Cryptocurrency ApeCoin (APE) was developed as a result of the success of the Bored Ape Yacht Club’s (BAYC) collection of non-fungible tokens (NFTs). APE holders have early access to APE ecosystem events, games, Web3 services, merchandise, and more. ApeCoin is a cryptocurrency based on the Bored Ape brand that gives investors access to the Web3 network. Because of BAYC’s widespread appeal, many celebrities, including athletes, artists, and actors, have purchased Bored Ape NFTs to use as their social media profile pictures. Yet, both Bored Ape Yacht Club and the company behind it, Yuga Laboratories, have had their fair share of issues and challenges, such as accusations of racist imagery and an inquiry by the SEC into possible violations of securities laws.
Token holders will be able to vote in ApeCoin DAO elections, receive access to private events, games, services, and merchandise, and utilize the token as currency within the APE ecosystem. The token was designed to encourage third-party programmers to join the APE ecosystem by coding ApeCoin-using software.
Like other cryptocurrencies, is a decentralized digital asset that is sometimes used as a measure of confidence in the overall viability of the cryptocurrency industry or a specific cryptocurrency project. Investors buy them on the off chance that their value may rise. Cryptocurrencies, however, are a high-risk asset class, so it’s important to do your homework before putting your money into this market.
How to invest in ApeCoin
The process of purchasing ApeCoin is identical to purchasing any other cryptocurrency. Unlike Bitcoin and Ethereum, it is not supported by all of the market leaders in the cryptocurrency exchange industry.
Similar to online stock brokerages platforms like Fidelity or Charles Schwab, crypto exchanges allow users to buy, sell, and trade various cryptocurrencies and other digital assets with one another. Investing in cryptocurrencies is quite similar to investing in conventional financial assets like stocks and bonds, with the exception that transactions are conducted in U.S. dollars.
The first step is to join a cryptocurrency exchange
If you want to acquire any ApeCoin, the first step is to open an account with a cryptocurrency exchange that deals in them. At the moment, some of the most significant APE-supporting exchanges include Binance, Coinbase, and Kraken.
Fund your exchange account by completing your know-your-customer paperwork
After deciding on a trading platform, you’ll need to sign up with an email address and password, go through the Know Your Customer (KYC) onboarding process, and fund your account with U.S. dollars. Customers in the United States often can pay via wire transfer.
Choose ApeCoin from the list of available assets and purchase a token
After adding funds to your account, select ApeCoin from the list of tradable assets and enter the desired purchase amount in ApeCoin (APE). Check the order details to ensure they are accurate, and then proceed with the purchase. Whenever your order is fulfilled, the APE tokens will be deposited into your exchange account.
Keep your ApeCoins in a trustworthy wallet
When you’re ready, withdraw your ApeCoin from the exchange and deposit it into your own non-custodial crypto wallet that supports APE tokens. If you keep your tokens in your personal wallet instead of an exchange, you won’t risk losing them in the event of the exchange going bankrupt or being hacked.
Select a P2P exchange
Choose a P2P exchange that allows ApeCoin trading, sign up for the service, and finish the verification process before you may buy APE coins.
Review the ApeCoin purchase options
The next step is to review the ApeCoin purchase options until you find a manner that suits you. If you find a good deal, just click on it and buy it. Even if escrow is used in these markets, you should only do business with users that have a high trust rating.
ApeCoin purchasing options
While buying ApeCoin on a cryptocurrency exchange is the most convenient method, you may also buy APE on a P2P or decentralized market (DEX).
