ApeCoin Price Soar After NFT & Token Staking Platform Launch

The Bored Ape Yacht Club ecosystem-backed token, ApeCoin (APE), has risen to a new 30-day high of $6.12, according to data from CoinMarketCap.

APE is currently trading at $5.72, up 11% in 7 days and trading volume has increased over 33% in the past 24 hours.

The number of wallets holding APE has grown slightly by around 0.008% over the past 24 hours to 90,305, according to data from Etherscan.

According to data from Coinglass, $4.12 million in ApeCoin futures accounts have been liquidated in the past 24 hours, with 33% clearing their portfolios from open long positions and 67% clearing their portfolios from opening short. position

APE is currently the 32nd largest cryptocurrency with a market cap of just $1.78 billion.

What is ApeCoin?

ApeCoin is an Ethereum-based token that drives a growing ecosystem of projects based on the Bored Ape Yacht Club NFT collection. 

The token is used for utility and governance, which was created by ApeCoin DAO, the Decentralized Autonomous Organization (DAO), to regulate the token and its future plans. The most eye-catching application today is Bored Ape’s Metaverse called Otherside.

ApeCoin’s current price action is growing with a slight recovery in Bitcoin and Ethereum  prices.

Additionally, ApeCoin is launching a staking program in May, with Apecoin holders voting through Horizen Labs to create a staking platform that rewards those who stake ApeCoin, Bored Ape and Mutant Ape NFTs.

However, earlier this month Horizen Labs revealed in the Stake user interface that the platform is set to launch in the fall of 2022. 

Ape Staking Update: You asked. We answered. Here’s a sneak peek at the UI. pic.twitter.com/TDrTyIFbfb

— Horizen Labs (@HorizenLabs) September 3, 2022