APE/USD is one way of expressing the value of one ApeCoin against the US dollar. APE coins (sometimes called ApeCoins) are the governance and utility tokens of the APE Ecosystem, a web3 project launched by the developers of Bored Ape Yacht Club (BAYC) NFTs, Yuga Labs. Other ways to express the pair include APE-USD and APE in USD. The APE cryptocurrency is in its relative infancy (launched in March 2022), but it has quickly become one of the biggest cryptocurrency projects in the world and enjoys a multibillion-dollar market cap. There are many reasons for the early success of APE, including its tie-in with BAYC, arguably the most successful NFT project the world has seen thus far. Nonetheless, the goals of the Ape Ecosystem are much broader than NFTs, focusing on shaping the next generation of the internet (known as web3) through blockchain technology. ApeCoin is integral to making that vision a reality, empowering holders to shape the APE Ecosystem through the ApeCoin DAO. You can buy and sell APE-USD here on eToroX, enjoying low fees and special order types as you trade one of the most exciting cryptocurrencies on the market right now.
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While they are separate entities, we can’t talk about APE without the context of Yuga Labs’ Bored Ape Yacht Club. Launched in April 2021, BAYC soon became the world’s foremost NFT project, with sales to date (May 2022) totaling over $1 billion. But within that project of buying and selling NFT artworks, there was also a large community that followed the ideals of the web3 movement – those who hoped to create a decentralized internet free from the control of Big Tech. Thus, Yuga labs had a ready-made market for its APE Ecosystem and APE DAO (Decentralized Autonomous Organization). Holders of ApeCoin are able to participate in the DAO, voting on how the wider APE Ecosystem is managed. The Ape Ecosystem touches on many different projects, ranging from gaming to finance to commerce. It is a classic web3 project focused on delivering an alternative to the current iteration of the internet. Ape is not alone in that ambition among cryptocurrency projects, but it brings a community of passionate developers and investors with it. That’s one of the reasons ApeCoin saw a lot of success in the early months of its existence. While there is ongoing volatility with crypto, and the future for APE/USD and crypto as a whole is unknowable, the Ape Ecosystem and NFTs appear to have devoted enthusiasts.
As previously mentioned, ApeCoin’s initial launch was widely seen as a huge success. While it is early days and some investors will be waiting for the cryptocurrency to “mature,” there is a sense of anticipation over what can be achieved with the APE Ecosystem as it takes in everything from NFTs to gaming to the metaverse. APE Coin reached its all-time high (current at the time of writing) of $39.40 on 17th March 2022 – the same day that it launched. As APE to USD was sold for $1 on launch day, it means that the all-time low was recorded on the same day as the all-time high. While APE soon came off those highs as cryptocurrency faced a difficult spring in 2022, it hasn’t yet gotten close to hitting the lows again. One billion Ape coin tokens were all minted at once on launch day, although only about 30% were put into circulation. The rest will be released at regular intervals over the next four years. Want to trade APE for USD? Use the eToroX professional crypto Exchange to discover ApeCoin and a huge range of other cryptoassets, all tradeable at ultra-low fees on a secure, regulated platform.
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