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ApeCoin(APE) Online with Wigwam crypto app
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How to buy and hold APE with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
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ApeCoin (APE) token review
APE is an ERC-20 utility and governance token of the Web 3.0 APE ecosystem. The token was launched in March 2022 and created by Yuga Labs, which also created the Bored Ape Yacht Club (BAYC) NFT collections. The token provides exclusive access to games, events, and merch. APE is also the primary token for all new products of Yuga Labs. The token aims to help the decentralized community, ApeCoin DAO, manage its ecosystem.
About
ApeCoin DAO (Decentralized Autonomous Organization) manages the ApeCoin ecosystem, utilizing the APE token for governance. APE token holders get to vote on proposals and shape the future of the Metaverse. The ApeCoin DAO also helps developers through its own treasury and ecosystem fund if products and services have the potential to benefit the ecosystem.
APE Use Cases
APE tokens are utilized for various usages in the APE ecosystem (Bored Ape Yacht Club and the broader metaverse created by the Yuga Labs), here is a list of them:
Governance: ApeCoin DAO is fully controlled by the APE token. APE token holders manage the DAO by proposing or creating proposals, voting on them, and making decisions that shape the future of APE such as license exemptions, protocol development and adoption, deciding which product to support and helping developers from its treasury and funds, and many more.
In-Game Currency: APE can be used as a currency for buying power-ups and gaming items, the tokens can also be exchanged with other in-game tokens on certain games like Benji Bananas.
Utility Token: APE tokens are utilized as the primary utility tokens within the APE ecosystem, consisting of various products, games, and services built by Yuga Labs.
Ecosystem Incentivization and Access: Besides upcoming Yuga-helmed projects, APE can join other projects like games or new NFT collections to encourage involvement in the ecosystem and enjoy its popularity. Also, APE crypto holders receive benefits like exclusive merchandise, games, and event invitations.
Brand Engagements: Artists and celebrities, like rapper Snoop Dogg and Whiz Khalifa, are utilizing APE for sales and brand engagements, as they released an NFT music album that could be bought using APE.
The future of APE is quite prominent, as the BAYC team aims to extend its usage to various NFT projects and communities, potentially establishing a wider in-game economy within the metaverse ecosystem.
Economic Value
ApeCoin has a total supply of 1B tokens, the token was launched with a hard-capped, meaning there are no capabilities to mint further tokens through its contract interface. At the time of writing this article, it has a 368.59M APE in circulation, and the rest of the tokens are scheduled to be released over the next several years.
The tokens were initially distributed through an airdrop to BAYC and Mutant Ape Yacht Club (MAYC) NFT holders, marking one of the largest airdrops in crypto history then. At the launch, each BAYC NFT holder could claim over $100,000 worth of APE.
There is currently no mechanism in place to mint (create) or burn (destroy) these tokens, thus its supply is anticipated to stay constant as APE tokens are designed to be the beating heart of the Yuga Labs ecosystem and the token is expected to become the currency for an entire metaverse economy, with Yuga Labs planning to integrate ApeCoin into its future projects, including games and other services.
Challenges
There is a growing concern about centralization and transparency within the ApeCoin ecosystem as 38% of APE tokens were distributed for free to an inner circle, leading to the question if the token truly represents a decentralized ecosystem and what is the true distribution of funds among token holders.
APE has experienced a decrease in momentum too, mirrored by its price volatility. Technical indicators such as the MACD demonstrate negative momentum, while the Relative Strength Index (RSI) resides within the neutral zone, suggesting uncertainty regarding the price's trajectory.
Disclaimer
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
FAQ
You can buy APE tokens from centralized exchanges such as Coinbase, and Binance or in our Wigwam crypto wallet.
Yes, You have the option to stake APE on centralized exchanges such as Nexo and Kraken.
To view it, simply visit Etherscan and input your wallet address into the search bar.
Before adding APE to your crypto wallet, make sure that the wallet supports ERC-20 tokens. The steps specifics might vary based on the wallet you are using, but the general steps to add APE tokens will be as follows:
Open your crypto wallet, click on the option of “Add tokens”, and then enter the APE token details as follows
- Token Contract Address: 0x4d224452801aced8b2f0aebe155379bb5d594381
- Token Symbol: APE
- Decimal Precision: With 18 Decimals
After entering the token details click on “Save” to add the APE token to your wallet.
APE is a cryptocurrency and comes with a high risk of the crypto market and price volatility, another risk involving APE is that the token depends on its ecosystem and projects within it, the risks involved with those projects such as project failure, scams, and hacks also apply to APE. It's essential to thoroughly investigate before proceeding ahead with a specific cryptocurrency.
