Bored Ape Yacht Club (BAYC) was one of the most talked-about NFT collections during the 2021 boom. As celebrities began using Bored Apes as profile pictures, the collection grew into a brand with ambitions to build its own economy. ApeCoin launched in 2022 as the currency at the center of that economy. Today, APE serves as a means of payment across the BAYC ecosystem, the Otherside metaverse and the ApeChain network.
What is ApeCoin, and how did it start?
ApeCoin (APE) is a cryptocurrency associated with the Bored Ape Yacht Club ecosystem. It launched on Ethereum in March 2022 as an ERC-20 token. Holders of BAYC and Mutant Ape Yacht Club (MAYC) NFTs could claim APE for free at launch.
Yuga Labs, the company behind BAYC, did not issue APE directly. ApeCoin DAO initially governed the project, while the APE Foundation carried out the community’s decisions. Yuga Labs became one of the main ecosystem partners to adopt APE across its products.
That structure changed in 2025, when ApeCoin DAO shut down and ApeCo, a company established by Yuga Labs, took over. APE is now the official token of BAYC, Otherside and ApeChain.
How are Bored Ape Yacht Club and Yuga Labs connected?
Bored Ape Yacht Club launched in April 2021 as a collection of 10,000 NFTs. Holders gain access to private events, exclusive merchandise and other membership benefits. Yuga Labs later expanded the ecosystem by launching collections such as Mutant Ape Yacht Club and acquiring brands including CryptoPunks.
ApeCoin was designed to give the ecosystem a common currency for both digital and in-person experiences. Holders can use APE to access events such as ApeFest, buy merchandise exclusive to BAYC members and pay for content created by the community.
What is ApeChain?
ApeChain is a blockchain that uses APE as its native gas token. Built with Arbitrum Orbit, the network launched its mainnet in October 2024. Users pay transaction fees on ApeChain in APE.
According to the official ApeCoin website, ApeChain burns the gas fee paid on every transaction, and ApeCo burns an equal amount of APE. The amount of APE removed from supply therefore depends on how much people use the network.
According to DefiLlama, decentralized finance (DeFi) applications on ApeChain held approximately $2.15 million in total value locked (TVL) as of November 10, 2026. Over the preceding 24 hours, the network recorded 729 active addresses, $8,700 in decentralized exchange (DEX) trading volume and $304 in transaction fees.
The chart shows that ApeChain’s TVL climbed above $30 million in December 2024, shortly after launch, before declining steadily. With network activity at current levels, fee burns have had a limited effect on the APE supply.
ApeCoin’s history and key milestones
ApeCoin launched on March 17, 2022. Holders could claim 10,094 APE for each BAYC NFT and 2,042 APE for each MAYC NFT. The project allocated 15% of the total supply to the airdrop.
APE saw sharp price swings in its first few days as major exchanges, including Coinbase and Binance, listed the token. On April 28, 2022, APE reached an all-time high of $26.70.
Demand rose ahead of Yuga Labs’ Otherdeed land sale for the Otherside metaverse, as buyers needed APE to purchase the virtual plots. Ethereum transaction fees also reached record levels during the sale.
The ApeCoin DAO era
ApeCoin DAO governed the project from launch. APE holders voted on Ape Improvement Proposals (AIPs) covering new projects and the use of the ecosystem fund. A five-member council oversaw certain proposals. Its first members included Reddit co-founder Alexis Ohanian and Animoca Brands founder Yat Siu.
The DAO introduced APE staking and financed projects through the ecosystem fund. Over time, critics questioned how long decisions took and what the funded projects delivered.
The ApeChain launch
ApeChain launched its mainnet in October 2024 using Arbitrum Orbit. The launch triggered a short-lived rally in APE. In July 2026, ApeChain completed its transition from its native stablecoin, apeUSD, to USDC. The network implemented the ArbOS 51 upgrade in September 2026.
The transition from ApeCoin DAO to ApeCo
In June 2025, Yuga Labs co-founder Greg Solano proposed shutting down ApeCoin DAO. He described its governance process as slow, noisy and often unserious.
The proposal, AIP-596, passed with approximately 99.66% of the voting power cast in favor. A total of 3,175 wallets participated, casting votes with 46.7 million APE.
The decision ended token holders’ governance rights and transferred operational control to ApeCo, a company Yuga Labs established in the Cayman Islands. ApeCo said it would focus its resources on ApeChain, Bored Ape Yacht Club and Otherside.
Recent developments
Yuga Labs also changed leadership in 2026. Michael Figge became CEO on April 24, 2026, while Greg Solano moved into the role of board chair.
In October 2026, Yuga Labs launched Mudwater, an NFT trading card collection on Solana. A 2.5% fee on secondary sales funds APE purchases for distribution to collectors.
In November 2026, ApeChain announced plans to move its cross-chain transfer infrastructure from LayerZero to Chainlink CCIP. The network has yet to announce a migration timeline or specify what users need to do.
How does the APE token work?
APE has four main uses across the ecosystem.
- ApeChain transaction fees. Users pay all network fees in APE, and the network burns the tokens collected as gas.
- Otherside purchases. Players use APE for in-game purchases and trading in Yuga Labs’ Otherside metaverse.
- Community events and merchandise. APE gives holders access to events such as ApeFest, merchandise exclusive to BAYC members and content produced by the community.
- Ecosystem rewards. Projects such as Mudwater distribute APE to collectors.
During the ApeCoin DAO era, holders could also use APE to vote on governance proposals. That role ended when the DAO shut down.
APE supply and tokenomics
ApeCoin launched with a total and maximum supply of 1 billion APE. According to the official ApeCoin website, all scheduled token unlocks are complete, and the full supply was in circulation as of November 11, 2026.
The tokenomics section of the official website displays APE’s price, market capitalization, 24-hour trading volume and supply figures in real time. Further down the page, it lists each group’s initial allocation and unlock schedule.
| Group | Share of supply |
Ecosystem fund | 62% |
Yuga Labs and charity | 16% |
Launch contributors | 14% |
BAYC founders | 8% |
Of the ecosystem fund’s allocation, 150 million APE went to BAYC and MAYC holders through the airdrop. The remaining 470 million APE went to the treasury and other ecosystem resources. Of that amount, 117.5 million APE unlocked at launch, with the rest unlocking monthly over 48 months.
Yuga Labs received an allocation of 150 million APE, while the BAYC founders received 80 million APE. Both allocations unlocked monthly over 36 months after an initial 12-month waiting period. The allocation for Yuga Labs and charity also included a 10 million APE donation to the Jane Goodall Legacy Foundation.
The 140 million APE allocated to launch contributors unlocked on schedules that varied by contributor.
With all scheduled unlocks complete, no further tokens are due to enter circulation through vesting. ApeChain’s gas fee burns and ApeCo’s matching burns are now the main mechanisms affecting supply.
ApeCoin (APE) price and market data
As of November 11, 2026, APE coin price is at $0.1002 and ranked 173rd by market capitalization. The token was down 1.64% over 24 hours, 9.50% over seven days and 36.44% over 30 days.
| Metric | Value |
APE price | $0.1002 |
Market capitalization | $100.2 million |
Fully diluted valuation | $100.2 million |
24-hour trading volume | $13.1 million |
Circulating supply | 1 billion APE |
All-time high | $26.70 |
All-time low | $0.0815 |
APE’s price chart shows that the token reached its all-time high of $26.70 in April 2022, shortly after launch, before falling sharply as the NFT market contracted. APE traded between $3 and $7 in the second half of 2022 and fell below $2 in 2023.
Despite brief recoveries in 2024, APE continued to decline, reaching an all-time low of $0.0815 on April 2, 2026. Its November 11 price was approximately 99.6% below its peak and 23% above its low.
ApeChain activity, ApeCo’s plans for the ecosystem and Otherside’s ability to attract a wider audience are among the factors that could influence APE’s price.
Why does ApeCoin matter?
ApeCoin is one of the best-known attempts to build an economy around an NFT collection. BAYC helped bring NFTs to a mainstream audience in 2021 and 2022. APE aimed to build on that recognition by giving the community a currency it could use across the brand’s products and events.
ApeChain expanded the ecosystem beyond Ethereum-based NFTs. Every transaction on the network requires APE for gas, giving the token a direct use and tying the amount burned to network activity.
The closure of ApeCoin DAO also illustrates the limits of community governance in crypto. In the AIP-596 vote, an overwhelming share of the voting power cast supported handing control to a company that promised faster decisions.
Where can you buy APE?
APE trades on four major exchanges available to users in Turkey, including Binance, Binance TR, BtcTurk and Paribu. HTX, WhiteBIT and Coinbase also offer APE trading.
APE exists as an ERC-20 token on Ethereum and as the native token of ApeChain. When withdrawing APE from an exchange, make sure the selected network matches the one your receiving wallet supports. Until ApeChain completes its planned migration to Chainlink CCIP, check the network’s official announcements before using a bridge.
The ApeCoin team and community
ApeCo, the company established by Yuga Labs, now manages the APE ecosystem. Greg Solano and Wylie Aronow founded Yuga Labs in 2021. Solano has served as board chair since 2026, with Michael Figge serving as CEO.
ApeFest is the community’s most prominent gathering. The 2026 event took place on October 17 in Charleston, South Carolina.
Adoption, centralization and security risks
Demand is the main risk for ApeCoin. APE’s value depends heavily on the BAYC brand and the health of the NFT market. The sharp drop in NFT trading volumes since the 2022 peak has also weighed on the token’s price.
Low activity on ApeChain presents another risk. The network’s TVL remains well below its peak, and daily transaction fees amount to only a few hundred dollars. At that level, gas fee burns remove relatively little APE from supply.
The closure of the DAO concentrated decision-making at ApeCo, which Yuga Labs controls. APE holders can no longer vote on the direction of the ecosystem.
In September 2026, attackers stole more than $2.8 million in assets by targeting old approvals granted to the Magic Eden marketplace. A newer version of the payment processor involved in the attacks can be used on ApeChain until November 30, 2026. Users should review and revoke old NFT marketplace approvals.
Frequently asked questions about ApeCoin
- What is ApeCoin, and when did it launch?: ApeCoin is a cryptocurrency associated with the Bored Ape Yacht Club ecosystem. It launched on Ethereum on March 17, 2022.
- What is APE used for?: APE pays transaction fees on ApeChain and serves as a currency in the Otherside metaverse. It also gives users access to BAYC community events and merchandise.
- What is ApeChain? ApeChain is a blockchain built with Arbitrum Orbit that uses APE as its native gas token. Its mainnet launched in October 2024.
- Does ApeCoin DAO still exist?: No. ApeCoin DAO shut down following the AIP-596 vote in June 2025. ApeCo, a company established by Yuga Labs, took over its responsibilities.
- What is the supply of APE?: APE has a total and maximum supply of 1 billion tokens. All scheduled unlocks are complete, and the official ApeCoin website lists the full supply as circulating.
- Which Turkish exchanges list APE?: APE trades on Binance TR, BtcTurk and Paribu. Binance’s global platform also offers the APE/USDT trading pair.
- Is ApeCoin a suitable investment?: That depends on the investor’s risk tolerance and assessment of the project. Factors to weigh include the completion of scheduled token unlocks, gas fee burns on ApeChain and the strength of the BAYC brand. Risks include the contraction of the NFT market, low network activity and the concentration of decision-making at ApeCo.
Follow the JR Kripto Guide series for updates on the ApeCoin ecosystem and ApeChain.
