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ApeCoin Jumps Double-Digits as Staking Program Draws Near

The coin powering Bored Ape Yacht Club’s ecosystem is up over 10% in the last day as its staking program nears its launch.

2 min read
ApeCoin (APE) is the token of the Bored Ape Yacht Club (BAYC) ecosystem.

Earlier today, ApeCoin (APE), the token underpinning the Bored Ape Yacht Club ecosystem, posted a new 30-day high of $6.12, per data from CoinMarketCap.

At time of publication, APE is changing hands at around $5.90, up 13% on the day, with a 33% surge in trading volume over the past 24 hours.

The total number of unique wallet addresses holding APE has shown a slight growth of 0.008% over the past 24 hours to 90,305, according to data from Etherscan.

According to data from Coinglass, ApeCoin futures positions totaling $4.12 million have been liquidated over the past 24 hours. Of the $4.03 million liquidated, around 33% were long positions, with the majority of liquidations coming from blown-out short positions. 

Liquidations data for ApeCoin. Source: Coinglass

APE is currently the 32nd-largest cryptocurrency, with a market capitalization of just under $1.78 billion.

What is ApeCoin?

ApeCoin is an Ethereum-based token that powers the growing ecosystem of projects based on the Bored Ape Yacht Club NFT PFP collection. 

Used for utility and governance, it was created by ApeCoin DAO, a decentralized autonomous organization set up to govern the token and its future roadmap; its most eye-catching application to date is as a utility token in the Bored Ape-themed metaverse platform, Otherside

ApeCoin’s current price action accompanies a minor recovery on the part of the wider crypto market, with Bitcoin and Ethereum both up around 3.5% on the day, following a week-long slide.

It also comes as ApeCoin prepares to launch a staking program. In May, ApeCoin holders voted to pick Horizen Labs to build its staking platform, which will offer token rewards to users who stake (or hold) ApeCoin, Bored Ape and Mutant Ape NFTs.

Earlier this month, Horizen Labs provided a sneak peek into the staking program’s user interface, as the platform gears up for its expected launch in Fall 2022. Last week, the company announced plans to host a Twitter space on September 22 to update the community on the latest developments.

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