Yesterday, was implosive and explosive in the crypto space (I have just had to use it, I’m sorry). Apecoin is performing magic right now. If you are a keen crypto observer you’d notice crypto token is gradually moving away from dog-themed tokens to ape-themed ones. Expect to see more ape-themed tokens in the coming days, weeks, and months. Just know that many of them will be scams, that will be fashioned to drain money from unsuspecting victims. To today’s topic, for us to answer the big question, What is ApeCoin? We first have to understand the asset behind apecoin.
Bored Ape Yacht Club and ApeCoin
For us to understand bored ape yacht club, I’ll first have to show you this ‘picture’, (after all, a picture says a thousand words).
If you are familiar with this type of ‘picture’, then you know bored ape yacht club already. For those who still do not know what the above picture is, for some reason. The picture above is an NFT from the bored ape yacht club collection. BAYC is one of the most famous and recognizable NFT collections in the world, with about 10,000 unique bored NFT apes. Simply put, the Bored Ape Yacht club is the name given to the collection. BAYC was created by a firm called Yuga Labs through an algorithm. The collection has generated more than $1 billion in total sales. One of the many reasons for its success is the fact that it has many celebrities getting into it.
Before yesterday, there have been news and rumors about Yuga Labs’ plans to launch its own token, called apecoin, for a metaverse project it plans to undertake. The firm hoped to raise millions of dollars by selling virtual plots of land for the project. Virtual land sales are the first phase of a metaverse initiative that aims to diversify revenue away from selling ape-based NFT images.
This simply means that the subsequent launch of apecoin provides a means through which transactions take place in and for the metaverse project. And it doesn’t end there, holding the token will allow holders to become members of the ApeCoin DAO and gives its members a shared and open currency that can be used without centralized intermediaries. Holding ApeCoin also gives access to certain parts of the Ecosystem that are otherwise unavailable, like exclusive games and services.
Through coinmarketcap, we find out that apecoin’s total supply is permanently fixed at 1 billion tokens, all have been minted already. On launch day, March 17, 2022, only 30.25% was launched into circulation. The circulation will continually increase post-launch day at regular intervals over 48 months. The amount of ApeCoin in circulation is a dynamic number that will constantly change both due to the aforementioned schedule and a myriad of market factors. This means that you’d be seeing occasional dumps here and there, within 48 months.
Who Owns ApeCoin?
As we said earlier, Yuga Labs is the firm that owns the Bored Ape Yacht Club. But if you are like me, you’d want to find out the face or people behind this growing behemoth of a business. A quick investigation on Google reveals that Yuga Labs is owned by two founders, Wylie Aronow and Greg Solano. The pair decided it reveal themselves after a BuzzFeed report worked out their web2 identities through public records of their Yuga Lab company. Here’s a photo of the pair.
And the below guy.
The pair, in the form of Yuga Lab, was in talks with super star venture-capitalist, Andreessen Horowitz, about an investment. It is important to note that a lot of VCs are also behind this token.
What Early Investors are saying About the Token
Those who came too early upon the launch of Apecoin were are in the negative as we speak. Some of them bought the token at $100 per token, but it dumped to $8 per token, as the whales and VC apparently dumped the token on small investors. Many of the victims of this dump have taken to coin market cap to register their displeasure. Some of them are even calling the token a rug pull. Here are some of their comments.
In conclusion, Yuga Labs is expanding its business based on the successes of the bored ape yacht club. A metaverse project looks to be the next big step for the firm, and it makes sense they create a native token that will be a means of governance in the virtual world. The price of the token has been manipulated by whales. But the project seems legit and has come to stay. Although, critic says apecoin is another means through which the rich keeps getting rich.