ApeCoin (APE), the Ethereum-based token of the Bored Ape Yacht Club ecosystem, is up 15.7% over the past 24 hours and is currently changing hands at a two-week high of $5.19, according to CoinMarketCap.
While APE’s recent price action can be seen as a part of a broader market recovery that took the price of Bitcoin above $20,000 earlier on Friday, the token is also probably being pushed by some project-related news.
More specifically, the Ape Foundation recently outlined its recommendations for a new election process for the project's decentralized autonomous organization (DAO).
If accepted, the recommendations would see the election process become a rolling election where a council member's seat is up for an election every quarter.
“This creates a stable environment to responsibly bring in new members and ensure that the DAO has consistency to operate and efficiently transfer knowledge while also introducing fresh ideas from the community,” according to a post on ApeCoin’s official Twitter account.
We've listened to you the community, including @yugalabs. Continuity and stability are of the utmost importance when building something new from the ground up. (1/5)
— ApeCoin (@apecoin) September 8, 2022
The Ape Foundation current members are Alexis Ohanian, the Reddit co-founder, Amy Wu of FTX Ventures, Maaria Bajwa, Principal at Sound Ventures, Yat Siu, chairman of Animoca Brands, and Dean Steinbeck, president at Horizen Labs.
Community members, however, have long been calling for more representation from individuals that are not affiliated with companies that may have third-party interests.
Metaverse tokens join APE rise
Flow (FLOW), a native token of a Layer-1 blockchain from Dapper Labs, has meanwhile grown 10% over the past 24 hours, trading at $2.13 by press time, data from CoinMarketCap shows.
Flow is a proof-of-stake (PoS) blockchain designed specifically for NFT collectibles and crypto games. Recently, it was chosen by event ticketing giant Ticketmaster to mint NFT tickets for select events like the Super Bowl LVI and other specific events.
Axie Infinity (AXS), the governance token of the eponymous blockchain-based game, is up 6.2% in the last, currently trading at $14.85, per CoinMarketCap.
SAND, the token powering another metaverse game The Sandbox, where users can buy virtual plots of land—sometimes for millions of dollars—gained 6.8% over the day, changing hands at about $0.968.
Decentraland’s MANA is meanwhile up 5.3% over the past day, currently trading hands at $0.807.