ApeCoin Leads NFT, Metaverse Token Rally With Double-Digit Gains

ApeCoin Leads NFT, Metaverse Token Rally With Double-Digit Gains

ApeCoin (APE), and EthereumThe Bored Ape Yacht Club ecosystem-based token is up 15.7% in the past 24 hours and is currently at a two-week high of $5.19, according to CoinMarketCap.

While the recent price action of APE can be seen as part of a broader market recovery that pushed the bitcoin price above $20,000 earlier on Friday, the coin is also likely to be pushed by some news related to the project.

More specifically, the Ape Foundation recently outlined its recommendations for a new election process for the Project’s Decentralized Independent Organization (DAO).

If accepted, the recommendations would see the election process become a rolling election as the council member’s seat is raised for elections every three months.

“This creates a stable environment for bringing in new members responsibly and ensuring that the DAO has consistency to operate and transfer knowledge efficiently while bringing in new ideas from the community,” according to Function On the official ApeCoin Twitter account.

Current members of the Ape Foundation are Alexis Ohanian, Co-Founder of Reddit, Amy Wu of FTX Ventures, Maaria Bajwa, Director of Sound Ventures, Yat Siu, President of Animoca Brands, and Dean Steinbeck, President of Horizen Labs.

However, members of the community have long demanded more representation from individuals who are not affiliated with companies that may have the interests of third parties.

Metaverse icons join the rise of APE

Flow (FLOW), a Layer-1 blockchain token from Dapper Labs, has grown by 10% in the past 24 hours, trading at $2.13 by press time, data from CoinMarketCap offers.

squirting is proof of stake (PoS) blockchain designed specifically for NFT Collectibles and crypto games. Most recently, it was chosen by event ticketing giant Ticketmaster to instrument NFT tickets for specific events such as Super Bowl LVI and other specific events.

Axie Infinity (AXS), the governance token for the blockchain game, is up 6.2% in the past and is currently trading at $14.85 per CoinMarketCap.

SAND, the token that powers another metaverse game The Sandbox, where users can purchase virtual plots — sometimes for millions of dollars — gained 6.8% over the course of the day, trading hands at about $0.968.

Meanwhile, Decentraland’s MANA Index is up 5.3% over the past day, and is currently trading at $0.807.

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