ApeCoin is a governance and utility token used to incentivize and fund projects within the Bored Ape ecosystem

Quotes that support claims

ApeCoin, the native token of the Bored Ape Yacht Club ecosystem and the governance token for the ApeCoin DAO, is down more than 7% in the last 24 hours to $0.66. The token is more than 97% off its April 2022 all-time high of $26.70