- 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:
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.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.