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eToro has just released the ApeCoin (APE) token on its platform. It is available for investing and trading. APE is the token of the APE ecosystem, an Ethereum-based (ETH/USD) NFT collection of cartoon ape avatars.

The news has impacted APE very positively. At the time of writing, it was trading for $8.38 with a 24-hour trading volume of $1.4 billion. ApeCoin gained 737.23% today, but it’s still below its all-time high.

ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3.

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. The APE Foundation administers proposals agreed upon by ApeCoin holders.

ApeCoin is a decentralized project inspired by the much-hyped Yuga Labs’ Bored Ape Yacht Club project, which has become the most valuable NFT project by market cap despite only being launched in April of last year. At the moment, the cheapest of the 10,000 apes costs around $240,000 in Ethereum.

Yuga Labs is anticipating a $5 billion valuation according to FX Street. They formed a new partnership for a play-to-earn gaming title built around ApeCoin, which will be used within the burgeoning APE Ecosystem.  

APE will enable token holders to take part in ApeCoin DAO. It will give its participants a shared and open currency that can be used without centralized intermediaries.

62% of all ApeCoin was allocated to the Ecosystem Fund, which will support community-driven initiatives as voted on by ApeCoin DAO members.

ApeCoin also gives access to certain parts of the Ecosystem that are otherwise unavailable, like exclusive games and services. For third-party developers, ApeCoin is a tool to participate in the ecosystem by incorporating ApeCoin into services, games, and other projects.

According to Wallet Investor, APE can be a bad, high-risk one-year investment option. They expect the price to drop in the future. However, not all analysts share this bearish view.

The post eToro lists APE token appeared first on Invezz.

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