With the increasing interest in the metaverse which has ballooned in 2021, the launch of Ape coin is another stimulator that has created a furor within the metaverse space. The project which has been in the works for some months was conceived by the Bored Ape team which is the maker of the popular ape NFT that has recorded enormous success within the non-fungible token space.

According to the launch tweet by the team, the Ape Coin ($APE) will be the driving fuel of a community-based web 3.0 project designed to promote and drive entertainment, the arts, culture and gaming.

The release from the Bored Ape team stated that holders of the Ape coin would be able to build on the platform, while holders of the internal tokens of the metaverse ecosystem can claim the new $APE token from today, March 17.  These are BAYC and MAYC holders who have until 90 days to claim their $APE token. It stated that those holding only BAKC are not eligible to claim $APE.

The Ape Foundation, which is the steward behind the Ape Coin DAO essentially sees to the day to day operations of the community, even though it is not an overseer of the platform. According to the statement released on the project, the Foundation is:

“responsible for day-to-day administration, bookkeeping, project management, and other tasks that ensure the DAO community’s ideas have the support they need to become a reality”

The foundation is essentially driving the development of the ecosystem in a neutral, fair and inclusive manner.

The $APE Airdrop

$APE, an ERC-20 token that will be distributed through an airdrop. Details released by the Foundation shows that there is no distinction between the various mutant apes with respect to the airdrop. The claimants do not need to have matching IDs of Ape and Kennel to claim. Even with matching IDs, they do not qualify for extra tokens. Those that claimed the token have to be sure that only eligible NFTs are present in their wallets. This is to ensure that the claimed tokens actually appear in the wallets. Deselecting errant NFTs may be necessary to ensure harmonization. Furthermore,  Bored Ape or Mutant Ape can only claim tokens for its holder, not for the accompanying Kennel.

Interesting Market Data of Ape Coin

Ape Coin has proven to be a success. This may not be unrelated to the fact that the Bored Ape and Mutant Ape platforms have made sales of millions of USD in NFTs. The $APE has a maximum supply of less than 10 million, a doxxed team and a low market capitalization and high liquidity at the decentralized exchange, Bustadex. All these show that the coin has high potentials of success in the market. No wonder many investors have taken notice of the token.

Data available at Coinmarketcap shows that Ape Coin is ranked first among 18,279 altcoins.