Bittime - ApeCoin (APE), the underlying token of ApeCoin's Decentralized Autonomous Organization (DAO), recorded a brilliant performance in the first quarter (Q1) of 2024. Key metrics show significant progress, signaling continued growth.
Once Down, APE Market Cap Rises Again
Reported by Messari, APE rose amid a sluggish cryptocurrency market, with quarter-on-quarter (QoQ) growth of 53%. Bitcoin's market capitalization itself increased by 63% in the same period.
After briefly dipping below $1 billion in Q2 2023, APE's market capitalization again reached unicorn status in Q1 2024, reaching $1.3 billion (Rp19 trillion), marking an increase of 31%. This increase was triggered by an increase in the price of the APE token by 21% QoQ.
In addition, the expenditure of 46.8 million APE tokens from the circulating supply contributed to the growth of market capitalization. However, this, along with the allocation of $16.5 million for potential governance expenditures, briefly triggered selling pressure on the asset.
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The Future of ApeCoin (APE)
APE's utility is predicted to grow rapidly as newly approved governance proposals are implemented. AIP-381 aims to build a game-focused DAO and vault. Exclusive access for APE holders allows them to participate in governance and access specific ecosystem assets.
Further, ApeChain's proposal selects Horizen Labs to build a blockchain that uses APE as a gas token and potentially supports other asset-related applications.
Expand Partnership
Although APE continues to attract new holders, its growth pace shows stagnation, with two consecutive quarters of price increases.
Recognising this, ApeCoin DAO established a branding partnership with Formula One racing teams and launched various other initiatives to attract new holders in the future.
On the other hand, ApeCoin DAO is active in approving new governance proposals, including the construction of ApeChain on the Arbitrum stack technology and the expansion of APE token utility to GameFi DAOs and vaults. Greater community engagement is evidenced by an increase in average votes per proposal of 19% QoQ.
ApeCoin DAO plans to move the voting process more to the blockchain path, promoting decentralization and participation in governance.
Conclusion
APE's performance in Q1 2024 shows its great potential as a token driving the growth of the ApeCoin ecosystem. The implementation of new governance proposals and initiatives to attract new holders is expected to strengthen APE's position in the future.
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How to Buy ApeCoin (APE) on Bittime
You can buy and sell ApeCoin (APE) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
ApeCoin (APE) is available on Bittime with the market pair APE/IDR. To be able to buy APE IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy ApeCoin (APE) on Bittime.
Monitor the price chart movements of ApeCoin (APE), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
ApeCoin (APE): Cryptocurrency for the Future of Web3 and Metaverse
APE Price Prediction: Will It Reach $1 Amid Ethereum and Bitcoin NFT Decline?
Apecoin (APE) Developer, Yuga Labs, Officially Releases to Faraway Gaming Studios
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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