ApeCoin Improvement Proposal Approved: Will APE Go Up?

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ApeCoin has recently approved a new governance proposal. This proposal aims to launch new projects to expand the presence of ApeCoin in the field of NFTs. The DAO voted in favor of the community proposal. This would lead to the development of a Acceleration Programthus promoting the use of ApeCoin (APE) in multiple new projects, moving away from its origins in the Ethereum blockchain.

The ApeCoin Improvement idea (AIP-209) was released through the DAO Idea Proposal mechanism. About 59.09% of voters voted in favor of the proposal, while 40.91% voted against. According to the summary of the proposal:

“The Ape Accelerator (Ape Launchpad) is designed to help strengthen the ApeCoin and BAYC ecosystem; incubating and facilitating projects that contribute to and use the growth of the ApeCoin and BAYC IP ecosystem.”

APE LAUNCHPAD: A POTENTIAL BOOST FOR APECOIN AND BAYC’S NFT COLLECTION

It is believed that the new projects on the Ape Launchpad will increase the use of APE in the cryptocurrency community. Another objective would be to increase the value of the renowned NFT collection, Bored Ape Yacht Club (BAYC). In addition, the incubation and development of these projects will help in the expansion of the ApeCoin and BAYC IP ecosystemthus increasing the adoption rate of these two.

At the time of writing, ApeCoin (APE) is trading at $3.39, after rising just over 1.19% over the past 24 hours. The market capitalization of the token is over $1.25 billion and it has a trading volume of around $55 million in the last 24 hours.

ApeCoin (APE) has been up and down since the start of this year. However, the new proposal and various developments have instilled some confidence among token holders and investors, since expect a price hike soon. Investors believe that with the launch of the Acceleration Program, the price of the token could rise as the crypto market supports the bullish momentum.

The overall crypto market has remained stagnant throughout this week, however many tokens have rallied based on their project developments. There is a possibility that ApeCoin (APE) could show such performance as well. However, the next few days are critical for the token and its long-term trend. Besides, it remains to be seen how investors will react to the APE community-approved proposal.



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