The coin behind Bored Ape Yacht Club jumps double digits.
The ApeCoin which is the token behind the BAYC ecosystem posted a new high at $6.12 per coin as data from CoinMarketCap has suggested. Currently, the token is trading at $5.85
This all translated to a 13% daily rise and 33% trading surge over the past day. There is also a slight growth in the number of unique wallets that hold APE.
Coinglass has reported APE futures positions liquidated that have totaled $4.12 million of that amount $4.03 million liquidated were from positions that were long.
The ApeCoin is used for utility and governance, it was created by the ApeCoin DAO enabling the holders to build the future of the platform. The biggest draw of the token was the ability of the holder to use the token in the BAYC metaverse Otherside.
Horizon Labs will be responsible for the staking function of the ApeCoin which was promised to holders back in May. Horizon will offer rewards in the form of tokens to any Bored Ape, Mutant Ape, or ApeCoin holders that stake their assets. A sneak peek was offered by Horizen (see above twitter link) to show off the interface of the platform used for staking. The platform will come Fall 2022.