A brand new crypto asset created by the founders of the popular Bored Ape Yacht Club (BAYC) has managed to attract attention by entering the market with serious momentum.
Leading crypto exchanges Coinbase and Binance have added to the digital asset list despite the altcoin being launched less than a day ago. ApeCoini (APE) added.
The project was announced in a tweet:
“Meet ApeCoin (APE), a token for culture, gaming and commerce used to power a decentralized community at the forefront of Web3.”
Yuga Labs, which plans to release a game with a new play-to-win feature, will also use ApeCoin in the economy of this game. Although ApeCoin appears as an in-game token, it is worth noting that the exact functions it will offer remain unclear.
The Ethereum-based APE management token will help facilitate the work of ApeCoin’s community-run decentralized autonomous organization (DAO).
In a tweet, Coinbase said the APE would be accompanied by the company’s Experimental label it applies to “assets that are new to our platform or have relatively low trading volume compared to our broader crypto market.”
Coinbase users can send and receive APEs across the entire platform, but trading is currently limited to Coinbase Pro on the Tether (USDT) trading pair.
In the Binance listing announcement, the exchange reported that APE can be traded in Bitcoin (BTC), Binance USD (BUSD) and USDT trading pairs.
ApeCoin debuted at $7.40 today, then quickly rose 20% to $8.94 before correcting a correction to its current value of $7.95.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.