This article was last updated on August 15, 2022
Bored Ape Yacht Club NFTs are all the rage right now. With their rising prices and expanding perks, the highly coveted tokens are becoming bigger status symbols than ever. However, it is not only crypto enthusiasts that are buying them, as investors are also recognizing the monumental returns to be had from one of these NFTs. They offer investors a way to make money that is not tied to the traditional stock market and also give holders the opportunity to get in on the ground floor of various new projects. One example of this is Apecoin (APE) which took the crypto world by storm. But while buying a BAYC NFT might be a smart choice, more people are asking themselves if Apecoin is a good investment and for how long.
Over the past week, the price of Apecoin (APE) remained around $6.34. The circulation supply is 306 million tokens. The market cap went up to $1.9 billion.
Table of contents
What Is Apecoin?
Apecoin is a cryptocurrency and ERC-20 token that is used to support the APE ecosystem and make related payments. It functions as a utility token that holders can use to vote on the future direction and development of the Apecoin network.
It is closely related to the Bored Ape Yacht Club (BAYC) series, from which it takes inspiration for its name and aesthetic. The developer of BAYC – Yuga Labs has also adopted APE as the defacto currency for all of its projects. This includes not only BAYC but other popular NFTs like Cyberpunks.
The network is overseen by a Decentralized autonomous organization (DAO), which governs future moves and development strategies. Apecoin’s developers created the crypto with a cap of 1 billion tokens. However, they have not released the entire amount into circulation yet.
Is Apecoin A Good Investment
Apecoin is very closely related to Yuga Labs’ various NFT projects. It is also gaining wider integration with various NFT games and Metaverse projects. This has positioned the token as the premiere Metaverse crypto. Anyone looking to get involved in the scene and jump in on the ground floor of Meta projects will likely find Apecoin highly attractive.
Currently, the crypto has entered into official partnerships with several popular mobile games, enabling them to convert to a Play-to-Earn monetization model. These have included names like Benji Bananas and other nWay games.
Meanwhile, Yuga Labs recently launched an offering of virtual land in their latest Metaverse project – Otherside. Buyers were able to purchase this with Apecoin and received virtual deeds in return. The project was so popular, in fact, that it sent millions of investors clamoring to buy deeds. This disrupted the entire Ethereum network and sent gas fees soaring. By the end, Yuga labs raised nearly $320 million from the sale of virtual land.
BAYC, while not the most coveted NFT project, is by far the most mainstream. Its popularity has become so widespread that many people outside of the crypto space are aware of the series and its value. A sign of this is the recently announced movie trilogy based on the Bored Ape Yacht Club NFTs. Created by Yuga Labs and produced by popular crypto marketplace Coinbase, The Degen Trilogy is the first such project in the crypto space. When the movies come out, they are sure to further increase awareness of the crypto project and send Apecoin prices soaring.
Apecoin is definitely an investment worth looking into for anyone who seeks to get in on the Metaverse and NFT rush.
Related: Apecoin Future Price Predictions
Where To Make An Investment In Apecoin
Although relatively young, Apecoin has garnered much attention over the short time it has been on the market. As a result, you should be able to easily find the cryptocurrency on most online trading platforms and exchanges. Here are some of the best places to invest in APE today:
Etoro is an online trading platform that is designed to help users make smart investment decisions. With its easy-to-use interface, intuitive navigation tools, and real-time market data display, eToro makes it quick and simple to invest. Users monitor the performance of their current holdings and track market trends. Additionally, eToro integrates Apecoin into its platform for fast and secure transactions. Some of the world’s top investors and financial experts back this digital currency. Whether you’re new to investing or a seasoned professional looking for cutting-edge tools and advanced analytics, eToro has everything you need to succeed in today’s competitive marketplace.
Binance is an online trading platform that supports the trade of a variety of digital assets, including cryptocurrencies. The platform is designed to be user-friendly and offers a variety of features. These include charting tools and a mobile app. Binance also offers its own native token, called Binance Coin (BNB). Holders can use BNB to pay for fees on the platform. They are also eligible to receive discounts on certain services. In addition to supporting the trading of digital assets, Binance also offers a lending program. This allows users to earn interest on their deposited funds. The platform also has a charity program that donates to various causes around the world.
Additionally, Binance is particularly useful for those looking to invest in Apecoin. This is because the platform also supports the sale, purchase, and collection of NFTs. This means that you would be able to get more involved in the wider APE ecosystem more easily. By buying and storing all APE-related assets on the same account, you would only need one Binance account.
Coinbase is an online trading platform that specializes in the trade of cryptocurrency or digital coins. With its intuitive interface and easy-to-use tools, Coinbase has become one of the most popular online trading platforms for crypto enthusiasts. Some of the most popular coins on Coinbase include Bitcoin, Ethereum, Litecoin, and Apecoin, a newer coin with many promising features and a fast-growing user base. Whether you’re looking to buy or sell cryptocurrencies on Coinbase or just want to stay up to date on all things crypto, this online platform is a great place to start.
While Coinbase does not currently have an NFT marketplace, one is currently in development and should launch soon. At the moment, Coinbase is running a waitlist program that allows users to sign up for early access to the Coinbase NFT marketplace. For more information on the process, check out our dedicated article about the Coinbase NFT Waitlist.
Best Crypto Wallets To Use With Apecoin
As a digital asset, cryptocurrencies are exceptionally susceptible to theft and online fraud. Given their high value, they are oftentimes at risk, and security is a chief concern when it comes to investing in crypto. While most platforms allow you to store your crypto assets directly in your account, opting for a dedicated third-party wallet is a much more reliable solution. As a result, we have listed some of the most popular and reliable crypto wallets that you can use to store your Apecoin.
Metamask is by far the most popular crypto wallet when it comes to Ethereum-based assets. It supports a wide variety of the most popular cryptocurrencies and non-fungible tokens. This makes Metamask great for anyone who wishes to diversify their portfolio with both currencies and NFTs in the APE ecosystem.
The wallet is also based on browser technology and functions as an extension. This makes it incredibly simple to set up and use for both new and experienced users. Currently, it supports the browsers Google Chrome, Mozilla Firefox, Microsoft Edge, and Brave. You can also download it as a mobile app on your iOS or Android devices.
Trezor is an option that requires a bit more commitment and expertise than other wallets. This is because Trezor is a hardware wallet that comes with a physical authenticator device. As such, it provides an added layer of security and makes breaches much less likely. With such a wallet, the only way for bad actors to compromise your assets is by gaining physical access to the device.
Trezor is one of the most popular hardware wallets. As such, it is rich in features and supports a wide variety of cryptocurrencies. It also has full integration with Metamask. Linking the two platforms expands Trezor’s features and allows the wallet to store NFTs as well.
Closing Thoughts On Apecoin Investments
All in all, Apecoin is a rising star in the crypto space. For the short period that it has been on the market, APE has skyrocketed in both popularity and value, quickly becoming one of the hottest cryptos. Thanks to its close proximity to the Bored Ape Yacht Club and other notable NFT series, APE has a lot of potential to continue growing as that ecosystem expands further.
With the introduction of more NFT and Metaverse projects, APE’s uses will only increase, which will likely translate into a higher price. If you are enthusiastic about the potential of the Metaverse, then Apecoin is definitely one of the investments you should be considering.
Read Next: Where To Buy NFTs