ApeCoin (APE) Price Surges Over 15% Amid Market Rebound

• Ape is now trading at $5.15, and reached its highest price in two weeks.
• The Ape Foundation has recently detailed its proposals for a new voting process.

According to CMC, the price of ApeCoin (APE), the Ethereum-based token of the Bored Ape Yacht Club ecosystem, has risen by 15.7 percent in the previous 24 hours and is now trading at $5.15, after touching $5.20, its highest price in two weeks.

APE/USDT: Source: TradingView

It’s possible that news about the APE project is contributing to the token’s recent price increase, but it’s also possible that the increase is part of a larger market rebound that sent Bitcoin’s price beyond $21,000 earlier on Saturday.

Market Rebounds

In particular, the Ape Foundation has recently detailed its proposals for a new voting process for the project’s decentralized autonomous organization (DAO). If the suggestions are implemented, elections for one council seat would be held quarterly instead of annually.

ApeCoin’s official Twitter account stated:

“This creates a stable environment to responsibly bring in new members and ensure that the DAO has consistency to operate and efficiently transfer knowledge while also introducing fresh ideas from the community.”

ApeCoin has hit an AlternativeRank™ of 1 out of the top 3,870 coins across the market based on relative combined social + market activity.

24-hour activity:
Price +15.69% to $5.17
Social volume 8,382
Social engagements 26,058,997https://t.co/sylvBA9VTn $ape #apecoin pic.twitter.com/OuRikl6FvN

— LunarCrush (@LunarCrush) September 9, 2022

Members of the community, however, have long advocated for more unbiased voices to be heard on matters affecting the group. The price of Bitcoin (BTC) gathered steam yesterday, rising by over 10% to go over the $21,000 threshold. From $19,310, the price of Bitcoin (BTC) soared to $21,575. Now, the optimistic feeling has been stoked by news that MicroStrategy has filed with the SEC to sell $500 million in MSTR stocks to acquire additional Bitcoin.

According to LunarCrush, ApeCoin has achieved an AlternativeRank of 1, making it the most popular cryptocurrency out of 3,870 rivals.

Source