Tag: APECOIN

Animoca Brands subsidiary Forj Unveils $APE Accelerator to Boost ApeCoin Ecosystem

by Blockchain News

Animoca Brands subsidiary, Forj, has officially opened applications for the inaugural cohort of the $APE Accelerator, an initiative designed to propel the ApeCoin ecosystem forward. The $APE Accelerator is a community-centric Web3 platform funded by the ApeCoin DAO, aimed at fostering projects that amplify the utility and value of the ApeCoin (token symbol: APE).

Forj, a key player in the realm of Web3 technologies, is a subsidiary of Animoca Brands and is at the forefront of creating unique fan experiences through its range of products. Operating in the realms of Music, Entertainment, Gaming, and beyond, Forj has previously collaborated with notable names such as Grammy-nominated musician Lewis Capaldi.

With the launch of the $APE Accelerator, innovative Web3 projects now have a robust platform to bring their ideas to fruition. Successful applicants will have the opportunity to introduce their business concepts to a thriving ApeCoin community comprising over 200,000 members. This initiative comes on the back of the successful ratification of AIP-209, a proposal sanctioned via the ApeCoin DAO’s Idea Proposal (AIP) system.

The primary objective of the $APE Accelerator is to solidify the ApeCoin ecosystem by endorsing and funding projects that augment ApeCoin’s utility and value. APE token holders will be able to support endorsed projects via the APE Launchpad by acquiring NFTs and other tokens. Additionally, they will have a say in the approval of project proposals through a voting mechanism.

Harry Liu, CEO of Forj, remarked on the launch, “Today marks the beginning of a step change in innovation for the ApeCoin community. $APE Accelerator welcomes Web3 founders to apply now and join us in our mission to take the ApeCoin ecosystem to new heights.”

Yat Siu, the Co-founder and Executive Chairman of Animoca Brands, echoed these sentiments by highlighting the community-driven nature of $APE Accelerator. He noted that it embodies the spirit of Web3 entrepreneurship, empowering ApeCoin holders to steer innovation within the ecosystem they are part of. Siu anticipates that the $APE Accelerator will serve as a blueprint for future online ecosystem growth, with several groundbreaking projects expected to emerge from this program.

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This Week Unlocks: ApeCoin Surpasses $50M, Aptos Exceeds $20M; Moonbeam, Flow, and Lido in Queue

by Blockchain News

Data from Token Unlocks indicates that six cryptocurrency projects are set to release a significant number of tokens this week. Among these, ApeCoin (APE) and Aptos (APT) are poised for substantial unlocks.

On September 11 at 08:00 (UTC), Moonbeam will release 9.7 million GLMR tokens, valued at approximately $1.74 million. This constitutes about 1.34% of its circulating supply.

Following closely, on September 12 at 08:00, Aptos is set to unlock 4.54 million APT tokens. With an estimated value of $23.85 million, this represents nearly 2% of its circulating supply.

On September 13 at 11:33, Lido will make available 1.5 million LDO tokens, amounting to a value of roughly $2.22 million, which is about 0.17% of its circulating supply.

Euler, on September 14 at 07:17, will release 150,000 EUL tokens. These tokens are valued at approximately $400,000, making up 0.83% of its circulating supply.

On September 16 at 08:00, Flow is set to unlock 7.29 million FLOW tokens. With a valuation of around $3.09 million, this represents 0.70% of its circulating supply.

Lastly, on September 17 at 08:00, ApeCoin will unlock a staggering 40.6 million APE tokens. Valued at an estimated $51.6 million, this constitutes a significant 11.02% of its circulating supply.

This week, significant token unlocks are set to impact the crypto market. “Unlocking” in the cryptocurrency world refers to the release of tokens that were previously locked or restricted from being sold or transferred. Such restrictions are often set during initial offerings or as part of vesting agreements to stabilize token prices and incentivize long-term holding. These unlocks can influence market dynamics, as a sudden increase in available tokens might affect supply and demand.

About ApeCoin ($APE)

ApeCoin, an ERC-20 governance and utility token, operates within the APE Ecosystem, promoting decentralized community building in web3. Governed by the ApeCoin DAO, holders decide the utilization of the ApeCoin DAO Ecosystem Fund. The APE Foundation, inspired by Yuga Labs’ Bored Ape Yacht Club, oversees the APE Ecosystem, with an administrative council executing DAO decisions. Unique for its governance capabilities, ApeCoin facilitates participation in the DAO and offers exclusive ecosystem access. With a fixed supply of 1 billion tokens, 30.25% were in circulation as of March 17, 2022, set to increase over 48 months.

About Aptos

Aptos, a Layer 1 Proof-of-Stake blockchain, utilizes the Move programming language, designed by Meta’s Diem engineers. Aiming for mainstream web3 adoption, it supports DApps addressing real-world issues and boasts a potential 150,000 tps via parallel execution. After securing $350 million in funding from notable investors like a16z, FTX Ventures, and Binance Labs, its valuation reached $4 billion by September 2022. Aptos’s mainnet launched in October 2022. The native currency, APT, has a total supply of 1 billion, with a current circulation of 130 million. Distribution includes allocations for community growth, core contributors, and investors, with specific vesting schedules.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Sharks Dominated ApeCoin APE’s Trading Volume in Q2 2023

by Blockchain News

In a recent report released by Messari, ApeCoin (APE), an ERC-20 token used for governance of the ApeCoin DAO, experienced significant changes in Q2 2023. The report provides an in-depth analysis of APE’s performance, governance, and future plans.

The report highlights that the trade volume of APE was dominated by sharks, traders with daily trading volumes between $1 million and $10 million, for the first time since APE’s inception. This shift marked a significant change in the trading dynamics of the token.

In Q2 2023, approximately 25 million APE was unlocked to non-DAO entities, and nearly 26 million APE was claimed by Yuga ecosystem asset and APE holders. This increased sell pressure potentially contributed to a 32% drop in the average APE price.

Governance within the ApeCoin DAO also saw changes with the election of two new Special Council members. This transition of power within the DAO’s special roles demonstrates the organization’s commitment to decentralization and community involvement.

WebSlinger, the administrator of the APE Foundation, completed its first full quarter in this role in Q2 2023. Despite a decline in all key metrics of ApeCoin, the daily token transfers, votes per governance proposal, and transfer volume remained higher than in certain previous quarters.

The report also noted that APE’s fully diluted valuation hit a $2 billion floor at the end of Q2’23, marking a 91% drop from its all-time high in Q2’22. Despite this, the ApeCoin DAO continued to approve proposals and allocate funds for the development of the ecosystem.

In terms of staking, APE holders and Yuga Labs’ ecosystem projects claimed 25.8 million APE in Q2’23. This followed the implementation of staking rewards in Q4’22.

The ApeCoin DAO also saw an increase in governance activity, with 34 proposals voted on in Q2 2023. Of these, 11 passed, 18 failed, and 5 were elections. The DAO approved a $480,000 grant for Forj, a subsidiary of Animoca Brands, to create a launchpad called the Ape Accelerator. This platform aims to incubate and grow projects that use ApeCoin and Bored Ape Yacht Club (BAYC) IP.

In a move to fund crypto public goods, ApeCoin DAO approved a proposal to allocate $1 million to ETH Global and ApeCoin hackathons. This initiative aims to give back to the Ethereum community, further development work around account abstraction, and introduce developers to ApeCoin.

Despite the challenges faced in Q2 2023, the ApeCoin DAO continues to demonstrate resilience and commitment to its community. The DAO’s ability to allocate and transition power without conflict, coupled with its efficient capital allocation, suggests a promising future for ApeCoin as the ecosystem continues to grow.

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ApeCoin Experiences Sharp Price Surge on South Korean Exchange

by Blockchain News

On April 12, the price of ApeCoin (APE), which is an ERC-20 token that was produced by Yuga Labs, had a large spike, reaching $90.00 per token on the cryptocurrency exchange that is known as Upbit and which is based in South Korea. The price surge was just a brief phenomenon, however, and was followed by a sharp collapse that wiped out the bulk of the profits. In spite of this fact, APE is still trading at a significant premium of around $4.50 above other exchanges, with each token going for $10.90 at the time this article was published.

It would seem that a retail mania and a limitation of viable trading routes on Upbit were the primary factors that led to the price increase that took place. At the present, the only trading pair for APE that is listed on the exchange is BTC/APE, which only accounts for a minuscule portion of the coin’s overall trading activity. Other trading pairs for APE are expected to be added in the near future. During the course of the day, transactions involving around 4 million APE tokens took place. This is in comparison to the total amount of APE tokens now in circulation, which is 369 million.

However, it’s probable that the rise didn’t continue very long since Upbit places trading limitations on its users’ accounts. On the same day, the exchange put a hold on deposits and withdrawals of Ether (ETH) and ERC-20 tokens as they awaited the completion of the Ethereum network’s Shanghai upgrade. These actions were carried out in advance of the forthcoming hard fork. Users of Upbit were unable to convert their APE, which is an ERC-20 token and is regarded as a memecoin by some people, into other ERC-20 tokens such as Tether (USDT) and ETH by selling or purchasing APE in exchange for those tokens. APE is a memecoin and is believed to be a cryptocurrency by some individuals. As a consequence of this fact, the one and only option that was still available was to exchange Bitcoin (BTC) for Australian Dollars (BTC/USD).

Since the price increase, cryptocurrency price aggregators like CoinMarketCap have labeled the APE pricing on Upbit as a “outlier” when computing the aggregate prices of cryptocurrencies. This is due to the fact that Upbit’s prices are much lower than those of the competition in the market. Since the price increase on Upbit was not mirrored on any other exchanges, this may imply that it was an isolated event that occurred just on Upbit. Nevertheless, this occurrence highlights the potential for sudden price volatility in cryptocurrency markets, as well as the effect trading restrictions may have on the value of cryptocurrencies.

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Yuga Labs Facing More Lawsuits Over NFTs

by Blockchain News

The beleaguered cryptocurrency and fintech company Yuga Labs is going to be hit with more legal action in connection with its nonfungible tokens (NFT) collection, Bored Ape Yacht Club (BAYC), and many other ventures.

On January 30, the worldwide legal firm Rosen Law Firm, which specialises in the protection of investor rights, made the announcement that it intends to bring a class action lawsuit against the company Yuga Labs.

Rosen sent an invitation to buyers of Yuga assets, such as BAYC NFTs and the native token ApeCoin (APE), to participate in the class action lawsuit filed against Yuga before to the deadline for the lead plaintiff, which was set for February 7.

The legal firm emphasised that investors in Yuga securities who bought BAYC and APE between April 23, 2021 and December 8, 2022 may be entitled to compensation without having to pay any additional costs as a result of a contingency fee arrangement. This compensation could be obtained without the payment of any additional costs.

The new action is going after a huge number of defendants, one of them is Wylie Aronow, co-founder of Yuga Labs. Aronow has been out of the office since January 28, alleging health difficulties as the reason for his absence. In addition, co-founder Greg Solano, billionaire BAYC founder Kerem Atalay, and Yuga Labs CEO Nicole Muniz will be named as defendants in the lawsuit, along with a number of internationally renowned personalities and businesses, such as Madonna and Adidas and MoonPay.

This latest lawsuit is just another effort to make Yuga Labs responsible for the significant losses that NFT investors who purchased BAYC and APE over the previous several years have sustained as a result of the company’s actions. After hitting a high of $312,000 in April 2022, the average transaction value of BAYC NFTs had fallen to less than $85,000 by the time October 2022 rolled around. At the time of this writing, the floor price of BAYC NFTs dropped from around 144 ether (ETH), which is equivalent to $226,000, to 64 ether (which is equivalent to $100,000).

In December 2022, American litigants Adonis Real and Adam Titcher filed a case against Yuga Labs that was quite identical to the one described above. In a manner similar to Rosen’s class action, the lawsuit named more than 40 individuals and corporations as defendants. Among those named were Madonna, Justin Bieber, Paris Hilton, Snoop Dogg, Jimmy Fallon, Post Malone, and a number of other individuals.

Prior to this, in June 2022, the legal firm Scott+Scott initiated a class-action lawsuit against Yuga Labs, alleging that the company “inappropriately encouraged” the community to purchase BAYC NFTs and ApeCoin. The litigation was launched against Yuga Labs.

In addition, Yuga Labs, which has its headquarters in Miami, has been embroiled in a number of legal battles involving trademark and copyright controversies. Yuga Labs said in their complaint that the defendant, artist Ryder Ripps, had misappropriated Yuga Labs’ trademarks to advertise his own NFT collection. The complaint was filed in June and was submitted to a court in Los Angeles. In a later court filing, it was argued that Yuga Labs did not have the appropriate copyright registration for BAYC.

According to the filing, “Yuga Labs does not have a registered copyright, and as a result, there is no immediate prospect of a lawsuit for copyright infringement.”

In spite of the many challenges it has been encountering, Yuga Labs has been working to broaden the scope of its NFT ecosystem. The new Dookey Dash game was released by Yuga Labs on January 18. It is a skill-based minting experience that allows BAYC investors to claim free tokens in order to compete for the best score and gain additional rewards.

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ApeCoin DAO Signs Off on a $4.4M Bug Bounty

by Blockchain News

ApeCoin DAO, the Decentralized Autonomous Organization that is in charge of overseeing the development of APE, the native token of the Bored Ape Yacht Club (BAYC) ecosystem, has approved the allocation of $4.4 million to conduct a bug bounty program on ImmuneFi.

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According to the snapshot of the votes cast which ended today, as many as 3.9 million APE tokens were cast in favor of the proposal, dubbed AIP-134.

The votes in favor ended at 57.92% as compared to 42.08% for those who committed 2.9 million APE against the proposal. 

The essence of the bug bounty is to carve out an extra security layer for the much anticipated ApeCoin staking service that is billed to go live in December. The ApeCoin DAO wants experienced hackers to help search out the loopholes or any porous avenues in the staking smart contract that may cause headaches later on.

The bounty, now that it has been approved can be launched on ImmuneFi with the 1 million APE tokens earmarked for the bounty set to be drafted from the protocol’s treasury.

“As we near the launch of the ApeCoin staking system outlined in AIP-21 and AIP-22, we propose taking additional measures to ensure the DAO is following smart contract security best practices. This proposal uses treasury assets to fund a 1 million $APE bug bounty program with Immunefi, and partners with Llama to help design, implement, and run operations of these initiatives,” a snapshot from the proposal reads.

The DeFi ecosystem has not been spared from the wranglings and inconveniences caused by hackers this year. That there is a security loophole in most emerging smart contracts is not a question up for debate, whether founding teams have the right model to prevent exploitation remains a major bone of contention.

As one of the most prestigious NFT collections, Bored Ape users have been a major target of cybercriminals, and hopefully, the bug bounty will help tighten all loose ends ahead of the launch of the staking product.

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Luxury Fashion Brand Gucci Now Accepts Payment in ApeCoin

by Blockchain News

Italian fashion brand Gucci has announced that it has started accepting ApeCoin (APE) as one of the payment options.

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According to the company, the addition of ApeCoin was made possible with the aid of its crypto payments partner, BitPay. The service is only available to select stores in the United States now.

ApeCoin is the native token of the Yuga Labs-created Bored Ape Yacht Club (BAYC) ecosystem. The ecosystem encompasses some of the industry’s most iconic non-fungible tokens like the Bored Apes and also includes Mutant Ape Yacht Club (MAYC), CryptoPunks, and Meebits, both of which were acquired by Yuga Labs earlier this year.

 

The ApeCoin was launched as a way to help holders of either of these NFTs with additional utilities.

 

The addition of the ApeCoin token also represents a milestone for Gucci as it seeks to double down on its Web3.0 mission.

 

Back in May, Gucci announced that it is making a move to accept digital currencies for in-house purchases, which will encompass the likes of Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Shiba Inu, Dogecoin, and five dollar-pegged stablecoins.

 

“Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers. Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them,” Marco Bizzarri, President and CEO of Gucci, said in a statement at the time. 

Other top fashion brands are also making their moves into Web3.0 with prominent names, including Lacoste, Dolce & Gabbana, and Salvatore Ferragamo. While the pace of Web3.0 adoption is different, each company has its own defined modalities, each following its individual timelines.

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Crypto Market Resurgence: Two Altcoins Promising a Better Week Ahead

by Blockchain News

The digital currency ecosystem is trailing a bullish path today as a positive sentiment has been sweeping around the industry with increasing stack up recorded over the weekend.

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As evidence of the current outlook, the combined crypto market cap is up 3.29% to $966.41 billion at the time of writing.

With weekends often characterized by bearish events, the ongoing upsurge could be evidence of a better week ahead. Should these projections be true, here are the two altcoins that are likely to fuel this growth.

 

Ethereum (ETH)

 

Ethereum still retains its stance as the largest smart contract blockchain protocol to date, and it is amongst the most trusted coins to lead a great charge for the future of coins. The digital currency is currently trading at a price of $1,351.81, up 9.27% in the past 24 hours per data from CoinMarketCap.

 

The Ethereum ecosystem is about to be transformed as developers within the community unanimously agreed that September 19 will be the date for The Merge. The Merge described the transitory point when Ethereum as a Proof-of-Work network will switch to a Proof-of-Stake consensus model.

 

Beginning from now till the Merge occurs, investors are likely to continually stack up on the coin seeing Ethereum is bound to take a new lease of life.

 

ApeCoin (APE)

 

ApeCoin is the native token of the Bored Ape Yacht Club (BAYC) ecosystem and has a very strong developmental backing from the iconic Yuga Labs team. 

 

The token is changing hands at $5.04, up 10.49% over the past 24 hours, and while a cooling period is beckoning, the digital token still has a massive propensity for growth. By recently integrating with the Polygon Network, it has been able to resolve one of its most crucial challenges of a high gas fee.

 

In reality, when the crypto winter will be rolling over, and investors are exploring metaverse tokens to bank on, ApeCoin, with its iconic franchises and community, is bound to be amongst the most notable that will be chosen.

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Proposal for ApeCoin to Move Away from Ethereum Favoured by APE Whales

by Blockchain News

It has been a few months of reckoning for members of the ApeCoin community as transactions are often subjected to high gas fees as the project is built atop the Ethereum network.

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Yuga Labs, the startup behind the Bored Ape Yacht Club (BAYC) brand, has proposed to move ApeCoin away from Ethereum to its own blockchain, a proposal that holders of the APE are currently contesting.

According to an ongoing community voting hosted on Snapshot, ApeCoin DAO wants a reversed decision from what Yuga Labs proposed. Per current voting statistics, many APE whales are against the proposals of ApeCoin DAO to remain on Ethereum for the time being.

The voting commenced on June 3 and is poised to end on June 9 and thus far, those in favour of moving away from Ethereum have overwhelmed those who want to stay. With APE tokens being used as the yardstick for the voting, the statistics showed a total of 1.4 million APE tokens are in support of moving the community to a new blockchain, while 1.1 million APE tokens are in favour of staying.

There are still a few more days for the vote to pass, and it can significantly determine the flow of future products from Yuga Labs or when the Otherside metaverse will become fully operational. 

Despite the fact that the Ethereum blockchain presents many challenges for users, many protocols still favour it in part for the legacy it has built and the imminent future for the protocol. From its current Proof-of-Work (PoW) network, the Ethereum Foundation is now in the final stages of its switch to a Proof-of-Stake (PoS) consensus mechanism, which will happen sometime in August.

The rationale behind the ApeCoin DAO proposal to maintain the Ethereum blockchain is perhaps hinged on the benefits that the new protocol dubbed Ethereum 2.0 will herald in the near future.

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BTC, ETH Gain Ground & The Top 5 Metaverse Movers to Watch

by Blockchain News

After the short bearish trend amid the Russia-Ukraine tensions, the crypto market has started to gain ground again. Bitcoin and Ethereum rose by about 1% and 5% respectively during the last week. Many other cryptocurrencies have followed. The popularity and market capitalization of the Metaverse tokens also continues to grow.

 

Many analysts link the fall and rise of the crypto market to the recent political events and fluctuations of the Russian ruble. When the currency suddenly started to pull back, so did most of the digital assets. Now that the rouble is slowly recovering, cryptocurrencies are shooting up in value again. Last week, Russia claimed that it would only accept rubles and maybe crypto for oil and gas. This statement may have led to the growth of the ruble and the surge in the crypto market. 

For the first time in three months, Bitcoin surpassed the $47,000 mark on March 28. The number one crypto might not yet be close to its new ATH, but it might very well hit the new highest price of the year soon. In two days the BTC value jumped by more than $1,000, then retreated, and now continues to grow again. The move may have to do with Russia’s consideration of accepting BTC for its natural resources mentioned above. 

 

 

Source: Messari.io 

 

BTC is currently trading at $45,502,80. It grew by 1.23%% during the past week and dropped by 3.16% in the last 24 hours.

 

Ethereum has been growing steadily for the last 10 days and just like Bitcoin saw a big jump on March 28. The price of ETH is still lower than it was in the beginning of the year, but it might reach that point again soon as it seems to be following the bullish trend. 

 

 

Source: Messari.io 

 

The currency gained 5.35%% during the past week and fell by 3.89% in the last 24 hours. At the moment of writing, ETH costs $3,296.23.

Decentraland (MANA)

Decentraland’s MANA token is the top metaverse crypto by market capitalization. Created in 2017 and open to the public in 2020, the virtual reality platform quickly gained popularity. Users have many possibilities in the virtual world, from creating and exploring to buying and monetizing plots of land. Its native currency MANA is powered by the Ethereum blockchain. 

 

 

Source: Messari.io 

 

Even though the token was growing earlier this week it went down by 1.72%  in the last 24 hours and by 2.88% in the last 7 days. The total market cap of MANA is $4,775,414,595. At the moment of writing, it’s trading at the price of $2.59.

Axie Infinity (AXS)

Axie Infinity is a blockchain-based play-to-earn video game launched by Sky Mavis in 2018. Users get to breed and raise the creatures called Axies and receive rewards for them. Each Axie is a platform’s native NFT. 

 

Source: Messari.io 

 

The currency has seen a huge jump during the last 10 days going up by about $20 in 24 hours. However, it retreated significantly after. The AXS’s value has dropped by 10.91% over the past week and grew by 1.38% over the last 24 hours. At this point, the price of the token is $63.66 and the market cap is $3,885,108,076. 

The Sandbox (SAND)

The Sandbox is a NFT-based virtual world where users can create, buy, and sell plots of land in the form of a game. Players can use the virtual land to host events, concerts, or games and monetize their creations. The internal currency SAND is becoming very popular.

 

 

Source: Messari.io 

 

This week SAND was growing steadily and saw a couple of big jumps until it suddenly went down yesterday. It dropped by 1.59% in the last seven days and by 1.91% in the last 24 hours. Despite its climbs the coin is still pretty far from its ATH of $8.40 it saw last November. SAND is now trading at $3.40. Its total market cap is $3,939,930,950. 

ApeCoin (APE)

ApeCoin is a native cryptocurrency behind the NFT-famous Bored Ape Yacht Club project. Launched less than 2 weeks ago by ApeCoin DAO, the coin immediately gathered a lot of hype around it. ApeCoin is mainly used for purchases within the APE ecosystem.

 

 

Source: Messari.io 

 

The total market capitalization of APE is currently $3,581,479,601. It lost 0.58% in value during the week but grew by 2.14% in the last 24 hours. Its current price is $12.77.

Theta Network (THETA)

Theta is a blockchain-based network focused on video streaming. Users of the decentralized platform share bandwidth and computing resources on a P2P basis. The project is advised by Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.

 

 

Source: Messari.io 

 

THETA has seen strong growth and shooted up in value by 25.04% during the week. In the last 24 hours it rose by 1.72% and is now trading at $4.09. The total market cap of the currency is now $4,034,400,099.

 

All in all, even though there have been some drops in the last two days, we can see that most coins and tokens are on the rise and it seems that spring has finally come to the crypto market. There’s a big chance that cryptos will surge even more in the next weeks and months, especially if the political situation stabilizes and countries go ahead with the crypto adoption.  

P.S. This article has originally been published on Benzinga.

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Bitcoin (BTC) $ 38,766.39 0.50%
Ethereum (ETH) $ 2,100.06 0.35%
Litecoin (LTC) $ 71.67 0.78%
Bitcoin Cash (BCH) $ 226.67 0.75%