The ApeCoin community is at the center of many proposals at the moment. These proposals cover different aspects, each of which has a different opinion from the owners.
In fact, all three proposals are currently underway without decisive decisions being made on any of them. However, these updates seem to have had a significant impact on APE’s price action over the past 24 hours or so.
Let the monkey rise
The pioneering proposal was made by market giant Solana NFT, Magic Eden, to build the ApeCoinDAO NFT Marketplace. The proposal titled “AIP-93: A Marketplace for Apes, by Apes, Built by Magic Eden – Brand Decision” is open to a vote by the ApeCoin community from September 16-22.
Users will be able to buy and sell collections including but not limited to BAYC, MAYC, and BAKC, as well as other Otherdeeds. At press time, less than two-thirds of the community was against this proposal.
But the next stage was widely accepted by the community with 93.6% approval. Titled “AIP-98: ApeCoin DAO Marketplace Community First Proposal – Brand Decision,” it offers a 0.5% market fee for all Ethereum listings and a 0.25% surcharge on APE listings. Another 0.25% of the fee will be allocated to community development, according to the proposal.
The third and final proposal also presents an opportunity to create a single NFT market. It is titled “AIP-87: NFT + IP Marketplace / Yuga Labs + Other NFT Partner Groups – Ecosystem Fund Allocation” and does not provide much information about the fee structure.
What about ApeCoin now?
The emergence of these proposals appears to have led to an unprecedented increase in APE prices in recent times. According to CoinMarketCap, ApeCoin was trading at $5.53 after the bulls drove it to 15.5%. Its recent price performance helped ApeCoin erase the weekly losses caused by the general downturn in market conditions.
However, a worrying metric continues to emerge on ApeCoin. According to Santiment, APE has yet to recover from a bear market in terms of activity as active (1D) addresses are still heading very low on the network.
For context, ApeCoin has not been able to register more than 2,000 active addresses since August 10.
Therefore, at this point, it is too early to determine the impact, if any, of these proposals will have on ApeCoin in the long term. Maintaining its high in the short term will be key to the altcoin.