In a recent development, ApeCoin has approved a new governance proposal. This proposal is aimed at launching new projects to magnify ApeCoin’s presence in the NFT sphere. The DAOs voted in favor of the community proposal. This proposal would lead to the development of an Accelerator Program, hence, promoting the use of ApeCoin (APE) in multiple new projects, slowly separating from the Ethereum blockchain.
The ApeCoin Improvement Proposal (AIP-209) was proposed through DAO’s Idea Proposal mechanism. About 59.09% of the voters voted in favor of the proposal while 40.91% voted against it. As per the abstract of the proposal:
“The Ape Accelerator (Ape Launchpad) is designed to help strengthen the ApeCoin and BAYC ecosystem by incubating and facilitating projects that contribute to, and utilize, ApeCoin and BAYC IP ecosystem growth.”
Ape Launchpad – A Potential Boost For ApeCoin and BAYC NFT Collection
It is believed that new projects on the Ape Launchpad will increase the utilization of APE in the crypto community. Another objective would be to increase the value of the renowned NFT collection, Bored Ape Yacht Club (BAYC). Plus, the incubation and development of these projects will help in the expansion of the ApeCoin and BAYC IP ecosystem. Thus, increasing the adoption rate of these two.
At the time of writing, ApeCoin (APE) is trading at $3.39, after a rise of just over 1.19% during the last 24 hours. The market cap of the token is over $1.25 billion and it has a 24-hour trading volume of around $55 million.
ApeCoin (APE) has had several ups and downs since the start of this year. However, the new proposal and developments have instilled some home among token holders and investors, as they expect a price rally soon. Investors believe that with the launch of the Accelerator Program, the price of the token could surge, given that the crypto market supports the bullish momentum.
The overall crypto market has remained stagnant throughout this week, however, many tokens have surged based on their project developments. There is a possibility that ApeCoin (APE) can also showcase that performance. Yet, the next couple of days are critical for the token and its trend in the longer run. Also, it is yet to be seen how investors react to the proposal passed by the APE community.