Bitcoin price drop to $25,000 has caused massive liquidations for traders in a matter of few hours. But this bearish move of varying magnitude could repeat again, especially if BTC’s hash rate continues to rise and the price fails to recover quickly. If the pressure off BTC miners’ is not taken off soon, these participants could shed their holdings, causing the second down leg. Bitcoin (BTC) futures product was listed as a product by the Chicago Mercantile Exchange (CME) in December 2017. Since then, CME’s BTC futures data has been crucial to identifying institutional flow and interest, among other things.

The ApeCoin network incentivizes users to validate transactions by rewarding them with APE tokens. ApeCoin will also be used to buy games and merchandise, attend events, and receive services. Lastly, it’s worth mentioning that an attack on the ApeCoin crypto airdrop was detected, and the attacker seized a large sum of tokens via a flash loan, leveraging BAYC NFTs, according to Certik Alert. The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider.

How ApeCoin Functions

The MAYC was also a means to welcome more new members to the APE community. This is why 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop. It is governed by the ApeCoin DAO and supported by the APE Foundation. This means that the coin is very secure and there is no chance for it to be hacked. In addition, the coin is also very easy to use, which makes it appealing to those who are not familiar with the digital world.

• It plays an essential role in allowing people to vote on and build AIPs.
• ApeCoin use cases include enabling holders to participate in the governance of the DAO and enabling them to access exclusive features of the ecosystem, such as games, events, merchandise and services.
• Furthermore, there will be a six-month term limit for the DAO board members, and fresh members will replace them every year.
• However, as a general statement, it may be a good time to buy APE if you believe that the price of the asset is undervalued and has potential for future growth.
• Next, scroll through the available offers to buy ApeCoin for a payment method that works for you.
• While it is still relatively new, it has already made waves among those who are interested in investing in the digital world.

For example, ApeCoin will be used for a play-to-earn mobile game, Benji Bananas, owned by nWay. Because APE has a discrete value and is already trading on major exchanges, claiming these coins is a little like claiming free money. That’s around $150,000 at today’s prices – about half of what you’d need to buy yourself another Bored Ape.

ApeCoin Tokenomics

ApeCoin is probably more popular for the airdrop program and its performance across cryptocurrency exchanges. It has also given every holder a piece of the governance of arguably the most vibrant NFT community. As Yugalabs dive into the metaverse, ApeCoin stands a chance of gaining core relevance in one of the most promising Web3 and blockchain narratives since NFTs – the metaverse. It allows holders to participate in the ApeCoin DAO as a governance token. APE holders can also access exclusive features of the APE ecosystem, including games, merch, events, and services.

But a carefully coordinated marketing campaign has taken great pains to dissociate ApeCoin from any one conventional corporation. If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet. Spend your APE or more than a dozen other cryptocurrencies as easily as cash. The BitPay Wallet is a non-custodial crypto wallet https://www.xcritical.com/ meaning you, and only you, control your ApeCoin. The next 16% (160 million tokens) was distributed to Yuga Labs itself (150 million tokens) and 10 million tokens (or equal value) went to the Jane Goodall Legacy Foundation. The entirety of the next 14% (140 million tokens) were paid out to various launch contributors for helping bring the project to life.

OK, but what can I do with ApeCoin?

Buy gift cards for your favorite brands and shops from the app or extension. As a rule of thumb; do well to carry out your own research before investing in cryptocurrency and NFT projects. And apply caution while interacting with smart contract applications. Yugalabs’ metaverse project – Otherside – also features central roles for ApeCoin and incentives for ApeCoin holders.

Popular gaming firm Amonicabrands announced that it has adopted ApeCoin as the primary token of its play-to-earn project, Benji Bananas. The mobile game, which has already grossed over 50 million downloads, rewards players with native tokens which can be swapped for ApeCoin. Other projects growing under BAYC’s umbrella are also expected to adopt reward or participation tactics that incorporate ApeCoin. Sequel to the successful fundraiser program, Yugalabs has commenced the development exercise for Otherside.

If things do not improve, another miner-induced sell-off is likely for Bitcoin

As soon as your order is filled, you will receive the APE tokens on your exchange account. The first thing you need to do if you are looking to buy ApeCoin is to sign up for an exchange that supports the cryptocurrency. https://www.xcritical.com/blog/what-is-apecoin-ape/ Currently, Binance, Coinbase, and Kraken are among the largest exchanges supporting APE. The Bored Ape Yacht Club (BAYC) is a highly popular NFT collection composed of 10,000 unique images of cartoon apes.