ApeCoin (APE) is an ERC-20 token linked to the Bored Ape Yacht Club (BAYC) project, which is making waves in the NFT world, and runs on the Ethereum blockchain. Used as the governance token of the BAYC ecosystem, APE gives community members a vote in project decision-making and access to various services. APE offers benefits such as participation in BAYC events, access to exclusive content and prioritization of new projects. In addition, BAYC and APE have become a cultural phenomenon, attracting the attention of celebrities and gaining widespread popularity in the crypto world.
APE is among the day's decliners, down 13.58% in the last 24 hours and at the time of writing. From ApeCoin's official wallet, 8.289 million APE, worth about $12 million, was transferred to Wintermute OTC, creating movement in the market. The surge in ApeCoin's price was supported by the launch of ApeChain, a new creator-focused blockchain network. Although APE price appreciated after the launch, APE price may have declined following recent developments.
