Will ApeCoin’s ‘influential NFTs’ halt APE’s price plummet?


19 Sep 2023 1:30 PM

Although there has been some resistance, members of the ApeCoin's governance forum have mostly voted in favor of a proposal to establish a sister DAO for NFTS....

  • ApeCoin DAO is proposing the establishment of a sister DAO to acquire influential NFTs.
  • The proposal has an approval rate of 65% at the time of writing.
  • The proposal seeks an initial allocation of 750,000 APE tokens to acquire culturally significant NFTs.
  • The proposed list includes various NFT collections such as Bored Ape Yacht Club, Mutant Ape Yacht Club, and Sandbox.
  • A total of 4.4 million APE tokens have been deployed towards voting in favor of the proposal.
  • The value of APE tokens has dropped by 27% in the past month due to a decline in demand and daily active addresses.
  • The number of addresses trading APE has decreased by 94% since August.
  • New demand for APE has dropped by 98% since August.
  • APE's market cap in BTC terms is discussed, indicating potential oversold conditions.

The sentiment in the article is mostly negative, highlighting the drop in APE token value, decline in demand, and oversold conditions.

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You May Ask

What is ApeCoin DAO proposing?What is the approval rate of the proposal?How much allocation of APE tokens is being sought for acquiring NFTs?What NFT collections are included in the proposed list?How has the value of APE tokens changed in the past month?

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