ApeCoin price plots silent comeback with staking update
- The team behind ApeCoin is currently finalizing details that will serve as the basis for a broader update in line with AIPs-21 and 22.
- Horizen Labs is selected as the partner to receive a grant to build and manage a staking system for ApeCoin DAO.
- Analysts believe ApeCoin price could hit the bullish target of $14 if the NFT token continues its uptrend.
The ApeCoin community chose Horizen Labs to build and manage a staking system in line with AIPs- 21 and 22. Analysts believe ApeCoin price has bullish potential, and the NFT token could rally to the $14 target soon.
Also read: Here is the reason why Ethereum whales are buying millions of ApeCoin tokens
ApeCoin announces details of staking update
On July 23, 2022, ApeCoin developers shared an update of the work on APE staking. By passing AIPs-21 & 22, the community instructed the Foundation to develop a staking system with specific guidelines. Horizen Labs was chosen as a trusted partner to receive a grant, build and manage a staking system for the ApeCoin DAO.
The Foundation announced that the staking system for ApeCoin will be developed in a 12-16 week timeframe. The announcement reads:
The robust staking system will be launched this Autumn.
For the ApeCoin community, staking is an important function. Therefore, the launch of ApeCoin staking by Horizen Labs could trigger a bullish sentiment among APE holders.
ApeCoin community is currently voting on a 24*7 news site proposal
Bored Ape Gazette seeks fund allocation from ApeCoin. The community is voting on a proposal to build a trusted source of information and expand operations into continuous research, analysis and reporting across the ecosystem.
Bored Ape Gazette seeks a grant from the ApeCoin DAO to make their business sustainable and keep APE holders, BAYC members, and the general public informed on all things Ape.
Voting for the proposal to grant funds to Bored Ape Gazette ends on July 27 at 9 PM ET.
Analysts have predicted an ApeCoin price rally to $14
Analysts at FXStreet believe ApeCoin price could hit the bullish target of $14 if specific conditions are met. ApeCoin price faces significant resistance between $7.28 and $7.98 level. Flipping the $7.98 level will prepare ApeCoin for a run up to $14.
ApeCoin price rally to $14 implies a 105% upswing from the current level. To find out whether ApeCoin will be able to break out of its downtrend and make a swift comeback and for key price levels, check the video below:
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.
