A new cryptocurrency by the name of ApeCoin (APE) is making headlines today following its 1516.93% price surge according to data from CoinMarketCap. Today’s price surge makes ApeCoin (APE) the second-largest gainer after Playground (PLAYA) which had risen by 2003.25% at the time of writing.
ApeCoin has managed to catch the attention of investors although with a lot of caution, especially since APE is a new coin in the market and there is a rise in the number of cases of scam coins being released.
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APE has captured the attention of the majority of the crypto and NFT community, especially on social media platforms like Twitter.
Invezz has prepared a guide to assist those interested in the ApeCoin by helping them identify the best places they can buy the coin from while also understanding what cryptocurrency is all about.
To find out more, scroll below.
What is ApeCoin?
ApeCoin was launched by the creator of one of the largest non-fungible tokens (NFTs) and it is an ERC-20 token. It is the governance and utility token of the APE Ecosystem that includes the open-source protocol ApeCoin, the APE Foundation, and the ApeCoin DAO.
ApeCoin protocol is a tool for third-party developers including game developers.
ApeCoin token holders govern the ApeCoin ecosystem through the ApeCoin DAO. The holders can also use the coin as a decentralized currency within the ApeCoin ecosystem, and specifically to access specific parts of the ecosystem like exclusive games, services, and merch events that are otherwise unavailable.
The APE Foundation on the other hand is the body that manages the ApeCoin ecosystem though not as an overseer but rather as a base layer for ApeCoin holders and ApeCoin DAO to interact.
The APE foundation was gifted with a ‘1 of 1 NFT’ by the creator of Bored Ape Yacht Club Yuga Labs who conveyed all the privileges and rights of the NFT and its underlying artwork to the foundation. The ApeCoin DAO is to decide what the ecosystem should do with the NFT.
ApeCoin price prediction
Being a new coin launched this month (March 2022), there is not sufficient data to do a concrete market analysis of the ApeCoin (APE) price movements.
Yahoo Finance commented about the new coin after the coin took a hit hours after launch although the coin has since turned the tables round to rally by over 1500%.
The momentum that the coin has shown after the slight drop when it was launched possibly signals a long-term bullish trend that could see the coin hit $20 by the end of March.
Best places to buy ApeCoin from
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Conclusion
If you are looking for a new cryptocurrency that you can invest in, then the ApeCoin (APE) could be a good choice.
However, you should be aware that trading cryptocurrencies is highly risky because their market prices are highly volatile.
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Source: https://invezz.com/news/2022/03/18/where-to-buy-apecoin-ape/