ApeCoin DAO forum and community members are taking concrete steps on the AIP-21 proposal, which aims to offer a staking system for ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem. According to analysts, this development could soon have an impact on ApeCoin (APE) price action. According to the statement, investors will stake their assets during this process and use their BAYC NFTs to buy APE from a predetermined pool according to AIP-21.
On the other hand, the AIP-22 proposal also revealed the total ApeCoin allocation for stake pools. It is stated that 17.5% of the total ApeCoin supply will be distributed over a three-year period. In a recent tweet, the ApeCoin team provided APE holders with a staking update compatible with AIP-21/22.
BAYC NFTs gained momentum last week. BAYC 2089 was purchased on July 8 for 670 ETH (approximately $826,000). The next day, BAYC 6388 was purchased for 869 ETH, equivalent to $1 million.
Despite the decline in NFT trading volume since May 2022, Bored Ape Yacht Club NFTs are generating high revenue on OpenSea. The project saw a spike in NFT prices for BAYC owners at ApeFest '22, when Snoop Dogg and Eminem released their collection-inspired music video.
Teller, one of the leading platforms, offered buy now, pay later service for 10 blue-chip NFT projects, including the Bored Ape Yacht Club collection. Users can make purchases through the DeFi loan platform. Meanwhile, Otherside's first test was released on July 6, and over 2,200 people tested the game and shared their feedback on Twitter. Test takers see this process as a success.
APE is currently trading at $4.8. According to analysts, Apecoin can go up to $ 8 after breaking the resistance level at $ 5.6. Analysts and investors in the cryptocurrency market are quite optimistic about the future of ApeCoin. Experts are confident that APE will continue its uptrend. A tangible recovery in the cryptocurrency market could take APE to new heights. According to analysts, the altcoin's past price action is proof of that. This optimism is based on APE's 500% ROI in three months.