What is ApeCoin?ApeCoin is a digital asset that serves as the governance and utility token within the ApeCoin DAO, as well as for the APE Foundation, which is the legal steward of the token. The primary aim of ApeCoin is to facilitate the expansion and evolution of the Bored Ape Yacht Club ecosystem, emphasizing equitable and inclusive community-led growth.BackgroundApeCoin is deeply integrated with the Bored Ape Yacht Club (BAYC), one of the most recognized and high-profile NFT projects in the space. The creation of ApeCoin was a strategic move to provide a decentralized protocol layer for community governance and to support an expanding ecosystem of services and products related to the BAYC.How does ApeCoin work?ApeCoin’s functionality is characterized by several core components:1: DAO Governance: ApeCoin holders can participate in the governance of the ApeCoin DAO, proposing and voting on decisions that guide the direction of the ecosystem.2: APE Foundation: The APE Foundation is the facilitator of the ApeCoin DAO, managing the proposals and enforcing the decisions made by ApeCoin holders.3: Ecosystem Fund: ApeCoin is utilized by the DAO to allocate resources from the Ecosystem Fund, covering expenses and funding initiatives that benefit the community.4: Permissionless Infrastructure: The governance model is designed to be open and permissionless, allowing ApeCoin holders to collaborate and contribute to the ecosystem’s development.5: Key Takeaways>ApeCoin functions as both the governance token for the ApeCoin DAO and a utility token within the broader Bored Ape ecosystem.>The token empowers its holders with decision-making authority, fostering a community-centric model for governance and ecosystem development>The APE Foundation acts as an administrative body, ensuring that community decisions are implemented effectively and align with the DAO’s objectives.>ApeCoin leverages a permissionless governance structure, promoting collaboration and innovation among its stakeholders.#ApeCoinAdventure $APE $BTC

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ApeCoin has unveiled the Blueprint for ApeChain, highlighting its focus on enhancing the blockchain experience through content, tools, and distribution.

Bored Ape Yacht Club-inspired crypto ecosystem ApeCoin has unveiled the “Blueprint” for its layer-2 solution ApeChain, marking a key advancement in its blockchain strategy by focusing on content, tools, and distribution to elevate user and developer experiences.

In a press release shared with crypto.news, ApeCoin outlined the first phase of ApeChain’s rollout, which includes prioritizing content partners, developing a user-friendly ecosystem site, and providing robust developer tools.

ApeChain, per Greg Solano, chief executive of Yuga Labs, is prioritizing “killer day one content partners” in an effort to find the “coolest stuff on the chain easy.” The network will also focus on incentives and distribution channels “that help creators get noticed,” Solano added.

To achieve this goal, ApeChain collaborated with web3 firms like Halliday, Decent, and Privy to streamline onboarding and fiat onramps via the ApeChain Portal.

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Another component of the ApeChain would enable users to bet on events or individuals via the so-called Reboot Protocol in addition to the Native Yield system developed for withdrawals of assets like ApeCoin ApeCoin
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ApeCoin and Ethereum (ETH). ApeCoin says ApeChain’s strategy aligns with Arbitrum milestones, including the integration of Stylus, which allows blockchain developers to build smart contracts using WebAssembly-compatible languages.As crypto.news reported earlier, the ApeCoin DAO community greenlit the development of ApeChain on Arbitrum in February, with backing from Horizen Labs. The technical roadmap indicates that APE tokens will serve as both the gas and governance token for the new network. A few months later, in July, the ApeChain network debuted testnet named Curtis.Read more:
ApeCoin community to buy top NFTs through new DAO
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Experts weigh in on whether Bitcoin can break free from September’s be Bitcoin closed August in red, but experts are divided on whether September could bring a recovery, with some pointing to macroeconomic shifts, potential rate cuts, and rising institutional interest as reasons for optimism.Coinglass data shows that, since 2013, Bitcoin Bitcoin btc -4.44%
Bitcoin has often recorded losses during September, making it the worst-performing month for the digital asset. On average, Bitcoin has dropped by -5.36% in September, with gains in only four of the past thirteen years. This consistent poor performance has made investors uneasy, fearing that the trend could persist in 2024. Yet, there are signs this September might break from tradition. Traders are anticipating that a potential interest rate cut by the Federal Reserve could increase demand for riskier assets like Bitcoin. At the same time, institutional interest is higher than before, driven by the approval of spot Bitcoin ETFs in January. Adding to this sanguinity, Bitcoin’s hashrate has hit an all-time high of 746 EH/s, signaling a potentially bullish shift despite recent price fluctuations.
Nevertheless, skepticism remains among some analysts who believe the bearish trend could still prevail. Rate cuts and market sentiment
Georgii Verbitskii, Founder of TYMIO, suggests that a rate cut could push Bitcoin to test the upper end of its current trading range. He told crypto.news that if central banks go ahead with the anticipated rate cuts, Bitcoin might draw more investors seeking a hedge against inflation.

“Given that [Bitcoin] has been trading sideways for the past six months, a big breakout before the year’s conclusion may be logical.”

He added that pro-crypto legislative moves in the United States might further elevate market sentiment and drive investment.

Meanwhile, Casey Grooms, co-founder of Soulbound, underlined that Bitcoin’s recent price action has been influenced by high macroeconomic uncertainty, with a critical pivot in Federal interest rates shaping market sentiment.

Grooms pointed to the Fed’s preferred inflation measure, the Personal Consumption Expenditures (PCE) index, which remains steady at 2.5%.

“With the closeness to the basic target of 2%, the interest rate cut pivot may happen sooner than expected,” Grooms told crypto.news.

He added that while the Federal Reserve is closely watched, other central banks, like the Bank of England and the Bank of Canada, are already cutting rates. If this trend continues, it could boost global liquidity, weaken fiat currencies, and make Bitcoin more attractive as a store of value.

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Bitcoin ETFs as a potential catalyst for recovery
In contrast, Jonathan Hargreaves, Global Head of Business Development & ESG at Elastos, maintained a more measured outlook. He pointed out that, although stronger macroeconomic factors and new ETF developments could support Bitcoin, September has often been a month of mixed signals, with alternating phases of growth and decline. As such, he expects September to start on a bearish note but hopes for a rebound in the final quarter.

Bing Wang, Head of Legal at BasedVC, suggested that this year’s cycle could diverge from past patterns due to the ongoing inflow of capital into Bitcoin Spot ETFs and the anticipated Federal Reserve rate cut.

“If institutional capital continues to flow into Bitcoin ETFs, BTC price could sustain above key support at $60,000,” Wang told crypto.news. Similarly, QCP Capital analysts indicated earlier that Bitcoin could be looking for support, but at a lower range, around $54,000, before any significant rebound might occur.

Wang also pointed to a drop in whale transactions—large transfers over $100,000—signifying that major holders are clasping onto their Bitcoin.

“They are likely holding on to their BTC, which implies there is likelihood of gains in Bitcoin this September and beyond. However, large scale profit-taking could push BTC lower, so keep that in mind.”

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Over $1b worth of Bitcoin left exchanges in 7 days
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