ApeCoin is soaring today, up over 7% in the last 24 hours, according to CoinMarketCap.
APE spiked late last night, hitting a price of nearly $27. Since then, the token has shed some of those gains and is now trading hands at just under $22.
The recently-launched cryptocurrency fuels the ApeCoin DAO, the unofficial decentralized autonomous organization tied to the Bored Ape Yacht Club (BAYC) NFT collection.
The weekly chart paints a similarly bullish picture. Since last Friday, ApeCoin has risen a whopping 67%.
Still, the token is still far off from its all-time high of $39.40, set back in March.
What’s driving ApeCoin?
Because ApeCoin is a governance token, holders can make and vote on various proposals within the ApeDAO.
If you want to participate in the Ape community, you need to hold some of its tokens.
Judging by the timing of ApeCoin’s latest price spike and several pending proposals, some investors are scooping up some more voting power.
There are currently three Ape Improvement Proposals (AIP) that will close on May 4.
AIP-21 and AIP-22, for example, propose continued modifications for staking the ApeCoin token. Staking is the process of depositing crypto into a smart contract and usually earning additional rewards for doing so.
AIP-7 is less technical, proposing a change to how discussions are formalized within the DAO. Alongside these three active proposals, two additional AIPs are also under discussion.
All proposals, past and present, can be found on the DAO voting platform Snapshot.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Stay on top of crypto news, get daily updates in your inbox.