ApeCoin gains 4.29% in seven days to trade at the $4.92 level. ApeCoin (APE), the Ethereum-based Bored Ape Yacht Club ecosystem token, has increased 1.27% in the last 24 hours and is now trading just below a two-week high of $5.19. However, its upward trend could be attributed to some project-related news. The Ape Foundation, in particular, has now released recommendations for a new election procedure for the project’s decentralized autonomous structure (DAO).
Since several altcoins are struggling to break through, the price of ApeCoin has skyrocketed. APE’s price has recently risen following a breakout from a bullish setup. This rally could continue higher to balance the upside imbalance. On the other hand, the sharp decline in the value of cryptocurrencies was thought to be one of the major factors limiting the ApeCoin coin’s further rise.
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APE’s recent price movement is most likely due to project-related news. The Ape Foundation has proposed a new election procedure for the project’s decentralized autonomous structure (DAO). If the proposals are approved, the election procedure would be changed to a rolling election, with a council member’s seat elected every three months.
According to a tweet from ApeCoin’s official Twitter account, this provides a stable environment for responsibly bringing in new members and ensuring that the DAO has the consistency to run and efficiently transfer expertise while also introducing new ideas from the community.
The Ape Foundation includes Reddit co-founder Alexis Ohanian, Amy Wu of FTX Ventures, Maaria Bajwa of Sound Ventures, Yat Siu of Animoca Brands, and Dean Steinbeck of Horizon Labs.
On the other hand, community members have long advocated for greater representation from people who are not affiliated with organizations that may have competing interests.
Stronger Dollar & Crypto Market’s Risk Aversion
The cryptocurrency market has lost steam since the start of the new day, with the total market cap of all cryptocurrencies falling below $1 trillion in the last 24 hours. Bitcoin (BTC), the world’s oldest and most valuable cryptocurrency, showed no improvement and was trading at around $20,000 in the early hours of Thursday. The implications of US inflation figures appear to impact the pricing of the most popular cryptocurrencies significantly. So, one of the main factors preventing the ApeCoin token from making further progress was the cryptocurrency market’s dips.