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Market Cap $2,469,545,528,576.10
Bitcoin Share 51.84%
24h Market Cap Change $-2.13

APE goes bananas with new double-digit hike on the back of…

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The ApeCoin community is at the centre of several proposals right now. These proposals cover different aspects, each of which has divided holders’ opinions.

In fact, all three proposals are currently underway with no conclusive decisions made yet on any of them. Even so, these updates seem to have had a massive impact on APE’s price movement over the last 24 hours or so.

Let the Ape rise

The leading proposal has been offered by Solana NFT marketplace giant, Magic Eden, to build an ApeCoinDAO NFT marketplace. The proposal titled “AIP-93: A Marketplace for Apes, by Apes, built by Magic Eden – Brand Decision” is open for voting from the ApeCoin community from 16 – 22 September.

Users will be able to buy and sell collections including, but not limited to BAYC, MAYC and BAKC, as well as Otherside Otherdeeds. At press time, less than two-thirds of the community was against the this proposition.

However, the next one has been widely accepted by the community with a 93.6% approval rating. Titled “AIP-98: A Community-First ApeCoin DAO Marketplace Proposal – Brand Decision,” it offers a 0.5% marketplace fee for all Ethereum listings and a further 0.25% fee on APE listings. A further 0.25% of the fees will be dedicated to community development, as per the proposal.

The third and final proposal also introduces an option to create an individual NFT marketplace. It is titled “AIP-87: NFT + IP Marketplace / Yuga Labs + Otherside Partner NFT Collections – Ecosystem Fund Allocation” and does not provide any major information about fee structure.

What about ApeCoin now?

It seems that the advent of these proposals has led to an unprecedented hike in APE prices of late. According to CoinMarketCap, ApeCoin was trading at $5.53 after the bulls fueled a 15.5% surge. Its recent price performance has helped ApeCoin erase the weekly losses caused by the general downturn of market conditions.

However, a concerning metric continues to surface on ApeCoin. According to Santiment, APE is yet to recover from the bear market in terms of activity as Active Addresses (1D) still trend very low on the network.
For context, ApeCoin has been unable to register more than 2000 active addresses since 10 August.

Source: Santiment

Therefore, at this point in time, it’s too early to state what impact, if any, these proposals will have on ApeCoin in the long-term. Sustaining its near-term uptick will be key for the altcoin.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.
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