There’s been a lot of hype surrounding a new token called ApeCoin. The idea is unique and provides many advantages to the entire cryptocurrency ecosystem. APE is a token of platform ApeCoin. Its current price is around $11.32 by writing, with a low of $1.00, and has a market cap of 3.1 billion dollars.
What is ApeCoin?
ApeCoin is an NFT-powered Ethereum token, which is generated by BAYC, a product of Yuga Labs. The coin’s governance and utility function are managed by the ApeCoin DAO, which protects the token with great care. The goal of the APE Foundation is to grow and develop an ecosystem that will be fair, inclusive, and transparent.
ApeCoin is controlled by multisig wallets that allow the ApeCoin DAO to determine how and when expenses are paid. In addition, it provides an infrastructure for holders of Apecoin to collaborate through any governance process they want. Over time, ApeCoin DAO will transition the proposal and voting mechanisms into a complete, on-chain platform in a form determined by the community.
What is APE?
APE is the coin of the platform ApeCoin, which is around $11.32 by writing, with a low of $1.00. Its current ranking is #44 according to CoinMarketCap, with a market cap of 3.1 billion dollars.
This week Apecoin was launched as the new native currency for Bored Ape Yacht Club. When it debuted, its price skyrocketed, and its market cap is now over $3.1 billion. Recently, APE has seen a significant surge in price. APE is now trading at $11.45 on CoinMarketCap after a 900% increase in the past four days.
APE Coin Market Analysis
APE has a max supply of 1,000,000,000 coins worth around $11.32 with a market volume of 1.7 billion dollars, whereas the market capitalization is 3.1 billion dollars at writing.
APE Price Prediction
On the 1D timeframe, $APE/USDT, the price action formed out the double bottom pattern where the price action tried to break out the pattern’s neckline. Still, after a fake-out, it went below the horizontal support level and is currently facing resistance.
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