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ApeCoin (APE) is the 29th largest cryptocurrency in the world by market cap, valued at $4,102,000,000. The current price of ApeCoin is $4.102, which is -2.124% lower than yesterday. Prices have ranged between $4.22 and $3.96 over the past 24 hours. All prices are listed in US dollars and accurate as of March 25, 2023 10:03 UTC.
ApeCoin, or APE, is an Ethereum-based cryptocurrency token designed with the intention of bringing new utility to the popular Bored Ape Yacht Club (BAYC) NFT collection. Originally launched by Yuga Labs, the BAYC project has enjoyed incredible success and has now become one of the most sought-after NFT projects within the industry.
Subsequent NFT collections, including Mutant Bored Ape Yacht Club, have enjoyed equal levels of success. The addition of a native APE token has been designed to decentralize the project’s decision-making and further expand the BAYC ecosystem.
According to the ApeCoin website, the initial goal of the cryptocurrency is to back the creation of an ApeCoin decentralized autonomous organisation (DAO). The ApeDAO will allow Bored Ape NFT holders to vote on the project’s development direction and will also help to facilitate collaboration between community developers while maintaining a transparent governance structure.
Although ApeCoin functionally acts as part of the Bored Ape Yacht Club NFT world, it has officially been released by the separate ApeCoin DAO entity and not by Yuga Labs. The new ApeCoin DAO is backed by the APE Foundation board, which is set to act on behalf of all ApeCoin holders. Alongside implementing proposals and ecosystem changes, the APE Foundation is also charged with running daily operations for the DAO, including finances, project development and communication. All members of the board are voted for by ApeCoin holders.
In addition to governance rights, APE token holders can access exclusive passes to Bored Ape Yacht Club games and can also become eligible third-party developers within the wider ecosystem.
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