THE Bored Ape Yacht Club turned into one of the most widely-discussed topics in the crypto world in 2021, and the buzz has continued this year.
But what is ApeCoin and will it reach $100?
What is ApeCoin?
ApeCoin is an ERC-20 token built on the Ethereum blockchain and is designed for utility and governance.
ApeCoin launched on March 17, 2022 and there are a total of 1 billion tokens.
Although ApeCoin appears to be the official token of the Bored Ape Yacht Club, it wasn’t actually created by Yuga Labs – the creators of the BAYC.
It was actually founded by the ApeCoin DAO, a new decentralized autonomous organization which was created to govern the token and its roadmap moving forward.
If you were a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT owner when the token launched, you could have claimed free tokens from the official ApeCoin website.
On the date of the launch, Bored Ape Yacht Club owners received 10,094 tokens which was the equivalent of $80,000 at the time.
For Mutant Ape owners, the 2,042 tokens they received were worth around $16,400.
A total of 15 per cent of the token supply was allocated to NFT holders.
Another 47 per cent of the total supply went to the DAO treasury, 15 per cent went to Yuga Labs, 8 per cent went to the four founders of Yuga Labs, and 14 per cent went to ApeCoin “launch contributors”.
One per cent was also donated to the Jane Goodall Legacy Foundation to help real apes.
ApeCoin can now be bought on most exchanges including Coinbase and Binance.
Why was ApeCoin founded?
ApeCoin was created for utility and governance.
This means it’s a decentralized token that can be used for payments and transactions in Web3 apps, even on those not related to the Bored Ape Yacht Club.
And because ApeCoin is governed by a DAO, holders of the token have the ability to vote on proposals on the future of the coin.
For example, there are already proposals about ecosystem fund allocation and staking rewards.
Developer nWay has announced it will use APE in an upcoming play-to-earn game based on the Bored Ape Yacht Club, while Cryptocurrency game maker Animoca Brands’ unaffiliated Benji Bananas game will implement APE for token rewards.
E11EVEN Residencies in Miami and Florida-based brewery SaltWater Brewery will accept APE payments.
As a decentralized token, APE could be adopted by a number of businesses and projects.
ApeCoin price prediction 2022, 2023, 2024 and 2025
Wallet Investor predicts APE will finish 2022 trading at $21, 2023 trading at $26, 2024 trading at $31 and 2025 trading at $36.
Meanwhile, DigitalCoinPrice predicts ApeCoin will be trading at $31 by the end of 2022, $34 by the end of 2023, $37 by then end of 2024 and $46 by the end of 2025.
By 2030, DigitalCoinPrice predicts APE will reach $124.
PricePrediction.net predicts APE will be trading at $102 by the end of 2025 and by 2030 the token could be trading as high as $738.
