- ApeCoin price jumped by more than 1,000% in the past 24 hours.
- ApeCoin is the new cryptocurrency for the Bored Yacht Club members.
The ApeCoin price jumped sharply on Thursday and Friday morning as investors cheered the new launch. According to CoinMarketCap, APE is trading at $11.22, which is a 1,300% increase in the past 24 hours. As a result, its total market capitalization has risen to over $3 billion, making it one of the biggest coins in the world.
What is ApeCoin?
ApeCoin is a new ERC token developed by the team behind the Bored Yacht Club.
For starters, the Bored Yacht Club is one of the biggest platforms for celebrity Non-Fungible Tokens (NFT). They are a series of profile pictures minted on the Ethereum blockchain. They were developed by Yuga Labs.
In the past few months, sales of Bored Yacht Club NFTs has been in a strong bullish trend. It is estimated that they have crossed the $1 billion mark and analysts expect that they will keep growing in the next few months.
This growth has continued because they have become the most favored NFTs by celebrities like musicians, actors, and athletes. Its appeal is that the club is billed as an exclusive society and buying one of the NFT gives you access to this club. It also gives buyers access to more collectibles.
ApeCoin price prediction
ApeCoin is the new native currency for the Bored Yacht Club. It was launched this week and its price skyrocketed, pushing its market cap to over $ 3 billion. The coin was created by ApeCoin Decentralized Autonomous Organization (DAO). It will be the governance token for the ecosystem. Some of the top players in the DAO are Alexis Ohanian of Reddit and Amy Wu of FTX.
According to its website, holders of the Bored Yacht Club can claim some of the ApeCoin. The same is true for Mutant Ape owners. In total, 15% of all the coins will be allocated to these holders. These holders can then take part in the governance of the ecosystem.
Another use of the coin is that it can be adopted by other developers building NFT projects. For example, some developers have announced that they will use it for their play-to-earn games while others are set to use it for their DeFi apps.
So, is the ApeCoin price set to go up? It is too early to tell. But going by past experience, there is a likelihood that the price will retreat sharply as the momentum of wanes. A good example of this is Internet Computer, whose price rose sharply in its first day.
Where to buy ApeCoin
Click here for a comprehensive guide on how to buy ApeCoin.
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