Bittime - Apecoin, a token closely tied to the Bored Ape Yacht Club (BAYC) NFT collection, is showing signs of revival. After experiencing a sharp decline of 66% in the past year and 24% in 2024 alone, Apecoin (APE) is now trying to rise from the slump.
This condition is further exacerbated by the dramatic drop in the base price of BAYC NFTs, from a peak of $369K (Rp5,981,385,000) to just $38K (Rp615,790,000) per token today, a decline that reflects the uncertainty plaguing the NFT world.
APE Price Recovers
However, a glimmer of hope appeared for Apecoin. On April 13, after bottoming out, Apecoin experienced a 35% increase, with its current price at $1,334 (Rp21,621,370).
In the last 24 hours, Apecoin experienced a surge of 4.47% and a gain of 13% in the past week, although it still recorded a decrease of 27.93% in the last 30 days. Based on data from Bittime, currently 26/04/2024, APE is trading at the level of IDR 20,819 per token.
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Causes of Apecoin Price Rise
This recovery is largely driven by the latest initiative of the Apecoin DAO, which seeks to seek new strategies to increase community engagement and token usage. One of the steps taken is through the AIP-397 proposal, which aims to launch an "NFT Launchpad" powered by Apecoin.
The platform is designed to facilitate the creation and trading of NFTs, by introducing Puffles, a user-friendly and no-code tool, which enables the creation of NFTs on various blockchain networks using Apecoin.
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Community Criticism
However, the AIP-397 proposal does not appear to have gained widespread support, with only 30% of Apecoin holders voting in favor to date. The vote will run until May 1, 2024, but many community members have criticized the proposal for a lack of details that make implementation challenging.
On the other hand, AIP-405's proposal proposing the launch of ApeSwap, ApeChain's native DEX, has been met with enthusiasm. More than 80% of Apecoin holders approve of the initiative, which will allocate around 750,000 Apecoin—more than $1 million at current prices—to support the development of the DEX.
ApeSwap is expected to be an ongoing source of income for ApeCoin DAO cash, with 50% of all transaction fees returned to DAO cash.
Conclusion
In conclusion, although Apecoin faces significant challenges, the steps taken by Apecoin DAO demonstrate a commitment to restoring value and increasing the utility of the token. With ongoing proposals and strong community support, Apecoin's future is still wide open with new possibilities.
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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.
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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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