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


  • ApeCoin Improvement Proposals (AIPs) were up for a vote the past week, and two out of five were passed. 
  • AIP-98 is a community-first ApeCoin DAO marketplace proposal and AIP-113 is an extension of the proposed DAO operations. 
  • Analysts predict a rally in ApeCoin as APE breached the key $5.6 to $5.7 resistance level. 

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. 

Also read: Cardano price: ADA is ready to explode, final stretch before Vasil hard fork

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

APE-USDT price chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

XRP Price Outlook: A breakout or significant price movement may be imminent for Ripple’s token

XRP Price Outlook: A breakout or significant price movement may be imminent for Ripple’s token

Ripple price has been range-bound for a while, with token holders patiently holding as the ecosystem contended against the US SEC. As per a recent report, the payments token’s price has been stuck below $0.50, failing to breach key resistance levels.

More Ripple News

Runes token standard diminishes BRC-20 hype, thwarts Ordinals engagement a day after launch

Runes token standard diminishes BRC-20 hype, thwarts Ordinals engagement a day after launch

Bitcoin token standards have been a notable theme of late, with Ordinals and BRC-20 making headlines in the first quarter of 2024. However, there is a new player in the works, Runes, which could be the next narrative as the ecosystem continues to evolve.

More Runes News

Avalanche Price Prediction: AVAX primed for gains as altcoin nails its 37% measured move target

Avalanche Price Prediction: AVAX primed for gains as altcoin nails its 37% measured move target

Avalanche (AVAX) price, like most altcoins, is showing strength following the fourth Bitcoin (BTC) halving. The landmark event, which has inspired positive market sentiment, has capital spilling over into other cryptocurrencies, including AVAX.

More Avalanche News

Meme coin madness returns after Bitcoin halving concludes

Meme coin madness returns after Bitcoin halving concludes

Meme coins are on a tear, with some posting double-digit gains despite characteristic weekend lull. BONK, FLOKI, PEPE, SHIB are sector’s top gainers while DOGE tries to catch up after Dogecoin Day. Solana’s Bonk Inu and Myro are top chain performers after SOL price’s 6% gains.

More Meme Coins News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP