ApeCoin (APE) Soon To Receive Update Enabling Staking Feature

ApeCoin (APE) Community Plans Separate NFT Marketplace
  • APE has lost 81% of its value since the cryptocurrency asset’s all-time high.
  • Staking participants will stake and utilize their BAYC NFT to obtain APE.

The ApeCoin DAO released millions of ApeCoin (APE) to NFT shareholders a little over two months ago, making news about the crypto asset ApeCoin (APE). Airdropped to BAYC, MAYC, and BAKC members, APE, was given to those who had purchased the NFT token.

Furthermore, on March 17, APE was selling for $10.36 a unit, which is 56% more than it is now ($4.60 per APE). At its all-time high (ATH) of $26.70 per unit on April 28, ApeCoin (APE) continued to surge in USD value after its introduction. Despite the price fall, APE’s concentration of whale entities at the time was relatively high compared to other leading cryptocurrencies at the time.

Highly Anticipated AIP-21/22 Update

For APE’s crypto market performance, today is a very different tale. ApeCoin has lost 14.5 percent of its value versus the US dollar in the last month, but it has gained 8.2 percent in the previous seven days. APE has lost 81% of its value since the cryptocurrency asset’s all-time high, yet the concentration of whales hasn’t altered significantly.

Several serious debates have been placed on ApeCoin’s DAO forum and community around the AIP-21 plan to implement a staking mechanism for ApeCoin and the NFT ecosystem of the Bored Ape Yacht Club (BAYC). ApeCoin (APE) may soon see a price rise due to these factors.

According to AIP-21, staking participants will stake and utilize their BAYC NFT to obtain APE from a predetermined pool over a specific time. As an alternative, the AIP-22 proposal outlined the full ApeCoin staking pool allotment. 17.5 percent of ApeCoin’s total supply will be allocated over three years, according to the arrangement. In a recent tweet, the ApeCoin team hinted at a staking upgrade in accordance with AIP-21/22.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.