APE price nosedives nearly 9% while ApeCoin community votes on three active proposals
- ApeCoin community is voting on three proposals, a metaverse racing game, an app with curated X spaces and Builder House events.
- ApeCoin unlocked 15.6 million APE tokens worth $26.05 million on February 17, since then APE price rallied to $1.912.
- APE price declined nearly 9% on Wednesday.
ApeCoin community is currently voting on three proposals to increase the adoption of the asset among market participants through higher engagement. APE’s recent token unlock and the active proposals could influence APE price in the coming weeks and months.
APE price declined early on Wednesday in a sharp reversal after yielding nearly 11% weekly gains for holders.
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ApeCoin price drops amidst key developments in the ecosystem
The ApeCoin community is currently voting on AIP 382, 390 and 392. These proposals are geared towards increasing the relevance of APE among market participants. The summary is as follows:
- AIP 382: Brinc, a portfolio company of gaming software development firm Animoca Brands has requested $250,000 worth of APE tokens and an additional 200,000 APE for two Builder House events and an invitation for five winners to join the Brinc and Animoca Web3 Accelerator. Currently 98.68% of votes are against the proposal.
- AIP 390: ApeCast, an app that compiles X Spaces relevant to APE and provides recordings for listeners has requested 50,000 APE tokens. 99.06% votes are against the proposal.
- AIP 392: PKing metaverse game developers have requested 40,000 APE. 66.18% votes are against the proposal.
ApeCoin summarized the three active proposals in a recent tweet on X.
There are 3 AIPs up for voting
— ApeCoin (@apecoin) February 21, 2024
Here is ApeCoin in a minute by @mebynetta and @atareh pic.twitter.com/yRKvStwQuy
ApeCoin recently unlocked $26.05 million in APE tokens on February 17. This accounts for 2.61% of APE’s circulating supply. Following the token unlock, APE price hit its 2024 peak of $1.912 on Tuesday. Since then, APE price suffered a correction.
APE price could revisit its 2024 peak
APE price is $1.704 at the time of writing. The metaverse token is currently in an uptrend. Since its 2024 peak, APE price has corrected, however two technical indicators, the Moving Average Convergence Divergence (MACD) and Awesome Oscillator (AO) support a recovery thesis.
The green bars on MACD and AO suggest that ApeCoin’s uptrend is intact and the metaverse token has positive momentum. APE price could revisit its 2024 peak at $1.912.
APE/USDT 1-day chart
If APE price sees a daily candlestick close below the 38.2% Fibonacci retracement of its rally to 2024 high, at $1.652, the metaverse token could correct further and sweep support at the 50% Fibonacci retracement, $1.572.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
