ApeCoin price: Can staking and marketplace AIP duo push APE price to $10?

Bored Ape Yacht Club ecosystem’s ApeCoin has yielded 30% gains to holders over the past two weeks. The community has voted in support of two ApeCoin Improvement Proposals (AIPs) that are expected to improve the DAO’s operations and governance. Analysts retain a bullish outlook on ApeCoin price. 

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ApeCoin Improvement Proposals AIP-98 and AIP-113 were approved

ApeCoin DAO’s governance and operations have a future with the acceptance of ApeCoin Improvement Proposal (AIP) 98 and 113. From marketplaces to gaming, the future of ApeCoin DAO’S governance relies on AIPs. Out of the five AIPs put to vote, the community has thrown their weight behind two, AIP-98 and AIP-113. 

AIP-98 proposes a community marketplace as a natural next step for the ApeCoin DAO. A successful community marketplace will: drive adoption of APE through APE listings, drive traffic to the ApeCoin DAO (apecoin.com), and decrease fees to community members by building a APE-native marketplace with rich ape-specific user experiences.

The marketplace will host all projects in the Yugaverse – the NFT-themed gaming metaverse developed by the creators of Bored Ape Yacht Club –  and dramatically reduce the transaction fees associated with it for both buyers and sellers. The following are the three key features of the marketplace:

• Leveraging @reservoir0x’s open-source, on-chain orderbook to increase openness and composability.
• Aggregating orders from major marketplaces (OpenSea, LooksRare, X2Y2, Sudoswap, and more) to maintain a strong bridge to the rest of the NFT market.
• Native sales in $APE with no fees to users buying and selling in $APE.

AIP-98 is therefore key to ApeCoin’s adoption and the improvement of the Yugaverse ecosystem. 

AIP-113 proposes a three-month extension of the terms laid out by AIP-1 for the development of a proper Ape Foundation election framework and process. This ApeCoin Improvement Proposal would enable the DAO to continue functioning coherently beyond September 30. 

As the community awaits the launch of ApeCoin’s staking program the NFT token has witnessed a spike, yielding 30% gains for holders in under 30 days. 

Analysts believe APE price could hit its $10 target

Crypto analyst Brian Bollinger, evaluated the ApeCoin price chart and noted that the NFT token rebounded from its losses in the ongoing bull cycle. The recovery was initiated when APE price climbed above a support trendline on September 7. However, after two weeks of struggles, the buyers have managed to push ApeCoin price further, breaking above a key $5.6-$5.7 supply zone. 

In a two-day retest phase, ApeCoin price has seen gains. As APE flips the supply zone into support, bullish momentum could push ApeCoin higher. APE is likely to eye the $10 bullish target, although prior to that the next closest resistance level at $6.6 will need to be penetrated. 

APE-USDT price chart