What is ApeCoin: Everything You Need to Know About ApeCoin

What is ApeCoin: Everything You Need to Know About ApeCoin

On March 18, the ApeCoin cryptocurrency was made available to the general public. This generated a big craze in the market as many sought ways to profit. Its launch quickly became one of the most explosive price spikes of 2022 as, within the first 24 hours, ApeCoin's value surged by more than 1,000 percent.

ApeCoin is the APE ecosystem's token for ERC-20 governance and utility that enables decentralized community formation at the cutting edge of web 3.0. The coin has a one-billion-token supply that will never change as the contract interface exposes no minting functionality. Because of this, the overall supply will never increase. Likewise, the contract interface doesn't show any ability to burn tokens, ensuring that the overall supply will never decrease. 

The ApeCoin Token supply of 1 billion tokens at this time is, in fact, its limit. And unlike Bitcoin and many other popular cryptos, the complete tokens were minted all at once. After minting, they were "airdropped" to their owners. Airdropping is automatically rewarding a select group of cryptocurrency holders with tokens. 

Of these tokens, the DAO's treasury has been given 470 million tokens, and the ApeCoin ecosystem receives 62 percent of the token distributed in the form of 150 million airdropped coins. Yuga Labs and charity receives 16 percent of the token, which is equivalent to a donation of 10 million coins. The remaining 14% and 8% go to the coin's launch contributors and the Bored Ape Yacht Club founders.

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