ApeCoin

Apecoin In-depth Report Generated by AI - For further details, please review:

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1)What is apecoin（APE）?

ApeCoin (APE) is a cryptocurrency that plays a central role in the ecosystem of the Bored Ape Yacht Club (BAYC), the largest collection of non-fungible tokens (NFTs) by market cap, featuring 10,000 individual images of bored-looking apes. Launched in April 2021 by Yuga Labs, BAYC quickly gained popularity, particularly among celebrities. ApeCoin was launched as its native token in March 2022. ApeCoin is designed to "empower decentralized community building," rewarding the BAYC community for buying and holding Bored Ape Yacht Club NFTs and other NFTs from the Yuga Labs ecosystem. ApeCoin holders can participate in the DAO (Decentralized Autonomous Organization) governance structure, vote on changes to the DAO, and buy Metaverse land in the BAYC Metaverse. It is overseen by the APE Foundation, which provides oversight to the ApeCoin DAO. However, ApeCoin is not a crypto coin but a token since it is based on the Ethereum blockchain. As of the latest update, the circulating supply of ApeCoin is 369 million. In recent developments, ApeCoin has revealed four new improvement proposals (AIPs) to enhance the community-driven ecosystem. These proposals include further decentralizing the ApeCoin DAO (AIP-292), funding a documentary about the rise of BAYC (AIP-303), introducing a new price tracking bot (AIP-306), and deciding on protecting user privacy during voting (AIP-313). These proposals are heavily community-driven, reflecting the decentralized ethos of ApeCoin and its commitment to the BAYC community. Despite a consistent downtrend since its launch in April 2022, ApeCoin is linked to the foundational level of Yuga Labs, a company driving progress in metaverse culture. The project aims to provide a community-led governance system and is a key part of Yuga Labs' expansion of its ecosystem of dApps (decentralized applications), including a GameFi metaverse project. This expansion could onboard more APE token holders seeking a stake in the future of decentralized communities. Finally, the CoinCodex algorithm predicts a potential trend reversal for APE in the coming months, expecting a surge towards $10 by October 2024, marking APE’s return to a double-digit price level since its initial drop in the market. This forecast underlines the unique position of ApeCoin within the top 100 cryptocurrencies, emphasizing its commitment to decentralization and the advancement of metaverse-based technologies.

2)Which sector does apecoin（APE） belong to?

ApeCoin (APE) belongs to the Web3 gaming sector. As an ERC-20 governance and utility token in the APE ecosystem, ApeCoin serves multiple purposes. It is utilized for governance in the ApeCoin DAO, allowing token holders to participate in decision-making processes. The token also plays a role in unifying spending, accessing exclusive content, and incentivizing third-party projects within its ecosystem. ApeCoin is closely associated with the Bored Ape Yacht Club NFT ecosystem and is set to be the underlying currency for the upcoming Otherside metaverse game. The Web3 gaming sector, as of the third quarter of 2023, has experienced dynamic changes and developments. Despite noticeable fluctuations in momentum, the sector has maintained its influential position within the decentralized application (dapp) hierarchy. These fluctuations reflect an evolving landscape rather than a decline in the sector's prominence. A significant development in this period has been the rise of social dapps, which have seen a surge in user engagement and the incorporation of gamification elements, drawing parallels with Web3 gaming. Key players such as Wax, Skale, and zkSync have emerged, attracting significant interest, especially from the gaming community. Established games like Alien Worlds, Splinterlands, and Axie Infinity continue to lead, with new concepts like "move-to-earn" gaining traction. The third quarter also saw a dip in trading volume and sales figures for virtual worlds, but the interest in the metaverse and virtual world dapps remains strong, as evidenced by significant investments like Animoca Brands' $20 million funding for its Mocaverse initiative. Investment in the Web3 gaming sector reached $600 million in Q3 2023, contributing to a year-to-date total of $2.3 billion. This represents 30% of the previous year's funding, highlighting the need to consider unique market dynamics. The investments made in previous years are expected to yield results soon, with several highly anticipated Web3 games entering playtest phases. The continued evolution of the Web3 gaming industry, marked by the introduction of new players and platforms, indicates a positive growth trajectory. However, adaptability and foresight are crucial in this ever-evolving domain.

3)What is tokenomics of apecoin（APE）(includes allocation and supply schedule)?

The tokenomics of ApeCoin (APE) are structured as follows:

Initial Distribution: The initial allocation of ApeCoin tokens was distributed in the following manner:

14% to Launch Contributors

15% to Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT Holders

47% to a Treasury/Resources pool

15% to Yuga Labs (creator of BAYC)

1% to Charity (Jane Goodall Legacy Foundation)

8% to BAYC Founders.

Max Supply and Vesting Schedule: The total supply of ApeCoin is capped at 1 billion tokens. The supply is expected to be fully vested by March 2026. This means that the entire supply of ApeCoin tokens will be in circulation by that time.

Creation and Release Mechanism: ApeCoin, being an ERC-20 token, doesn't have a mechanism to mint (create) or burn (destroy) additional tokens beyond its fixed supply of 1 billion. At its launch, approximately 30% of ApeCoin's total supply was in circulation, with the remaining supply scheduled for release over the next several years. The specific schedule for this release, however, has not been detailed in the sources. This tokenomics structure reflects ApeCoin's goals of maintaining a fixed supply while distributing the tokens to various stakeholders, including contributors, NFT holders, the developing company, and the broader community. The absence of a minting or burning mechanism ensures the fixed supply remains constant, a key feature of ApeCoin's economic model.

4)What about the team and the investors of apecoin（APE）?

The team behind ApeCoin and its funding history involve several key entities and individuals:

ApeCoin DAO and Ape Foundation: ApeCoin is launched by ApeCoin DAO (Decentralized Autonomous Organization), a governing body where all APE token holders are members, facilitating community-driven proposals and decisions. The Ape Foundation handles the day-to-day administration of the DAO, managing proposals and supporting the DAO community's ideas. A subcommittee of the Ape Foundation acts as the ApeCoin DAO's board, initially consisting of high-profile crypto investors like Reddit co-founder Alexis Ohanian, Amy Wu of FTX’s venture arm, Maaria Bajwa of Sound Ventures, Yat Siu of Animoca Brands, and Dean Steinbeck of Horizen Labs.

Yuga Labs: Yuga Labs, the main company behind the Bored Ape Yacht Club, plays a significant role in ApeCoin’s ecosystem. It's responsible for major projects and acquisitions related to the Bored Ape Yacht Club and has been involved in talks with the venture capital firm Andreessen Horowitz for funding that could value it at $5 billion. Yuga Labs has also expressed its intention to adopt ApeCoin as the primary token for all its new products and services.

Cartan Group: A consulting company based in the Cayman Islands, Cartan Group has been involved in the ApeCoin project, receiving payment for consulting services. Brian Tang, the co-founder of Cartan Group, posted all five of the DAO's active Ape Improvement Proposals.

Funding History of Yuga Labs: Yuga Labs raised $450 million in a seed funding round on March 22, 2022. The funding came from 36 investors, including notable entities like Friendly Trading and Coinbase. This investment has significantly contributed to Yuga Labs' growth and its involvement in the ApeCoin project.

Token Allocation: A portion of ApeCoin is allocated to "initial contributors" and the Jane Goodall Legacy Foundation, which supports conservation efforts. Yuga Labs received 150 million APE, with a portion designated for the Jane Goodall Foundation. Additionally, 140 million APE was allocated to companies and individuals who contributed to the project's development, and 80 million APE was allocated to the founders of Yuga Labs. These coins were locked for the first 12 months to prevent immediate sell-off. In summary, ApeCoin is closely linked to Yuga Labs and the Bored Ape Yacht Club ecosystem, with a governance structure involving the ApeCoin DAO and the Ape Foundation. Funding and development support come from various sources, including major investments in Yuga Labs and contributions from different entities within the crypto and NFT space.

5)What is the development history ofapecoin（APE）?

List all important events and milestones in the development process ofapecoin（APE） . I encountered a technical issue while searching for a detailed chronological list of significant events and milestones in the development of ApeCoin. However, I can provide a general overview based on known key events:

Early 2021: The Bored Ape Yacht Club (BAYC) NFT collection was created by Yuga Labs. The BAYC NFTs quickly gained popularity and became one of the most valuable NFT projects by market cap.

March 2022: ApeCoin (APE) was launched. The token was introduced as a governance and utility token for the APE ecosystem, closely linked to the Bored Ape Yacht Club and governed by the ApeCoin DAO (Decentralized Autonomous Organization).

March 2022: Yuga Labs raised $450 million in funding, largely supporting the development and expansion of its projects, including ApeCoin.

March 2022: ApeCoin's initial token distribution occurred, with allocations made to various stakeholders, including BAYC and MAYC (Mutant Ape Yacht Club) NFT holders, the DAO treasury, Yuga Labs, and the Jane Goodall Legacy Foundation.

2022 onwards: ApeCoin has been integrated into various projects and initiatives within the APE ecosystem, with Yuga Labs indicating plans to adopt ApeCoin as the primary token for all new products and services. For a more detailed and specific timeline, including exact dates and additional milestones, it would be best to refer to official ApeCoin and Yuga Labs announcements or a dedicated cryptocurrency news source that tracks the development of ApeCoin.

6)What is the progress and future roadmap of apecoin（APE）?

I encountered a technical issue while trying to find additional information on ApeCoin's development history and future roadmap. However, based on the information available, here is a chronological list of significant events and milestones in the development of ApeCoin:

March 28, 2022: Phishing attacks targeted Bored Ape investors, leading to significant fraud and concerns about ApeCoin's security.

April 12, 2022: Coinbase announced the production of a Bored Ape Yacht Club movie trilogy, coinciding with the launch of its NFT marketplace.

April 21, 2022: ApeCoin prices surged on rumors of virtual land sales in the Otherside metaverse.

April 25, 2022: ApeCoin experienced significant investment, with a notable concentration of tokens held by a small number of wallets.

May 2, 2022: The launch of the Otherside metaverse by Bored Ape Yacht Club became the largest NFT mint in history, raising $320 million.

May 4, 2022: ApeCoin was supported on Polygon's blockchain to alleviate stress on Ethereum caused by high gas fees during NFT minting.

May 18, 2022: Discussions about moving ApeCoin from Ethereum’s blockchain to either Avalanche or Flow gained traction.

June 6, 2022: Voting on ApeCoin Improvement Proposal (AIP) 41 began, deciding whether ApeCoin should stay on Ethereum’s blockchain.

June 22, 2022: Controversy arose around Bored Ape Yacht Club, with accusations of hidden Nazi and racist references in its NFTs.

June 27, 2022: Yuga Labs responded to serious allegations against Bored Ape Yacht Club, initiating legal action against their accuser.

July 19, 2022: ApeCoin's price increased as the Otherside metaverse became a reality, offering new use cases for the token.

August 3, 2022: Gucci became the first major brand to accept ApeCoin as payment, boosting its mainstream exposure.

August 11, 2022: Phishing scammers targeting Bored Ape were exposed, raising security concerns within the NFT community.

August 19, 2022: Concerns arose about a potential NFT market meltdown, impacting ApeCoin's value.

August 22, 2022: The broader crypto market downturn affected metaverse tokens, including ApeCoin, which saw a significant drop in value.

September 21, 2022: Anticipation for ApeCoin's staking service boosted its price, with significant token gains observed.

October 12, 2022: The SEC reportedly began investigating Yuga Labs over the sale of BAYC NFTs and the distribution of ApeCoin.

December 8, 2022: The introduction of staking rewards for APE tokens was announced, with rewards scheduled over the next three years.

January 30, 2023: A new NFT project by a Bored Ape-owning artist called Shilly sold out quickly, affecting the perception and value of Bored Ape NFTs. This timeline provides a glimpse into the significant developments in ApeCoin's history, including its connection to the Bored Ape Yacht Club, its integration into the crypto and fashion worlds, and the controversies and challenges it has faced.

7)List all important links related toapecoin（APE）

Here are some important links related to ApeCoin (APE):

ApeCoin Official Website: [https://apecoin.com/]

This is the official website for ApeCoin, offering comprehensive information about the token, its ecosystem, and relevant updates.

CoinMarketCap - ApeCoin: [https://coinmarketcap.com/currencies/apecoin-ape/]

CoinMarketCap provides detailed market data on ApeCoin, including current price, market cap, trading volume, and historical data.

CoinGecko - ApeCoin: [https://www.coingecko.com/en/coins/apecoin]

CoinGecko offers a similar range of market insights for ApeCoin, with additional features like price charts and token metrics.

ApeCoin DAO: [https://apecoin.com/dao/]

This link directs you to information about the ApeCoin DAO, which governs the ApeCoin ecosystem.

Bored Ape Yacht Club (BAYC): [https://boredapeyachtclub.com/]

BAYC is closely associated with ApeCoin. This is their official site, offering insights into the NFT collection that plays a significant role in the ApeCoin ecosystem.

Twitter - ApeCoin: [https://twitter.com/apecoin]

Follow ApeCoin on Twitter for the latest news, updates, and community interactions. These links provide access to a range of information about ApeCoin, from official announcements and governance to market data and community engagement.

8)Bullishness index for this token from the perspective of token valuation and future potential from Chatgpt 4

As an AI developed by OpenAI, I don't provide financial advice, predictions, or direct investment insights such as a bullishness index for any financial assets, including cryptocurrencies like ApeCoin. The valuation and future potential of any cryptocurrency can be influenced by a multitude of factors, including market trends, technological developments, regulatory changes, and broader economic conditions. For a thorough analysis of ApeCoin's valuation and future potential, it's advisable to consult a range of sources, including market analysis, expert commentary, and financial news. Additionally, considering the inherent volatility and risks associated with cryptocurrency investments, it's important to seek advice from financial professionals and conduct thorough personal research before making investment decisions.