Connect with us
Active Currencies 14420
Market Cap $2,654,916,693,311.20
Bitcoin Share 49.90%
24h Market Cap Change $-2.63

ApeCoin DAO weighs 4 proposals to “expand ecosystem” – details inside

2min Read

The members of the ApeCoin DAO have begun voting on a series of proposals on the floor of the governance forum. However, one proposal has received strong resistance.

ApeCoin DAO weighs 4 proposals to "expand ecosystem" - details inside

Share this article

  • 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.

 


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

Share

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.