30/11/2022 ApeCoin Up 31% as Staking Nears, Bored Ape NFT Prices Rebound

The Ethereum-based token is surging following the release of final staking details and the official ApeCoin NFT marketplace rollout.

ApeCoin (APE) is the token of the Bored Ape Yacht Club (BAYC) ecosystem. Image: Shutterstock
ApeCoin (APE) is the token of the Bored Ape Yacht Club (BAYC) ecosystem. Image: Shutterstock

ApeCoin(APE), theEthereum-based token created for the growingBored Ape Yacht Clubecosystem, is outperforming most major cryptocurrencies during the last week. It’s now up 31% over the past seven days, with the increase coming ahead of the launch of ApeCoinstaking rewards.

The token is currently priced at $4.15, per data fromCoinGecko, and has rebounded since hitting an all-time low price of $2.63 on November 14 amid the fallout from thecollapse of crypto exchange FTX. ApeCoin is up nearly 58% since that low.

Over the last week, only three other coins or tokens in the top 100 (ranked by market cap) have posted larger gains—including leading meme coin Dogecoin.

On November 23, Horizen Labsannounced updated launch detailsfor ApeCoin staking, which will provide APE holders—as well as Bored Ape andMutant Ape NFT owners—token rewards for staking their owned tokens. Horizen will launch the staking interface for users on December 5 ahead of rewards beginning on December 12.

Staking is a common process among crypto process that lets token owners earn rewards by locking up and holding their assets using a specializedsmart contract. Smart contracts are essentially the software that powersdecentralized appsand NFT projects.

The announcementraised controversyon social media, however, as Horizen revealed that several territories won’t be able to use its staking website due to regulatory concerns—including the United States. The Ape Foundation latersuggested in a tweet threadvia the official that potential workarounds can be used in those regions.

“We want to remind the community that one of the benefits ofdecentralized financeis that anybody can interact with a smart contract,” the Foundation tweeted, “or develop clients and interfaces that allow users to interact with smart contracts.”

Investors may be accumulating APE ahead of the launch with the hopes of maximizing staking emissions, which are typically highest at the beginning. Even after the rise over the past week, ApeCoin’s price is still down considerably—nearly 85% since a late April peak ahead of the release of NFT land plots for the upcomingOtherside metaverse game.

As ApeCoin rises, so too are prices for Bored Ape Yacht ClubNFTs. The “blue chip” collectibles havelost considerable valueover the past several months, like many other NFT projects in anever-chillier crypto winter.

Bored Ape Yacht Club co-founders Wylie Aronow ("Gordon Goner") and Greg Solano ("Garga") joined Dan Roberts and Kate Irwin on the gm podcast to talk about BAYC parent company Yuga Labs and its size and influence in the space, Ape haters, NFT haters, the SEC investigating Yuga, Buzzfeed "doxxing" Aronow and Solano earlier this year, their vision for the Otherside metaverse realm, and much more. Watch Episode 21 of the gm podcast and make sure to subscribe on Apple or Spotify.

The Bored Ape floor price—or price of the cheapest listed asset on a marketplace—has crashedfrom a peak of $429,000(152 ETH) on April 29, falling below $60,000 worth of ETH on two occasions in November per data fromNFT Price Floor.

That price has ticked back upward over the last week, rising from about $63,600 (57.5 ETH) on November 22 to a current price of about $82,300 (68 ETH). In the process, the Bored Ape Yacht Club has re-flipped the floor price ofCryptoPunks—also owned by Yuga Labs—which currently sits at $79,800 (about 66 ETH).

Both Bored Apes and Mutant Apes have seen an approximate 34% rise in USD floor value over the last week, per NFT Price Floor. Mutant Ape Yacht Club NFTs are up to a current price of nearly $16,000 (13.2 ETH).

Much of the positive price momentum for both ApeCoin and Bored Ape NFTs has also come since last Wednesday’s launch of anofficial ApeCoin community NFT marketplace. The platform was developed by startup Snag Solutions following a vote by APE token holders, with the firm’s proposal beating pitches from major marketplaces like Magic Eden and Rarible.