ApeCoin Eyes Price Hike As It Approves Key Community Proposal
Crypto News: The NFT-based ApeCoin has been on a roller-coaster ride this year as it has shown both unpredictable highs & lows. Recently, the DAO governing the APE project, voted in favor of a community proposal that would result in the development of an Accelerator program that promotes the incubation of projects utilizing ApeCoin tokens (APE) to strengthen the nascent ecosystem.
ApeCoin Approves Community Proposal
The new ApeCoin Improvement Proposal (AIP-209), which was proposed through the DAO’s Idea Proposal mechanism and received approval for implementation, will incubate and launch community-driven projects with the goal of increasing the value of the Bored Ape Yacht Club (BAYC) NFT collection, as well as other projects that make use of ApeCoin.
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The Ape Accelerator, also known as the Ape Launchpad, is intended to assist in the consolidation of the ApeCoin and BAYC ecosystems through the incubation and development of projects that both contribute to and take advantage of the expansion of the ApeCoin and BAYC IP ecosystems.
ApeCoin Price Action
Investors and loyal holders of APE are optimistic about the price recovery since projects that successfully launch on the Accelerator program will utilize the native APE token. This might ultimately result in value accretion for the tokens and the price could dramatically increase if the broader crypto market turns bullish. ApeCoin was initially introduced as a governance token for holders of the popular BAYC NFT collection.
Additionally, as summarised by the moving averages, APE’s technical analysis (TA) indicators at CoinGape’s price tracker show a sell position, recommending a “sell” at level 13 and a “buy” at level 3. In response to this latest crypto news, the price of APE is currently trading at $3.51, which represents a gain of 2.51% over the last day compared to an increase of 3.87% over the past seven days.
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