What Value does the Ape Coin (APE) have?

The Ape Coin (APE) is the most confusing cryptocurrency around today. To explain, there are two Ape Coins out there. Disturbingly, the two tokens appear to have the same ticker symbol.

ApeCoin (APE) is an ERC-20 (Ethereum Request for Comment) cryptocurrency associated with The Bored Ape Yacht Club. The Bored Ape Yacht Club is a popular collection of 10,000 nonfungible tokens (NFTs) built on the Ethereum blockchain.

Recently, ApeCoin has been attracting an enormous amount of attention. For example, ApeCoin (APE) was Coing MarketCap’s most trending cryptocurrency on 19 March 2022. CoinMarketCap estimated ApeCoin was the 41st largest cryptocurrency on 22 March 2022.

Is ApeCoin Really Worth $12?

Moreover, CoinMarketCap gave ApeCoin (APE) a Coin Price of $12.26, a $3.41 billion Market Cap, a Fully Diluted Market Cap of $12.256 billion, and a 24-Hour Market Cap of $2.320 billion on 22 March 2022. They based those numbers on a Circulating Supply of 277.5 million APE, a Maximum Supply of one billion APE, and a Total Supply of one billion.

In contrast, Binance gave ApeCoin a Coin Price of $12.28, a Market Cap of $3.41 billion, and a 24-Hour Market Volume of $3.3 billion on 22 March 2022. ApeCoin was Binance’s 40th most popular cryptocurrency on 22 March 2022.

Hence, ApeCoin is popular, which is problematic because there is apparently no ApeCoin website and little information about it out there. However, CoinDesk reports YugaLabs, the organization behind the Bored Ape NFT, created ApeCoin. Unfortunately, YugaLab’s website provides no information. It just contains the words YugaLabs.

Hence, people appear to be buying a cryptocurrency with no known explanation or website.

The Other APECoin (APE)
Confusingly, there is another APECoin out there that no connection with the Bored Ape Yacht Club, or YugaLabs. Interestingly, that APECoin seems to use the same symbol APE.

However, the other APECoin (APE) has a website and possibly a decentralized autonomous organization (DAO). The other APE Coin is a BEP-20 token that celebrates the ape crypto meme.The BEP-20 is a token standard on the Binance Smart Chain that supports ERC-20 tokens.

I think the other APECoin is an effort to cash in on the popularity of the Bored Ape Yacht Club. Notably, APECoin’s projects include the Monkey Firm, a Bored Ape Yacht Club clone. The Monkey Firm offers token backed NFTS.

What Value Does the Other APECoin Have?

Another APECoin project is BUSTA. They call BUSTA a next generation iGaming & DeFi ecosystem built on the BNB Smart Chain. They call BUSTA a Uniswap clone built on the BNB Smart Chain.

I think APECoin is an effort to take advantage of The Bored Ape Yacht Club’s popularity. However, APECoin is offering one project that could make money BUSTA.

However, CoinMarketCap gives APEcoin.dev (APE) far less value. For example, CoinMarketCap gave APECoin a 4.52₵ Coin Price, a $141,327 Market Cap, a $452,012 Fully Diluted Market Cap, and a 24-Hour Market Volume of $12,908 on 22 March 2022. The APECoin was CoinMarketCap’s 5,761st largest cryptocurrency on 22 March 2022.

Why you Need to Avoid Ape Coins
I think investors need to avoid both Ape Coins for different reasons. First, little information about the Bored Ape Yacht Club’s Ape Coin is available. Hence, there is no way to know if it could make money.

Second, I think the other APECoin is slimy because it rips off another project’s name. If their project is so great, why do they need to steal somebody else’s name? I think something is wrong.

My advice for speculators stay as far away from any cryptocurrency called Ape. I think Mr. Market overprices one coin with no obvious value. I consider the other a pretty ordinary DAO. Either way, I believe both Ape Coins offer no value.
Originally published at https://marketmadhouse.com on March 22, 2022.