While most cryptocurrency markets are showing bearish momentum today, ApeCoin continues its meteoric growth, up over 17% in the last 24 hours to hit a new all-time high of $17. Let’s take a closer look at ApeCoin and its token APE and see why the cryptocurrency is rising so much?
ApeCoin news
While the official ApeCoin twitter has been inactive since last week, the APE forums have seen significant activity of late.
Notably, two days ago, on April 21st, a new proposal was published suggesting that the ApeCoin community would benefit from an official Babylon Garden where they would deposit APE and create wealth in the form of additional tokens.
For those unfamiliar with Babylon Finance, it is a community-led decentralized wealth management protocol that allows users to create investment clubs, aka gardens, and invest in DeFi together. Babylon Finance is based on the Ethereum network and is fully decentralized, meaning it is not custodial, so users do not have to relinquish control of their keys.
The platform is perfect for DAOs like ApeCoin as it allows members to enhance the project’s tokenomics. Babylon can convert the tokens into collateral, enable DeFi yield farming, token buybacks, etc.
The proposal received positive feedback from members of the ApeCoin community, and chances are APE will have a Babylon Garden soon.
This latest suggestion could be a driver of APE’s growth over the past few days as the Metaverse coin hits new all-time highs.
For those who are still confused about the proposal, here is a short explanatory image uploaded by the users of the ApeCion forum rrecuero:
Source: forum.apecoin.com
If you’re an APE owner and want the proposal accepted, you still have five days before the topic auto-closes, so head to the forum and share your thoughts.
After surpassing Decentraland as the best metaverse coin last week, it’s clear that the market is excited about APE and its future potential. With a current market cap of $4.7 billion, APE still has huge potential for significant upside and will most likely surpass the $5 billion market cap at some point, either in April or May, assuming the overall cryptocurrency market moves continue to move sideways.
What is ApeCoin?
ApeCoin, which will be launched on March 17, 2022, is the primary utility of Bored Ape Yacht Club’s NFT collection. It also serves as the primary governance token for the APE Foundation, giving holders voting rights on proposals initiated by the DAO.
As of writing, ApeCoin’s primary utility is governance, but the community behind the token continues to find ways to expand its utility and ecosystem, and secure various partnerships with brands and platforms.
Initially, ApeCoin was launched for the Web3 economy, and APE token holders are given voting rights to influence the outcome of proposals initiated by the BAYC DAO that will shape the future of the coin.
Board members of the ApeCoin Foundation
APE is an ERC-20 token based on Ethereum with a maximum supply of 1 billion tokens. The current circulating supply of APE is 284 million and the total supply will never exceed 1 billion.
APE is currently trading at $16.5, up over 17% in the last 24 hours. The 24-hour trading volume is $1.9 billion with a market cap of $4.7 billion. It’s worth noting that APE’s fully diluted market cap is $16.5 billion!
If you want to bet on the future of APE, you can buy the token at Binance, Coinbase Exchange, Huobi Global, Gate.io, FTX, Kraken, KuCoin, Uniswap (V2), Gemini and more.
Disclosure: This is not trading or investment advice. Always do your research before buying Metaverse coins.
Also read:
Top 5 Metaverse coins with long-term potential to see in April 2022
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