs Bored Ape Yacht Club project. It was created to build and manage the ecosystem in a fair and inclusive way, offering infrastructure for the native token holders.
ApeCoin is also an ERC-20 token used within Ape Ecosystem that includes the world's third most popular NFT collection called Bored Apes with $1.5 billion in all-time sales. The token launched last week aims to empower and incentivize decentralized community building at the forefront of web3.
The Ape coin is a part of the ApeCoin DAO and offers governance rights to the holders so they can decide how the ecosystem’s funds should be used. 62% of the tokens were allocated to the Ecosystem Fund which is meant to support community-driven initiatives.
Moreover, Ape Coin gives its holders access to some features of the ecosystem not available otherwise. For example, exclusive games and services. The total supply is fixed at 1 billion coins, all of them minted at once. The amount in circulation will constantly change depending on the market conditions and the coin release schedule. Only 30.2% of the total supply was realized on the launch day.
The four founders of the Yuga Labs received a collective 8% of all the realized coins, Yuga Labs itself as a company received 15% of the airdrop and the APE Coin DAO got 47% of all the released tokens.
ApeCoin Live Price Chart
The APE coin was launched on March 17 and has rapidly approached the top-100 of the trading cryptos. Moreover, it was added to many major exchanges and all of it together caused the asset’s price to skyrocket to $17 on the next day.
In the last week, the APE token has seen a big setback. After initially rising to $18 APE price chart declined 40% and the asset was pulled off to $10. This caused a drop in the total market capitalization.
After that, the Ape coin has experienced massive recognition, such as the accumulation of the token by the large wallet investors, acceptance of it as a measure of payment by Time magazine, but it didn’t help the asset to recover the price after the massive drop.
The latest APE coin price analysis though shows the signs of a price recovery. Most of the analysts believe that the token will continue to lose value for a while, as the interest fades away and panicking investors will be selling their tokens. Despite the current uncertainty in the APE price chart, it has a positive outlook. After the buzz will calm the APE coin price might recover, especially if the Bored Yacht Club NFT ecosystem will perform well.