From Bitcoin to Ethereum, from ZEC to XRP, the crypto space has experienced significant growth in recent years. It all started with Bitcoin’s bullish run in 2021 when it grew to an all-time high of over $65,000. Ethereum, the world’s second-largest cryptocurrency, followed the impressive footpath when it reached an all-time high of $3,750.37 from $3,500 within 24 hours the same year.
The jaw-dropping bullish runs undoubtedly increased crypto’s fame globally as many wealthy and highly-rated business moguls developed keen interests in digital assets. They see the crypto industry as one of the best places to increase their wealth and are eager to invest in as many cryptocurrencies as possible.
As much as investing in Bitcoin and Ethereum can make you a millionaire within a short time, the same can’t be said of other growing digital coins like Stellar, Cardano, Polkadot, and ApeCoin as it may take a while before profiting from any of the highly-volatile digital currencies.
Talking of ApeCoin, you may have heard about it but do you know what it is all about? How to buy Apecoin, what you can do with an Apecoin, and whether or not it’s a good investment?
Well, don’t worry if you can’t answer the questions above because this article will disclose everything you should know about it. Keep reading!
What Is ApeCoin (APE)?
ApeCoin is a non-fungible token (NFT) owned and controlled by the APE DAO in connection with the Bored Ape Yacht CLUB (BAYC). It is an ERC-20 token hosted on the Ethereum blockchain. The most interesting part of the ApeCoin is that you can easily purchase and trade it without any stress or hiccup.
Who Owns the ApeCoin?
As mentioned earlier, ApeCoin is a digital asset belonging to the APE DAO — a decentralized autonomous organization. Though the digital asset is linked with Yuga Lab, the company has never shown itself as the founder of the fast-growing asset. In a nutshell, ApeCoin is created and owned by the APE coin DAO, while it is BAYC’s official token.
Pros of ApeCoin
- It provides an affordable payment option:
With Apecoin, you have the best digital asset or coin to complete transactions, and make some in-game purchases within the APE ecosystem.
- High profitability:
Apecoin provides you the opportunity to record impressive returns if you invest big.
It was reported last month that Apecoin yielded over 3800% profit for early investors, while it promises over 1,000% profit to long-time investors. This means you are liable to increase your financial status in a few months by investing in Apecoin if all things work out as planned. However, we can’t confidently predict how much the coin will be worth in the nearest future due to crypto’s high volatility.
- Apecoin Is Legit:
For those wondering if Apecoin is legit or not, it’s confirmed that the digital asset is legit and secure. Apecoin is a certik-certified token with a security score of 95 out of 100. Though cryptocurrencies are known for high volatility rates, Apecoin has so far maintained a relatively steady value since its introduction a few months ago.
- Laudable Trading Volume:
Trading volume is a significant factor to consider when evaluating a new asset’s chances of being relevant in the crypto space. Interestingly, the coin isn’t doing badly in this regard. The recently-launched digital asset boasts approximately $41.19 billion trading volume since its introduction, thereby becoming a medium-cap digital asset.
In the same vein, experts predict the token to reach a new all-time high trading volume of $1,950 9.27 in 2026 based on the increasing numbers of investors.
- No Withdrawal Or Trading Issue:
You can withdraw your Apecoin at any time without difficulties because many exchange platforms support the coins. Top-rated crypto exchange platforms like eToro, bitmart, Binance, Coinbase pro, OKX, crypto.com and kucoin all support APE for trading. It means there are numerous platforms to withdraw, trade, or sell the token. Likewise, e-wallets like Neteller, PayPal, Skrill, IDEAL, and Rapid Transfer all permit the coin as a means of transaction.
Cons of Apecoin
Below are some of the drawbacks of this recently launched coin – Apecoin:
- The not-too-impressive price Pattern:
Though experts forecast the coin to experience a bullish run sooner rather than later, its price may not be favorable as Bitcoin’s unimpressive price pattern may have a negative impact on it.
Bitcoin can reach an all-time high and drop to the lowest priced value within two hours, which explains why many investors do not make a financial budget based on the return they expect from their Bitcoin investments.
Unfortunately, Apecoin will rise and fall like Bitcoin. Hence, it isn’t a good option for upcoming, low-salary earners, and inexperienced investors.
- Intense competition could affect Its growth and overall value:
This isn’t to discourage investors, but the truth is that Apecoin’s financial value will be affected by competition from other meme coins and cryptocurrencies.
The number of investors and competition from other crypto assets will possibly affect Apecoin’s liquidity in the long run. Analysts suggest that the token’s price could drop to $0.39 by the end of 2022 due to intense competition in the crypto space.
Other cons of investing in Apecoin in its early stage include its dependents or over-reliance on Ethereum’s blockchain and unclear evaluation.
Current Price of ApeCoin
According to Coinmarketcap, the Apecoin’s current price at the time of this publication is $7.95. It reached an all-day high price of $9.15 and an all-day low of $7.88, which further explains how volatile it can be.
Is ApeCoin (APE) A Good Investment?
As mentioned earlier, ApeCoin — like every other digital coin — is volatile. Therefore, investing in it can be risky and profitable depending on the price or value at the time you decide to withdraw or trade it.
Other factors like competition, Yuga Lab’s plans, and the number of investors all have the potential to influence the token’s value in the long run.
Nonetheless, investing in Apecoin on a short-term basis is not a good decision because its volatility could lead to unstable and decreasing market value.
Investing on a long-term basis appears to be a good and advisable move as it promises a good return with time. The reason isn’t far-fetched, BAYC’s popularity will attract people’s attention while the coin’s steady growth over a lengthy period will positively influence people’s final decisions.
In summary, investing in Apecoin is a good investment if it is on a long-term basis. Meanwhile, you should monitor how it fares in the industry for a while before purchasing it or investing in the assets.
How To Use ApeCoin
- It Is Used As An Incentive:
APE ecosystem and operators grant third-party game developers the opportunity to participate in the platform digital ecosystem as long as they integrate Apecoin into their games, projects, and other Tech Innovations.
- You can Use Apecoin to purchase products and services:
Apecoin is BAYC’s official utility token, you can purchase any digital product and service from the APE ecosystem it the coin. With the Apecoin, you can be sure of buying play-to-earn games developed by the BAYC company.
- Use Apecoin to be a part of the DAO decision-makers:
As mentioned already, purchasing or investing in Apecoin automatically makes you a member of the organization.
Purchasing the tokens also allows you to vote for the person or group of people you want to be in the APE Coin’s DAO administrative positions. However, you will need to let go of a certain amount of the coin to vote for your desired candidate.
- Use it access to some restricted parts of the APE ecosystem:
Some places and events in the APE ecosystem to all users until you provide a certain amount of the tokens to access such places. Therefore, you can explore Apecoin as a gating coin to attend exclusive parties, become merchandise, and play games in the ecosystem.
How to Buy ApeCoin
Having decided to invest, the next question is — how and where to purchase Apecoin?
The asset is presently available on top crypto exchange platforms, including Coinbase global Inc, Gemini, and Webull. Meanwhile, Binance is reportedly the best place to purchase the Apecoin as it possesses the most liquidity rate.
ApeCoin contract address
The contract address is as follow:
When Was ApeCoin Launched?
Apecoin was launched on March 16, 2022, and it was immediately picked up by top crypto exchange platforms like coinbase.
What Is ApeCoin’s All-time High Price?
Apecoin reached an all-time high price of $26.70 in April 2022. Unfortunately, It couldn’t maintain the price as it is currently valued at $7.95 at the time of this publication.