ApeCoin Up 31% as Staking Nears, Bored Ape NFT Prices Rebound

Source: crypto.com

ApeCoin, the native token for the Bored Ape Yacht Club (BAYC) ecosystem, has outperformed many major cryptocurrencies in the last 7 days. The price of the cryptocurrency has risen by over 31% in the last week, and this comes ahead of the launch of ApeCoin staking rewards.

CoinMarketCap data shows that the coin is currently priced at $4.08. On November 14, the coin sunk to an all-time low of $2.63 amid the fallout from the collapse of the FTX crypto exchange. ApeCoin has managed to rise by almost 58% from that low.

In the last 7 days, only three other coins ranked in the top 100 by Coin Market Cap recorded larger gains, including Dogecoin.

Horizon Labs released the updated details for ApeCoin Staking on November 23, which is set to provide APE holders, as well as Mutant Ape and Bored Ape owners, token rewards for staking their owned tokens. Horizon is expected to launch the staking interface for the users on December 5 ahead of the rewards which will begin on December 12.

Staking is a common crypto process that lets token holders earn rewards by locking up and holding their assets using smart contracts. Smart contracts are the software behind NFT projects and decentralized apps.

The announcement attracted controversy on social media, especially after Horizon stated that several regions won’t be able to use their staking website because of regulatory concerns, including the United States. However, the Ape Foundation later clarified in a tweet via the official that there are workarounds for those in such regions.

“We want to remind the community that one of the benefits of decentralized finance is that anybody can interact with a smart contract,” the Foundation wrote in a tweet, “or develop clients and interfaces that allow users to interact with smart contracts.”

Many investors could be accumulating APE ahead of the launch, expecting to maximize their staking returns, which are typically high at the beginning. Although ApeCoin’s price has risen in the last week, the price of the coin is still down by almost 85% from its late April peak before the launch of the land plots for the Otherside Metaverse game.

As the price of ApeCoin rises, the Bored Ape Yacht Club (BAYC) NFTs have also recorded a significant rise in their price floor. The “blue chip” NFTs have lost significant value over the last several months as a result of the ongoing crypto winter.

NFT Price Floor data shows that the floor price of the Bored Apes on April 29 was $429,000 (152 ETH), but it has fallen below $60,000 worth of ETH twice November. Last week, the floor price of the Bored Apes was below 60.00 ETH most of the time. However, it has risen and the floor price of the project is currently 66.90 ETH, having dropped by -4.28% in the last 24 hours.

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By darnell
November 30, 2022