- The team behind ApeCoin is currently finalizing details that will serve as the basis for a broader update in line with AIPs-21 and 22.
- Horizen Labs is selected as the partner to receive a grant to build and manage a staking system for ApeCoin DAO.
- Analysts believe ApeCoin price could hit the bullish target of $14 if the NFT token continues its uptrend.
The ApeCoin community chose Horizen Labs to build and manage a staking system in line with AIPs- 21 and 22. Analysts believe ApeCoin price has bullish potential, and the NFT token could rally to the $14 target soon.
Also read: Here is the reason why Ethereum whales are buying millions of ApeCoin tokens
ApeCoin announces details of staking update
On July 23, 2022, ApeCoin developers shared an update of the work on APE staking. By passing AIPs-21 & 22, the community instructed the Foundation to develop a staking system with specific guidelines. Horizen Labs was chosen as a trusted partner to receive a grant, build and manage a staking system for the ApeCoin DAO.
The Foundation announced that the staking system for ApeCoin will be developed in a 12-16 week timeframe. The announcement reads:
The robust staking system will be launched this Autumn.
For the ApeCoin community, staking is an important function. Therefore, the launch of ApeCoin staking by Horizen Labs could trigger a bullish sentiment among APE holders.
ApeCoin community is currently voting on a 24*7 news site proposal
Bored Ape Gazette seeks fund allocation from ApeCoin. The community is voting on a proposal to build a trusted source of information and expand operations into continuous research, analysis and reporting across the ecosystem.
Bored Ape Gazette seeks a grant from the ApeCoin DAO to make their business sustainable and keep APE holders, BAYC members, and the general public informed on all things Ape.
Voting for the proposal to grant funds to Bored Ape Gazette ends on July 27 at 9 PM ET.
Analysts have predicted an ApeCoin price rally to $14
Analysts at FXStreet believe ApeCoin price could hit the bullish target of $14 if specific conditions are met. ApeCoin price faces significant resistance between $7.28 and $7.98 level. Flipping the $7.98 level will prepare ApeCoin for a run up to $14.
ApeCoin price rally to $14 implies a 105% upswing from the current level. To find out whether ApeCoin will be able to break out of its downtrend and make a swift comeback and for key price levels, check the video below:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.