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ApeCoin: A look at what the new AIP approvals might have in store for APE

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ApeCoin: A look at what the new AIP approvals might have in store for APE
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  • 41 AIPs were in the process and one got approved 
  • MVRV Ratio and active addresses of ApeCoin increased 

ApeCoin [APE] recently posted a new update regarding the recent developments that happened in its ecosystem. ApeCoin expanded on its APE Improvement Proposals.

According to the tweet, last week, there were 41 AIPs in process, and since then, 9 new AIP ideas have been submitted. However, one AIP was approved by the community, and one AIP has been rejected.

A notable update was related to the newly approved AIP 121, which wishes to increase the transparency of AIPs involving Ecosystem Fund allocation, enhance the voting process, and standardize periodic reporting.

Read ApeCoin’s [APE] Price Prediction 2023-24

While these developments happened, APE’s performance last week grabbed the attention of many as it registered more than 20% gains. As per CoinMarketCap, at press time, APE was trading at $3.95 with a market capitalization of more than $1.4 billion.

Is the weather changing?

Though APE’s weekly gains looked quite promising and gave further hope to investors for a price increase, things started to go against APE, at press time as its 24-hour chart was painted red.

Nonetheless, APE’s on-chain metrics were favorable, and it suggested that investors shouldn’t panic in the current market condition.

Moreover, APE’s MVRV Ratio was considerably up, which was a bullish signal. Not only that, but APE’s network growth also followed the same path and registered an increase over the last week. 

Source: Santiment

Interestingly, the number of daily active users continued to increase. This was a positive signal as it suggested that a larger number of users were present in the network.

But on the other hand, APE failed to maintain its popularity in the crypto community as its social volume declined over the last week.

Source: Santiment

Looking forward

Meanwhile, a look at APE’s daily chart revealed that the bears were gearing up for a price decline in the coming days.

Consider this- the Relative Strength Index (RSI) registered a downtick and was heading toward the neutral mark. The Chaikin Money Flow (CMF) also went down during the last few days. Nonetheless, the MACD revealed that the bulls still had an advantage in the market.

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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