- Four proposals are up for votes on Apecoin’s governance forum, with one of them seeing major resistance.
- With a decline in demand for APE, its price has dropped by almost 30% in the last month.
The ApeCoin [APE] governance forum is considering a number of new proposals, including a proposal to establish a framework for creating Delegate Communities within the ApeCoin ecosystem, a proposal seeking support from the ApeCoin DAO for the production and post-production of a feature-length documentary called “BORED AS F*CK,” and a plan to develop a Discord bot to track APE’s price in real-time.
? AIP VOTES LIVE NOW ?
4 APE Improvement Proposals (AIP) up for vote this week.????
— ApeCoin (@apecoin) September 8, 2023
Realistic or not, here’s APE’s market cap in BTC terms
The proposed Delegate Communities would function as sub-DAOs, receiving voting rights delegated by the members of the ApeCoin DAO.
Through the “BORED AS F*CK” documentary, Apecoin hopes to,
“Onboard artists, musicians, and animators from the ApeCoin community onto the project and pay them in APE tokens, thus expanding the ecosystem.”
Although the proposal has received a go-ahead from many of its community members, many of them have voted against it, mostly due to the project’s cost implications.
According to Snapshot, 53.43% of ApeCoin community members voted in favor of the proposal, while 46% voted against it. The voting is scheduled to close on 14 September.
Source: Snapshot
The APEs are out of money
Down 64% on a year-to-date and 99% from its all-time high, on-chain data revealed that most APE investors hold the metaverse-based token below their cost basis.
According to data from IntoTheBlock, 99.95% of wallet addresses containing APE were “out of the money” at press time. This meant that these addresses held the token at a loss.
Source: IntoTheBlock
Only 71 addresses were deemed to be “in the money,” according to data tracked by IntoTheBlock. This accounted for less than 1% of all token holders.
APE’s Market Value to Realized Value ratio confirmed the extent of losses incurred by token holders. Deeply undervalued at -71.24% at press time, any holder who sold at the asset’s current price would realize a loss on their investment.
On a daily basis, the number of transactions that returned losses outpaced those that came back profitable.
According to Santiment, APE’s ratio of daily on-chain transaction volume in profit to loss, observed on a 30-day moving average, showed that for every transaction that brought losses, only 0.73 returned profit.
Source: Santiment
How much are 1,10,100 APEs worth today?
New demand for the altcoin was almost non-existent at press time, data from Santiment showed. Since 17 August, the daily count of new addresses created to trade APE has plummeted by 98%.
As prices dwindled, daily active addresses also declined. As of 8 September, there were only 1504 addresses that traded APE daily, a decline of 98% from the 17,000 addresses that traded the alt on 17 August.
Source: Santiment
