During the European session, ApeCoin is trading strongly bullish, having jumped nearly 17% in the last 24 hours. APE is the native coin of the ApeCoin Decentralized Autonomous Organization (DAO), a community initiative created to guide the expansion and development of the Bored Ape ecosystem.
Holders of the Bored Ape NFT range received the tokens via an airdrop after the launch in March. Steps have been taken by the decentralized autonomous organization ApeCoin (DAO) to create a decentralized NFT market powered by APE.
As the first token unlock approaches, members of the ApeCoin community are voting on several suggestions to increase the usefulness of the token.
ApeCoin and Tokenomics prices
The current price of ApeCoin is $5.52, with a 24-hour trading volume of $435,475,762. The APE/USD pair started trading at $4.6 and its value fluctuated between $4.66 and $5.72 on any given day.
ApeCoin is up around 17% in the last 24 hours. CoinMarketCap currently ranks 34th with a live market cap of $1,694,029,728. There are 306,875,000 APE coins in circulation, with a maximum supply of 1,000,000,000.
All previously submitted suggestions have been voted on at press time. However, you may recall that three organizations offered suggestions to create a market for the Bored Ape Yacht Club.
- magic eden
- Yuga Laboratories
What is the current situation now that voting has started?
AIP-93: A Marketplace for Apes, by Apes, built by Magic Eden – Trademark decision
If approved, Magic Eden will set up an exchange where ApeCoin owners can trade all ApeCoin DAO NFTs, including Bored Apes, Mutant Apes, Bored Kennels, and Otherdeeds. However, recent results indicate that the MagicEden concept is failing.
At the time of this writing, the APE community had overwhelmingly vote against; only 34.54% of voters approved the proposal, while 65.46% opposed it. However, the proposal is open to vote until September 22.
AIP-98: A First ApeCoin DAO Marketplace Proposal for the Community – Trademark Decision
In this proposal, the market fee for ETH listings is set at 0.5%, while the fee for APE listings is set at just 0.25%. More value is provided to the community and a portion of the fee is donated to the people who created it.
According to the summary of the proposal, the ApeCoin DAO should evolve into a community-run marketplace.
Building an APE-native marketplace that delivers rich, Ape-specific user experiences can increase APE adoption through APE listings, increase traffic to ApeCoin DAO (apecoin.com), and reduce fees for members of the community. However, this market can only survive if its prices are competitive with similar prices, such as X2Y2.
At the time of writing, the plan has the support of 93.73% of votes (869k APEs), while only 58K APEs (6.27%) oppose it.
AIP-87: NFT + IP Marketplace / Yuga Labs + Otherside Partner NFT Collections – Ecosystem Funding Allocation
The proposal aims to establish a market similar to the other two but does not specify the fees. This proposition states:
- Yuga Labs & Otherside partner with NFT collections to have their own market.
- Increasing the use of ApeCoin as a payment method should be a top priority to achieve the goal of expanding the ApeCoin ecosystem.
- The needs of the growing NFT economy necessitate the development of an NFT market. Including elements other than the sale of NFTs, such as intellectual property, allows for a more comprehensive strategy.
Currently, 249k APEs (40.74%) support the plan, while 363k APEs (59.26%) oppose it.
Since all three proposals will be voted on simultaneously, AIP-98 has a better chance of success.
ApeCoin Daily Technical Levels
ApeCoin Price Prediction: Triangle Pattern In Play
On a daily basis, the APE/USD pair rose to trade near $5.50, just below a $5.80 double resistance level. The APE/USD pair has formed a symmetrical triangle pattern, which can usually break out on either side of the market.
An increase in demand could cause an upside break of the $5.81 level, exposing the APE to resistance levels at $6.50 or $7.65. Above that, the next major resistance level is at $7.70. On the other hand, a bearish break of the $4.20 support level will most likely expose the APE to the $3.04 support zone.
The 50-day moving average (MA) will almost certainly provide strong resistance near $5.75. The main technical indicators, such as the RSI and the MACD, are above 50 and 0, indicating a bullish trend for the APE coin. Investors are likely to keep an eye on the $5.80 level to buy above it or vice versa.
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