ApeCoin, the token that powers the ApeDAO, has witnessed a price increase in the last 24 hours as the community votes on many proposals
Why ApeCoin Is Soaring
According to Binance, ApeCoin is surging today, up more than 5% in the previous 24 hours. Late yesterday night, APE reached a high of $27.59. Since then, the token has lost some of its gains and is now worth roughly $21.70.
The newly minted coin powers the ApeCoin DAO, an unauthorized decentralized autonomous association linked to the Bored Ape Yacht Club (BAYC) NFT collection. Nonetheless, the token is still a long way from its ATH of $39.40 reached in March.
3Â Ape Improvement Proposals (AIP) are presently open and will close on May 4. AIP-21 and AIP-22, for instance, offer further changes to staking the ApeCoin token. Staking is the process of placing cryptocurrency into a smart contract in exchange for further incentives.
AIP-7 is less technical, suggesting a modification in how conversations inside the DAO are codified. In addition to these three current proposals, two other AIPs are being discussed. All past and present ideas may be seen on the DAO voting tool Snapshot.
Otherside NFT Drop
ApeCoin, issued by Yuga Labs, is trading at ATH (all-time high) ahead of Saturday’s Otherside NFT auction. While this has yet to be proven, the NFTs are thought to represent land parcels for the Otherside Metaverse. The next great thing in the Bored Ape Yacht Club universe is just around the bend.
People who pre-registered on somethingisbrewing.xyz before April 1 may join in the first mint for Otherside. New Metaverse developed by Yuga Labs, the founder of Bored Ape Yacht Club. Yuga Labs has not formally stated that the NFTs reflect land in the Otherside Metaverse.
Despite the fact that the mint is set for 5 p.m. UTC on April 30, Yuga Labs has yet to publish the base price for the Dutch auction or how many NFTs per wallet will be allowed to manufacture. Because of the ambiguity over how much ApeCoin is required, many prospective minters are likely storing significant quantities to guarantee they do not lose out. Whatever unfolds on Saturday, the Otherside mint will most likely be the topic of conversation in the NFT area this weekend.
