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

ApeCoin (APE), the Ethereum-based token of the Bored Ape Yacht Club ecosystem, has risen 15.7% in the last 24 hours and is currently changing hands at a two-week high of $5.19, according to CoinMarketCap.

While APE’s latest price action can be seen as part of a broader market recovery that took the price of Bitcoin above $20,000 earlier on Friday, the token is also likely to be pressured by some project-related news.

More specifically, the Ape Foundation recently outlined its recommendations for a new election process for the project’s decentralized autonomous organization (DAO).

If accepted, the recommendations would see the election process become a rolling election where a council member’s seat is up for election every quarter.

“This creates a stable environment to responsibly bring in new members and ensure the DAO has the consistency to operate and efficiently transfer knowledge, while also introducing new ideas from the community,” according to A pole on ApeCoin’s official Twitter account.

The Ape Foundation’s current members are Alexis Ohanian, Reddit co-founder, Amy Wu of FTX Ventures, Maaria Bajwa, principal of Sound Ventures, Yat Siu, chairman of Animoca Brands, and Dean Steinbeck, president of Horizen Labs.

However, community members have long called for more representation from individuals not affiliated with companies that may have third-party interests.

Metaverse Tokens Join APE Surge

Flow (FLOW), a native token of a Layer-1 blockchain from Dapper Labs, meanwhile, has grown 10% over the past 24 hours, trading at $2.13 as of press time, data from CoinMarketCap shows.

Flow is one proof of effort (PoS) blockchain designed specifically for NFT collectibles and crypto games. Recently, it was chosen by ticketing giant Ticketmaster to create NFT tickets for select events such as Super Bowl LVI and other specific events.

Axie Infinity (AXS), the token of the eponymous blockchain-based game, is up 6.2% of late and is currently trading at $14.85 per CoinMarketCap.

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

Meanwhile, Decentraland’s MANA is up 5.3% in the last day and is currently trading at $0.807.