ApeCoin surged during European trading hours yesterday, gaining nearly 17% in the last 24 hours. APE is the coin of the ApeCoin DAO (Decentralized Autonomous Organization), an organization controlled by the community around the Bored Ape ecosystem.
Everyone who held an NFT from Bored Ape Yacht Club received ApeCoin tokens via an airdrop last March. Among other things, ApeCoin’s DAO has decided to develop its own decentralized NFT Marketplace.
Members of this DAO can continuously decide on the token’s future and which applications to add.
ApeCoin price & tokenomics
ApeCoin is currently available for $5.27 with a 24-hour trading volume of $446,091,281. APE/USD started trading at $4.60 in the last 24 hours and reached as high as $5.72.
ApeCoin is up about 17% in the last 24 hours. The coin is ranked 34th on CoinMarketCap with a market capitalization of more than EUR 1.6 billion. There are currently 306 million coins in circulation, in total this number can grow to 1 billion.
ApeCoin’s DAO has therefore decided that there must be an NFT Marketplace, but now we have to wait and see which company will develop this. A total of three organizations submitted an offer for the development of the marketplace.
- Magic Eden
- Yuga Labs
Members of ApeCoin DAO can vote for one of these organizations to outsource development. How is it going now that voting has started?
AIP-93: ‘A Marketplace for Apes, by Apes’ – Magic Eden
If elected, Magic Eden will develop an exchange where ApeCoin holders can trade their ApeCoin NFTs, including Bored Apes, Mutant Apes, Bored Kennels and Otherdeeds. However, the latest results seem to show that the Magic Eden concept is not going to work.
At the time of writing, a large part of the APE Community is also opposed to this organization. Only 35% voted in favor and voting runs until September 22.
AIP-98: A Community-First ApeCoin DAO Marketplace – Rarible
In the AIP-98 proposal, the new NFT Marketplace will charge a fee of 0.5% for all standard ETH listings, while lowering it to 0.25% for APE listings. As a result, more value is returned to the community, so even a portion of the transaction costs will be returned to the people who created the NFTs.
According to the proposal’s abstract, the marketplace will ultimately also be managed via the ApeCoin DAO.
Developing your own APE Marketplace ensures that specific features for holders of ApeCoins are added. This in turn could lead to further customization of the coin, causing more people to look for ApeCoin. The more people enter the network, the lower the average cost will be.
As you can see, this proposal has significantly more supporters. No less than 93.73% of current voters favor this plan.
AIP-87: NFT + IP Marketplace – Yuga Labs
The following proposal aims to open a similar marketplace to the previous proposals, but does not specify what the costs will be. From the proposal we can get the following:
- Yuga Labs & Otherside Partner NFT Collections are building their own marketplace
- This increases the use of ApeCoin as a payment method and thus helps to expand the ApeCoin network
By building more than just an NFT Marketplace, but also, for example, supporting the sale of intellectual property, the marketplace is ready for the future
Currently, almost 60% of voters oppose this proposal.
Rarible’s AIP-98 has the best chance of success since the three proposals are discussed simultaneously, and this proposal has the vast majority of supporters.
ApeCoin Daily Technical Levels
ApeCoin Price Forecast: Triangle Pattern Possible
In about 24 hours, APE/USD has risen to trade around $5.50, just below the $5.80 resistance level. In addition, the APE/USD price has formed a symmetrical triangle, which usually indicates that the price can break out in either direction.
An increase in demand could force a break through the €5.80 resistance. The next resistance level is then at €6.50 or €7.65. On a breakout, it could drop through the resistance at $4.20 and slip back to the support at $3.04.
The 50-day average is showing solid resistance around $5.75. According to other technical indicators such as RSI and MACD, there is an upward trend for ApeCoin. Investors should take a close look at the €5.80 barrier and take this resistance into account before investing.
Along with APE, meme coins are quickly gaining popularity. For example, another meme coin, Tamadoge, sold out within 8 weeks. Crypto analysts expect the currency to rise rapidly.