ApeCoin is a digital currency used within the APE Ecosystem, which is governed by the ApeCoin DAO. The token facilitates participation in decentralized governance and transactions in the ecosystem, including the Bored Ape Yacht Club. ApeCoin is built on the Ethereum blockchain, enabling holders to engage in the ecosystem's governance and use in various applications and games.
Yuga labs have grown to become the leading NFT brand with the launch of its Bored Ape and Mutant Ape NFT collections. Ownership of these premium NFTs has evolved into an elite movement of highly influential figures who hang out in the Bored Ape Yacht Club. However, to power the ecosystem of apps and services deployed by Yuga Labs and third-party brands, ApeCoin was launched.
ApeCoin started trading in the early hours of March 17, 2022 and was first distributed to Bored Ape and Mutant Ape NFT holders, who received about 10000 and 2000 tokens respectively. The token price hit a peak of $39.40 before hovering at the $10 mark within 24 hours of the launch. This had a ripple effect on the floor price of the Bored Ape which spiked from 91.9 ETH to 105.9 ETH and Mutant Ape from 20.3 ETH to 23.3 ETH as highlighted by Decrypt on launch day.
Since its launch, ApeCoin has received partnership deals from popular projects like Animoca Brands, and nWayPlay which are working to integrate ApeCoin as its in-game currencies.
