What Is ApeCoin? Here’s What Investors Need to Know

What Is ApeCoin? Here’s What Investors Need to Know

While a Bored Ape NFT may be out of your reach, there's a new way to take part in the BAYC universe.

ApeCoin caught momentum Friday after a lackluster debut Thursday and traded around $13 as of 12 p.m. ET. But what is ApeCoin and who makes up the initial round of token holders?

Ross Mac of Maconomics explained ApeCoin, the origin of the project, and how the initial tokens were minted and distributed on the latest episode of the Crypto Minute on TheStreet.

Full Video Transcript Below:
Now look if you ever wanted to buy a Bored Ape NFT, but didn't have over half a million dollars to buy one, you might just be in luck.

The Street’s Crypto Minute is presented by Blockchain.com.

Because Yuga Labs, the crypto startup that actually owns the Bored Ape Yacht Club, which is now the most valuable NFT in the world, is now endorsing its own crypto token called the ApeCoin.

The coin will actually be independent of Yuga Labs and instead be controlled by the ApeCoin DAO. And the details of the coin are as follows:

Only a billion will be minted, or only about 47% will be distributed to the general public over time. In the current board, Ape and Mutant Ape NFT holders will receive about 15% of the total allocation while Yuga Labs actually received 10% and the founders got another 8%.

The question is are you buying the ApeCoin?