By
Godfrey Benjamin
April 26th, 2024
While Ape staking is slated for less than two weeks, it will only be available in selected countries, with the United States and Canada among the omissions.
ApeCoin (APE), the native token for the Bored Ape Yacht Club, has gained significant upward momentum in the past two weeks compared to the rest of the digital assets. According to our latest crypto price oracles, APE has gained approximately 43 percent in the past two weeks to trade around $4.07 on Wednesday. With a market capitalization of approximately $1,530,213,931, the APE coin market recorded an average traded volume of about $277 million in the past 24 hours. The activity spike in the APE ecosystem in the past few weeks has been attributed to the long-awaited staking program scheduled for December 12.
APE Staking
With 361,250,000 APE tokens in circulation, about 639k will be used in staking rewards. As such, the APE coin ecosystem is poised to gain more traction in the coming months.
Ape Staking Update: Big thanks to the talented community devs for their helpful improvements. Bug Bounty AIP delayed us a bit, so we shortened the pre-deposit period by a week to keep our original 12/12 go-live. Alternate front-end sites going live. See card. pic.twitter.com/mgmP7X3SwQ
— Horizen Labs (@HorizenLabs) November 24, 2022
Cryptocurrency staking has been described as a better means to reward community members with minimal energy consumption. Moreover, APE coin holders will earn more tokens without purchasing power-consuming hardware gadgets.
ApeCoin and the Market Outlook
While Ape staking is slated for less than two weeks, it will only be available in selected countries, with the United States and Canada among the omissions. The Ape coin staking program will utilize a geo-blocking mechanism to lock out countries, including Russia, Cuba, Iran, Syria, Crimea, and Luhansk, among others. Reportedly, the exclusion of the mentioned countries and regions is due to the stringent regulations set by the respective countries.
The Ethereum-based DeFi intends to revolutionize the digital artwork industry through ApeCoin. Furthermore, as the APE coin gains underlying value, so is the Bored Ape Yacht Club.
According to market data provided by Nftfloorprice.com, Bored Ape Yacht Club has 6417 unique owners with a floor price of approximately 68.1 Ether. In the past 24 hours, Bored Ape Yacht Club reported an average traded volume of 854.72 Ether in 11 sales.
Notably, the Bored Ape Yacht Club has a total of 10,000 items in total supply. With a creators fee of approximately 2.5 percent, the APE coin ecosystem is poised for more gains with a steady cash flow.
While the primary use of APE coin is governance, Ethereum’s crucial developer Vitalik Buterin has argued that only millionaires benefit from the staking program.
“As a regular individual, “pay $500 to get a 0.0001% chance to influence the outcome of some votes” is not a good trade. The only people for whom it is a good trade are multimillionaires and hedge funds (including attackers),” Buterin noted.
