Last Updated on June 22, 2022
Apecoin, the new kid on the block. What is Apecoin and how to invest in it?
Apecoin is an ERC-20 governance and utility token created by Yuga Labs, a crowd more known for their super-popular NFT project Bored Ape Yacht Club (BAYC). Also owners of the CryptoPunks NFT collection – arguably the very first collection ever made.
The founders of the token took to Twitter and along with the announcement of launching the token they describe in greater detail what it is and what’s their long-term plan.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. 🧵— ApeCoin (@apecoin) March 16, 2022
To help realize the plans for the token Yuga Labs as published by TheVerge, has secured $450 million in funding from VC a16z at a 4 billion dollar valuation.
The fund is said to be used to build the Metaverse where NFT owners can participate in as described by the founders an NFT Universe. At the center of the NFT Universe ApeCoin will be initially used as in-game currency.
What makes ApeCoin an attractive investment with over a dozen new tokens published every day?
The BAYC collection alone accounts for approximately 10% of the volume on OpenSea – NFT marketplace, according to calculations by CoinDesk. This shows the significant advantage that the owners of the ApeCoin token have in terms of marketing, their network giving the received funding, and the already enormous success they achieved in the NFT space.
Things to Consider Before Buying Apecoin
Decide on a Cryptocurrency Exchange
Here is a checked list of all the exchanges that currently offer ApeCoin
|Coinbase||$0.99 – $2.99 according to the size of the transaction|
|Crypto.com||0.4% – 0.35% depending on the trading level|
|OkCoin||0.02% – 0.10% depending on the trading level|
|Binance||0.02% – 0.1% depending on the trading level|
|Binance.us||0.02% – 0.1% depending on the trading level|
|Gemini||0.03% – 0.40% according to the size of the transaction|
|Kraken||0% – 0.26% according to the size of the transaction|
Where to store the purchased coins
It’s important to invest some time in researching how will your newly purchased stash of ApeCoins be stored.
Cryptocurrency investors have mainly two options to store the cryptocurrency and that is a Hot wallet and a Cold wallet.
A Hot wallet means you keep your coins and tokens on the exchange. This gives you the benefits of having the tokens ready for sale whenever needed.
A Cold wallet on the other hand is considered a more secure option as you are withdrawing the tokens and storing them on a physical device. Purchasing such a device can cost anywhere from $20 up to $200. All the aspects of securing the device are on you, so do your research.
There is also a software wallet available as 3rd option. Many cryptocurrency exchanges offer their version of the software wallet. The most popular at this time is Trust Wallet thanks to its open-source nature. Software wallets are considered more secure than storing coins on centralized exchanges (Hot wallet) but less secure than a hardware wallet (Cold wallet).
5 Steps to Buy Apecoin
Buying tokens or coins on the major cryptocurrency exchanges follow more-less the same process. Before you can buy anything you will need to register your account and go through some verification steps before finally make the purchase.
In this example, we will use OkCoin cryptocurrency Exchange.
1. Download the OkCoin app. The app is available for iOS and Android devices.
2. After downloading the app, launch it and you will be presented with the Create account button.
3. Hit Continue and provide your phone number, create password and add your email address.
Expect a 6 digit code sent to you in a text message. This code will be required before you can move on.
3. Once the above steps are completed you will be asked to verify your identity.
The details that you will be asked:
- Full legal name that’s on your government issued ID
- Date of birth
- Country and state of residence
- Street address
- Last 4 of social security
You can skip this part and later return by tapping Account and then Identity Verification.
4. To finally buy ApeCoin tap on the Buy Crypto button, and in the search box type ApeCoin.
5. You will need to add funds to your account as the last step and OkCoin provides three methods to help with this:
Wish to know how to withdraw funds from Trust Wallet? Check our “7 Ways to Withdraw Money From Trust Wallet”.
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