ApeCoin Price Prediction is Bullish in the Short Term Following DAO Vote - APE Up 17%
During the European session, ApeCoin is trading upwards, having surged nearly 17% in the last 24 hours. APE is the native coin of the ApeCoin decentralized autonomous organization (DAO), a community-driven initiative created to guide the expansion and development of the Bored Ape ecosystem.
Holders of the Bored Ape NFT lineup received the tokens via an airdrop following the launch in March. Measures have been taken by the ApeCoin Decentralized Autonomous Organization (DAO) to create a decentralized NFT marketplace powered by APE.
As the first token unlock approaches, members of the ApeCoin community are voting on several suggestions to increase the token's utility.
ApeCoin Price & Tokenomics
ApeCoin's current price 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 from $4.66 and $5.72 on a given day.
ApeCoin has increased by around 17% in the last 24 hours. CoinMarketCap currently ranks #34 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 were voted on as of press time. However, you may recall that three organizations had offered suggestions for creating a market for the Bored Ape Yacht Club.
- Magic Eden
- Yuga Labs
What's the current state of affairs now that voting has begun?
AIP-93: A Marketplace for Apes, by Apes, built by Magic Eden - Brand 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 writing, the APE community had overwhelmingly voted against it; only 34.54% of voters approved the proposal, while 65.46% opposed it. However, the proposal is open for voting until September 22.
AIP-98: A Community-First ApeCoin DAO Marketplace Proposal - Brand Decision
In this proposal, the marketplace charge for ETH listings is set at 0.5%, while the fee for APE listings is set at only 0.25%. More value is being provided to the community, and a portion of the fees is being offered back to the people who created it.
According to the proposal's abstract, the ApeCoin DAO should evolve into a community-run marketplace.
Creating an APE-native marketplace featuring rich Ape-specific user experiences may increase APE adoption through APE listings, increase traffic to the ApeCoin DAO (apecoin.com), and reduce fees for community members. However, this market can only survive if its prices are competitive with similar ones, such as X2Y2.
At the time of writing, the plan has the support of 93.73% of the votes (869k APE), while only 58K APE (6.27%) are opposed.
Read more about other crypto DAO projects to invest in.
AIP-87: NFT + IP Marketplace / Yuga Labs + Otherside Partner NFT Collections - Ecosystem Fund Allocation
The proposal seeks to establish a marketplace similar to the other two but does not specify the fees. This suggestion states:
- Yuga Labs & Otherside Partner NFT Collections to have their own marketplace.
- 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 marketplace. Including elements other than the selling of NFTs, such as intellectual property, makes for a more comprehensive strategy.
Currently, 249k APE (40.74%) favor the plan, while 363k APE (59.26%) oppose it.
Given that all three proposals will be up for a vote simultaneously, AIP-98 stands a better chance of success.
ApeCoin Daily Technical Levels
ApeCoin Price Prediction: Triangle Pattern in Play
On a daily timeframe, the APE/USD pair has risen to trade near $5.50, just below a double top resistance level of $5.80. The APE/USD pair has formed a symmetrical triangle pattern, which can typically break out on either side of the market.
A surge in demand could cause an upward breakout of the $5.81 level, exposing APE to resistance levels of $6.50 or $7.65. Above this, the next major resistance level is at $7.70. On the other hand, a bearish breakout of the $4.20 support level will most likely expose APE to the $3.04 support zone.
The 50-day moving average (MA) will almost certainly provide solid resistance near $5.75. Leading technical indicators, such as the RSI and MACD, are above 50 and 0, indicating a bullish trend in the APE coin. Investors are likely to keep an eye on the $5.80 level to buy above it or vice versa.