Meme-inspired cryptocurrencies are a rave currently. The Apecoin follows in the footsteps of Inu Shibu and Dogecoin. The cryptocurrency has the backing of the Bored Ape Yacht Club and promises to be a futuristic cryptocurrency meant for the new era of Web3.0 or Metaverse. Most likely, the Apecoin crypto will provide some real utility.
The Specialty of Apecoin
Unlike the traditional cryptocurrencies like Bitcoin and Ethereum, which uphold highly technical features like anonymity and decentralization, meme coins are tokens that derive their value from their association with a meme. The Apecoin crypto is an Ethereum-based token linked to a very successful project until now, the Bored Ape Yacht Club NFTs.
To know about Apecoin value, keep reading.
The Strength of Apecoin
Its roots in the Bored Ape Yacht Club NFTs, the cryptocurrency Apecoin holds high prospects due to its intrinsic strength. The incredibly valuable Bored Ape Yacht Club NFTs pass on the strength to the cryptocurrency associated with it, reflected in the Apecoin price. The Bored Ape prices have reached astronomical levels with endorsement from high-profile NFT collectors and celebrities. To purchase a Bored Ape NFT as on date, you will have to pay nothing less than $300,000, and that too for the cheapest one. The price can go up to $2 million for the most expensive one.
Holders of Bored Ape had the privilege to own Apecoin on priority during its airdrop, and each Bored Ape received 10,094 Apecoins. Anyone wishing to buy Apecoin at the original airdrop had to pay $70,000 toward the cryptocurrency Apecoin price.
Big surprise for Bored Ape Owners
YugaLabs, the company which was behind Bored Ape NFTs and Apecoin, rewarded the NFT owners beyond their dreams. When they woke up on the morning of March 17th, to their utter disbelief, they discovered the incredible windfall gain as thousands of dollars made their way to their wallets. Since then, Apecoin has become the default currency of the Bored Ape community for everything related to the meme-related NFTs.
The Real Utility of Apecoin
As told earlier, Apecoin is more than a decorative meme coin because of its real-world utility. For example, YugaLabs auctioned virtual land on the ‘Otherside,’ its Metaverse, which was an instant hit. The initial release garnered sales worth $300 million, with an additional $300 million coming from post-market resell. The company minted 55,000 land deeds as an NFT, with each deed corresponding to a plot of land on the ‘Otherside .’As each deed cost 305 Apecoins, the plots were available to Apecoin holders only. Such was the frenzy for plots in ‘the Otherside’ during the auction that, until now, it generated the highest amount of traffic for the Ethereum blockchain.
What puts Apecoin a few notches above other meme coins is that the holders can utilize this as a governance token for the Apecoin DAO., the decentralized governance network of the community. Holders can vote on a variety of topics, including fund allocations.
