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As Bored Ape Yacht Club’s ApeCoin staking program approaches its launch, the coin powering its ecosystem has risen by more than 10% over the past day. CoinMarketCap data shows that ApeCoin(APE), which is the token underpinning Bored Ape yacht club, hit a new record of $6.12 earlier today.

APE trades at $5.90 as of the time of publication. This is an 13% increase on the day and a 33% rise in trading volume over 24 hours.

According to Etherscan data, the total number of wallet addresses that hold APE has seen a slight increase of 0.008% in the past 24 hours to 92.535.

According to Coinglass data, ApeCoin futures positions worth $4.12million have been liquidated in the last 24 hours. Around 33% of the $4.03 Million liquidated were long positions. The majority of liquidations came from short, blown-out positions.

APE is the 32nd largest cryptocurrency currently

ApeCoin, an Ethereum -based token that powers the growing ecosystem based on the Bored Ape yacht Club NFT PFP collection, is an -based token.

It is used for utility and governance. It was created by ApeCoin DAO , a autonomous organization that governs the token’s future roadmap. The most striking application of the token to date is its utility token in the Bored Ape-themed platform, otherside.

ApeCoin’s current price action is accompanied by a small recovery in the wider crypto market. Ethereum and Bitcoin are both up around 3.5% each day after a week-long slide.

ApeCoin is also preparing to launch a stake program. ApeCoin holders voted in May to choose Horizen Labs as the platform’s developer. This will offer token rewards for users who stake or hold ApeCoin (or Bored Ape) and Mutant Ape NFTs.

Horizen Labs gave an early look at the user interface of the staking program earlier this month as the platform prepares for its launch in Fall 2022. The company revealed plans to host an Twitter space in September to keep the community updated on the latest developments.

The post ApeCoin Rockets as Staking Upgrade Gets Closer first appeared on The Daily Encrypt.


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Angie Byrd