Bored Ape Yacht Club‘s ApeCoin (APE) is climbing again. On its second day of trading, it is up 90%, rebounding to over $14 at the time of writing.
This much-needed boost came after Thursday’s lows – which saw APE down by about 80% in its first two hours of trading. According to Alexandre Lores, director of blockchain research at Quantum Economics, the strength of the BAYC community will lead to ApeCoin’s undeniable success.
It’s safe to say APE has set NFT and Crypto Twitter on fire. There are currently various Ape-themed giveaways on Twitter that promise sums of ApeCoin to the winner. Additionally, Animoca Brands‘ Benji Bananas also announced the adoption of ApeCoin as an official token. Furthermore, the project announced all players can now swap all play-to-earn tokens for ApeCoin.
APE: Part of a larger vision
The token is part of Yuga’s Labs larger vision. ApeCoin is owned and operated by the ApeCoin DAO. This is a decentralized organization where each token holder can vote on governance and the use of the DAO’s ecosystem fund. Currently, the only requirement for joining the DAO is holding ApeCoin.
The Ape Foundation supports the DAO, which acts as the legal steward of ApeCoin. The foundation also administers the decisions made by the DAO community. Additionally, there is also an Ape Foundation subcommittee, which oversees certain proposals.
It includes high-profile names, such as Yat Siu of Animoca Brands, Reddit co-founder Alexis Ohanian and FTX Ventures’ Amy Wu. Each board member receives a six-month term, after which the DAO members can vote for future subcommittee members.
In addition to voting rights, ApeCoin DAO members also receive various perks, such as access to exclusive merchandise, events and games. Undoubtedly, the future is bright for BAYC’s official token!
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