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What is ApeCoin and why its value increased by more than 50 percent in a week?

The team that created ApeCoin believes that it is a meme coin. Along with this, it is also trying to create an ecosystem related to it.

Bored Ape Yacht Club (BAYC) is one of the largest non-fungible tokens (NFTs) in a series of blockchain-based cartoons. Its current value is about $3 billion. People associated with BAYC launched a cryptocurrency called ApeCoin last week, which has seen a nearly 58 percent increase in value. ApeCoin has no real use as of now and still has a market capitalization of around $13.6 billion.   

ApeCoin to Yuga Labs, which developed BAYC A portion of the tokens is allocated but this token is not linked to Yuga Labs as it is created by the ApeCoin DAO. ApeCoin DAO helps its community design blockchain games and create physical and virtual merchandise. Some believe that Yuga Labs’ decision to separate from ApeCoin is a step towards decentralisation, while others believe that Yuga Labs has distanced itself from the SEC’s regulatory strictures. 

ApeCoin and DAO’s Yuga Labs and its BAYC There is no direct affiliation with BAYC but they are still linked and that’s why BAYC NFT holders get free ApeCoin and it will be the main token of BAYC ecosystem. The team that created ApeCoin believes that it is a meme coin. Along with this, it is also trying to create an ecosystem related to it. Services using this coin will include the MonkeyFirm NFT platform, a decentralized exchange, and play-to-earn gaming projects. 

Its trading is available on international exchanges like Binance, Coinbase, Kraken and FTX as well as some Indian exchanges including CoinDCX and Giottus. 62 percent of ApeCoin’s total supply will be allocated to the community. Each token will receive one vote, allowing its holders to give their opinion on upcoming ventures. Only one billion ApeCoin will be created and 9.75 percent will be held by Yuga Labs. In addition, 14 percent will go to the contributors to the launch, 8 percent to the founders of Yuga Labs, and 6.25 percent to the Jane Goodall Legacy Foundation, which works to conserve chimpanzees. 

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