ApeCoin looks set to pump in the coming days and weeks before APE goes live.
The coin has made steady gains over the past seven days, up 15% on the week and 7% over the past 24 hours, with more expected growth after Horizen Labs announced it would be holding a Twitter Spaces on the subject on September 22.
It’s still unclear exactly when the staking will go live, with some holders expressing their annoyance and disappointment on social media that it hasn’t happened yet.
However, the general sentiment on the APE is now bullish and the market could see more growth both before and after the go-live as investors rush to buy the coin and then pull it out of the market.
What is ApeCoin and the Bored Ape Yacht Club?
The Bored Ape Yacht Club (often referred to as BAYC) is one of the premier NFT collections in crypto.
Although billions are drained from the NFT market and many collections are in the red, the cheapest BAYC is still on sale for 72 ETH (about $125,000) and during the NFT bull run last summer, several Bored Apes sold for tens of millions of dollars.
The collection boasts a number of celebrity backers including Eminem, Snoop Dogg, Madonna, Jimmy Fallon and many more.
The BAYC universe also includes other collections – the Mutant Ape Yacht Club and the Bored Ape Kennel Club – which are secondary and much less expensive but still highly sought after collections.
ApeCoin is an ERC20 token that acts as the governance token within the APE ecosystem and the ApeCoin Decentralized Autonomous Organization (DAO). It is a community initiative allowing holders to vote on ideas, projects and other tasks within the ecosystem.
It also allows holders exclusive access to other things such as premium merchandise, events, games and services and we named it one of our top 10 new cryptos to buy.
APE reached an all-time high of $25 in May and although its price has dropped significantly, it has remained in the top 40 coins by market capitalization based on the Bored Ape ecosystem opportunity and market strength. community, despite its general lack. useful in relation to certain projects.
What is APE staking?
The ApeCoin DAO has released full details on what staking will entail.
But in summary, ApeCoin will be distributed to all Bored Ape and Mutant Ape holders who stake their NFTs plus the APE coin. It offers a great incentive for NFT holders to buy more APE for the sole purpose of staking it and the more they do, the higher the rewards will be.
However, for holders to generate maximum returns, they must hold a fixed amount of APE (10,094 for BAYC and 2,042 for MAYC) and many holders do not earn close to that.
Twitter User Ouroboros Capital broke down APE staking, NFT holders’ wallets, and the potential amount BAYC and MAYC holders could earn and concluded that APE will soon become a must buy for them.
Not only will this lead to an increase in demand, but once staking kicks off, the supply of coins should be sucked out of the market.
An alternative coin with similar growth potential in the coming weeks is Tamadoge.
The project is currently enjoying an extremely successful pre-sale and has raised nearly $15 million in just over a month, with only around 15% of the pre-sale allocation remaining.