The much-anticipated ApeCoin (ticker symbol APE) is here. And, yeah. Covered: ApeCoin Price Action What Exactly Is APE? Yuga Labs And ApeCoin ApeCoin Price Action Can't wait to ape into some @Apecoin! https://t.co/fCxBnzyG1t — Cameron Winklevoss (@cameron) March 16, 2022 As of early this morning, ApeCoin is officially ape-in-able. According to CoinMarketCap, the pseudo —but […] The post ApeCoin Signals Cryptocurrency Devolution appeared first on CryptosRus.

ApeCoin Signals Cryptocurrency Devolution

The much-anticipated ApeCoin (ticker symbol APE) is here. And, yeah.

Covered:

  • ApeCoin Price Action
  • What Exactly Is APE?
  • Yuga Labs And ApeCoin

ApeCoin Price Action

As of early this morning, ApeCoin is officially ape-in-able. According to CoinMarketCap, the pseudo —but possibly actually — offshoot of the Bored Ape Yacht Club (BAYC) is up 800% in the last 24 hours. But that’s only because it didn’t exist 24 hours ago.

After opening trading around 8:30am EST, the Ethereum-based coin has fallen from its opening price. Though, it’s hard to get a good read of how far it’s fallen.

CoinMarketCap has its all-time high at $39 USD, and currently trading in the $9 range. While their direct competitor Coingecko has the all-time high at 10.36, but also trading in the $9 dollar range currently.

It’s hard to get a gauge of how far APE has fallen, but it’s safe to say the BAYC-adjacent token has fallen since open.

Recommended: Are Bored Apes Evolving Into Gorillaz?

What Exactly Is APE?

APE is an Ethereum-based ERC-20 token that intends to be the reserve currency of the “Ape” ecosystem, which includes BAYC and the Mutant Ape Yacht Club. Despite that, Yuga Labs isn’t a part of the equation — at least technically.

Yuga Labs is the company behind BAYC, the world’s most popular NFT community. However, ApeCoin is run by ApeCoin DAO. The DAO includes some big names from FTX and Reddit. Mysteriously, the DAO has secured the rights to the iconic BAYC skull logo, as well as being the defacto token for upcoming projects like BAYC’s play-to-earn game.

Yuga Labs And ApeCoin

Yuga Labs not being officially involved may or may not be a legal matter. After all, despite some friendly overtures from Biden and co., there is still little in the way of concrete answers. Thus, attaching Yuga Labs to a cryptocurrency under its own banner could be problematic.

How exactly Yuga Labs was involved in ApeCoin is probably something we will understand after years of litigation. And, an awkward senate hearing or two.

Interestingly enough, American exchanges appear to be fine with what they see. The famously law-abiding Coinbase just announced it’s listing ApeCoin. Though, it’s labeled as “experimental,” which is a new initiative of Coinbase akin to cigarette box labels.

Recommended: Believe It Or Not, Brian Armstrong Used To Hate Altcoins

 

 

 

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