Just-In: ApeCoin Eyes Price Hike As DAO Approves Key Community Proposal | Coingape

Crypto News: The NFT-based ApeCoin has been on a roller-coaster ride this year as it has shown both unpredictable highs & lows. Recently, the DAO governing the APE project, voted in favor of a community proposal that would result in the development of an Accelerator that promotes the incubation of projects utilizing ApeCoin tokens (APE).

Timeline of Apecoin-ape

While ApeCoin (APE) and Chainlink (LINK) struggle to gain traction, Sparklo (SPRK) is soaring and capturing the attention of market analysts and investors alike. With its novel approach to trading precious metals, this Ethereum-based platform has piqued the interest of investors.

STX, on the other hand, is the native cryptocurrency of the Stacks network, used to power smart contracts for bitcoin, reward miners, and allow holders to earn bitcoin by staking.Balancer, finally, is a decentralized finance (DeFi) protocol running on top of Ethereum that seeks to incentivize a distributed network of computers to run a decentralized exchange where users can buy and sell any cryptocurrency.

Yuga Labs' ERC-20 token ApeCoin (APE) experienced a brief surge in price on the South Korean cryptocurrency exchange Upbit, with prices reaching $90.00 per token before a sell-off reduced most of the gains. The spike was attributed to retail frenzy and trading restrictions on the exchange.

ApeCoin, or simply APE, recently stole the show on the crypto market, soaring 2,000% on Upbit, Korea's largest exchange. The sudden jump in value caught the attention of investors and analysts, prompting questions about the reasons behind this crypto-madness.

The ongoing downfall in Apecoin price hit a minor roadblock as the traders struggled with broader market uncertainty. With buyers using this indecisiveness to their advantage, the Apeprice ended a daily chart pattern on a bullish note intensifying the underlying buying momentum.

The cryptocurrency bear market in 2022 not only hurt the price of tokens, but it also damaged the booming non-fungible token (NFT) market. Data from Cryptoslam.io saw NFT sales peaking at $4.9bn in sales worldwide in January 2022, but they slumped to only $560m during December.

In a tweet to the ApeCoin [APE] community, PeckShield Alert mentioned that there was a serious threat linked with staking the token. As a way of explaining the danger and encouraging holders of APE and Bored Ape Yacht Club [BAYC] to mitigate the risks, the tweet referenced an example.

The sudden increase in certain metrics for ApeCoin [APE] caught many off-guard, especially since there had been no significant activity for quite some time. In 2022, ApeCoin broke into the $20 range, and it seemed reasonable to assume that the upward trend would continue.

After breaking out above $26 last year, ApeCoin has been one of the more underappreciated assets of 2023. With APE's price crawling back to $4, which is approximately 90% down from its previous all-time high, many traders have already written it off.

March started with a series of US bank collapses, which brought uncertainty to the financial markets, including cryptocurrencies. Some digital assets have been under high selling pressure, marking notable drops.