Last Updated on May 18, 2023 by Bitfinsider

This year has been a roller-coaster for the NFT-based ApeCoin, which has experienced both unexpected highs and lows. The DAO in charge of the APE project has decided to support a community initiative that would lead to the creation of an accelerator program that encourages the incubation of businesses using ApeCoin tokens (APE) to boost the developing ecosystem.

The new ApeCoin Improvement Proposal (AIP-209) will incubate and launch community-driven projects with the aim of raising the value of the Bored Ape Yacht Club (BAYC) NFT collection as well as other projects that use ApeCoin. It was proposed through the DAO’s Idea Proposal mechanism and received approval for implementation.

Through the incubation and development of projects that both contribute to and benefit from the extension of the ApeCoin and BAYC IP ecosystems, the Ape Accelerator, also known as the Ape Launchpad, aims to aid in the consolidation of the ApeCoin and BAYC ecosystems.

Since projects using the Accelerator program will make use of the native APE token, investors and devoted APE holders are confident about the price recovery. If the overall crypto market turns bullish, this might eventually lead to value accretion for the tokens and a sharp rise in price. The popular BAYC NFT collection’s owners were given access to ApeCoin at first as a governance token.

APE’s technical analysis (TA) indications at CoinGape’s price tracker also indicate a sell position, advising a “sell” at level 13 and a “buy” at level 3, as summarized by the moving averages. In response to the most recent cryptocurrency news, the price of APE is presently trading at $3.51, up 2.51% from the previous day and 3.87% from the previous week.