Discover the Remarkable Growth of ApeCoin (APE) in Q1 2024 ๐
ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), exhibited impressive growth in the first quarter (Q1) of 2024. Key metrics indicated significant progress, propelling APEโs market capitalization, token price, and trading volume quarter-over-quarter (QoQ), showcasing consecutive quarters of advancement.
ApeCoin Surpasses Unicorn Status ๐ฆ
According to a recent report by Messari, APEโs resurgence stood out notably compared to the broader cryptocurrency market, which expanded by 53% QoQ, and Bitcoinโs market cap, which grew by 63% QoQ.
โ After briefly falling below $1 billion in Q2 2023, APEโs market cap reclaimed unicorn status, closing Q1 2024 at $1.3 billion, signifying a 31% growth.
โ The remarkable market value boost was partly fueled by a 21% QoQ surge in APEโs token price.
โ The report also highlighted the release of 46.8 million APE tokens from the circulating supply, influencing the market cap growth.
โ Despite the unlock of 46.8 million APE tokens in Q1 2024, with 22 million APE allocated to the DAO Treasury and 24.8 million APE distributed to non-DAO entities, the price of APE saw a significant 21% QoQ rise.
โ The surge in price signaled a higher influx of buy orders, exerting upward pressure on the assetโs value.
ApeCoinโs Future Trajectory
Exploring APEโs Future ๐
Looking forward, APEโs utility is poised to broaden with the implementation of recently approved governance proposals:
โ AIP-381 aims to establish game-focused DAOs and vaults exclusively accessible to APE holders, enabling them to engage in governance and access specific ecosystem assets.
โ Moreover, the ApeChain proposal selected Horizen Labs to construct a blockchain utilizing APE as a gas token and potentially supporting other asset-related applications.
โ Despite attracting new holders, the acceleration rate of new APE holders did not surge despite two consecutive quarters of price hikes.
โ To address this, the ApeCoin DAO established a branding partnership with a Formula One racing team and other initiatives to attract new holders in the future.
Advanced Governance Initiatives
Enhancing Governance Activities
โ The ApeCoin DAO actively votes on new governance proposals, recently approving the construction of ApeChain on the Arbitrum technology stack and broadening the utility of the APE token to GameFi DAOs and vaults.
โ The average votes per proposal increased by 19% QoQ, indicative of growing community involvement.
โ ApeCoin DAO plans to transition the voting process on-chain more frequently to foster decentralization and enhance participation in governance.
๐ฅ Hot Take: APE Faces Recent Market Downturn ๐
Assessing APEโs Recent Market Decline ๐
Despite its overall growth in Q1, APE recently encountered a substantial downturn aligning with the broader market trend. APE witnessed a significant drop of over 41% in the past month, resulting in its current trading price of $1.148.
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