crypto: Why analysts see further upside in this multibagger crypto token

Synopsis

In less than a week since its inception on March 17, the new sensation has delivered multibagger returns to investors.

New Delhi: Crypto community is in love with animals, or atleast the monikered tokens. After dog-based tokens, they have found their new love in Apes. This is evident as ApeCoin ( E) has zoomed about 1,000 per cent since its launch.

In less than a week since its inception on March 17, the new sensation has delivered multibagger returns to investors. However, the token was trading at $10.6, dropping about 8 per cent in the last 24 hours.

ApeCoin is an ERC-20 governance and utility token that powers the E NFT ecosystem. Its newly launched crypto sensation is among the top 50 cryptocurrencies by market capitalization.
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The token was launched on Ethereum Blockchain, secured by its proof-of-work (POW) consensus mechanism.

It is available to trade on numerous exchange platforms. In India, Giottus was the first exchange to list the token.

Vikram Subburaj, CEO, Giottus Crypto Exchange said that ApeCoin has seen a quick move because of the E ecosystem is a community with considerable following and hype in the NFT space with brands such as Bored Ape Yacht Club and Mutant Ape Yacht Club.

It has raced past some major tokens including THORChain, Tezos, Helium, Flow, Aave, Stacks, PancakeSwap, Gala, Harmony, Quant, Enjin Coin and Dash.

The fully diluted marketcap of ApeCoin was just shy of the $3 billion mark, with tokens worth more than $2.6 billion exchanging hands in the last 24 hours, the data from Coinmarketcap suggests.

The total and maximum supply of ApeCoin is capped at 1,000,000,000 with 277,500,000 E tokens in circulation as of now, the data suggests. The circulation will constantly increase at regular intervals over a period of 48 months.

ApeCoin is used within the E Ecosystem to empower and incentivise a decentralised community building at the forefront of web3. The E Foundation administers proposals agreed upon by ApeCoin holders.

ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used.

Pratik Gauri, Founder & CEO, 5ire said that the E ecosystem is a community consisting of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), two of the most popular NFT collections on the Ethereum blockchain.

ApeCoin is a decentralised project inspired by Yuga Labs’ Bored Ape Yacht Club project. ApeCoin was founded to be used within the burgeoning E Ecosystem, supported by the E Foundation.

The governance of the E ecosystem makes this token unique, which allows the token holders to participate in ApeCoin DAO and gives its participants a shared and open currency that can be used without centralized intermediaries.

Gauri expects the token to continue the momentum in near future, thanks to the Store Con riding coattails of the BAYC and MAYC. He believes that the token has the potential to enter top 20 cryptos.

“As long as NFT products of those two systems remain in demand, so will its coin for governance,” he added. “It is pleasing to see an independent NFT marketplace gain ground.”

62 per cent of all ApeCoin was allocated to the Ecosystem Fund, which will support community-driven initiatives as voted on by ApeCoin DAO members. ApeCoin is a tool to participate in the ecosystem by incorporating it into various services.

Naturally, the trade volumes in the first week post launch have been high (comparable with its market cap) along with high volatility in price, said Subburaj from Giottus.

“We recommend that investors allow for an official floor price to be established to enter long term positions into the token,” he suggested.

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Updated: 03/21/2022 — 09:00