ApeCoin (APE), the Ethereum-based token designed for the expanding Bored Ape Yacht Club ecosystem, has outperformed the vast majority of major cryptocurrencies during the past week. It has increased by 31% in the past week, with the growth occurring prior to the launch of ApeCoin staking rewards.
The token is presently priced at $4.15, according to statistics from CoinGecko, and has rallied since reaching an all-time low of $2.63 on November 14 as a result of the collapse of the cryptocurrency exchange FTX. Since that low, ApeCoin is risen approximately 58%.
Only three other currencies or tokens in the top 100 (based by market cap) have seen higher gains than Dogecoin during the past week.
On November 23, Horizen Labs revealed updated launch details for ApeCoin staking, which would provide APE, Bored Ape, and Mutant Ape NFT holders with token payouts for staking their tokens. On December 5, Horizen will unveil the staking interface for users, with awards commencing on December 12.
Staking is a widespread crypto technique that allows token owners to earn benefits by locking up and keeping their assets with the aid of a specific smart contract. Smart contracts are the software that powers decentralized applications and NFT initiatives.
However, the announcement sparked controversy on social media when Horizen announced that many areas, including the United States, will be unable to utilize its staking website because to regulatory issues. The Ape Foundation later mentioned, via an official’s tweet thread, that viable workarounds may be implemented in these 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 tweeted, “or develop clients and interfaces that allow users to interact with smart contracts.”
Investors may be stockpiling APE prior to the launch in an effort to maximize stake emissions, which are normally greatest at the start. Even after the uptick over the past week, ApeCoin’s price is still significantly lower than it was in late April, just prior to the distribution of non-fungible token (NFT) land plots for the forthcoming Otherside metaverse game.
As the value of ApeCoin increases, so do the cost of Bored Ape Yacht Club NFTs. The “blue chip” collectibles have lost a substantial amount of value over the previous few months, as have many other NFT initiatives in this crypto winter.
According to data from NFT Price Floor, the Bored Ape floor price plummeted below $60,000 worth of ETH twice in November, after reaching a high of $429,000 (152 ETH) on April 29.
This price has increased over the past week, from approximately $63,600 (57.5 ETH) on November 22 to the present price of over $82,300 (68 ETH). In doing so, the Bored Ape Yacht Club has changed the $79,800 floor price of CryptoPunks, which is also controlled by Yuga Labs.
According to NFT Price Floor, the USD floor value for both Bored Apes and Mutant Apes increased by around 34% in the last week. Mutant Ape Yacht Club NFTs are up to about $16,000 (13.2 ETH) at present.
The majority of the positive price momentum for both ApeCoin and Bored Ape NFTs has occurred since the opening of the official ApeCoin community NFT marketplace on Wednesday of last week. The platform was created by startup Snag Solutions in response to a vote by APE token holders, with the company’s proposal besting that of large marketplaces such as Magic Eden and Rarible.