ApeCoin Staking Launches Following Immense Anticipation, Traders Stake Mutant & Bored Apes on Binance

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  • ApeCoin staking attracts APE worth $30 million from investors in 24hrs of its launch.
  • Binance announced a staking program allowing users to stake Mutant Ape Yacht Club and Bored Ape Yacht Club and receive APE coins.
  • APE maintains uptrends, targeting its monthly peak at $4.50.

ApeCoin Foundation opened APE staking, and players deposited tokens worth $30 million on the first day. The leading exchange Binance unveiled a staking program to allow users to stake their MAYC (Mutant Ape Yacht Club) and BAYC (Bored Ape Yacht Club) NFTs and receive APE rewards. ApeCoin maintains a bullish trajectory, while the NFT token targets the $4.50 monthly high.

Binance Introduces MAYC & BAYC Staking, Introducing APE Earning for Users

The world’s leading exchange by volume, Binance, announced a non-fungible token staking suite. MAYC and BAYC holders qualify for the staking program. Meanwhile, Binance launched its staking program on 12 December 2022. The exchange allocated around 10,000 APE coins (worth $38,700) to reward Bored Ape sellers within the Binance platform.

The collection’s floor price, the latest expensive NFT cost, stands at $82K for Bored Ape Yacht Club. Meanwhile, the ApeCoin staking launch by Ape Foundation saw investors flooding the contract with $30M worth of digital tokens.

Holders may stake APE coins on MAYC/BAYC non-fungible tokens on ApeStake.io. Meanwhile, they can receive rewards from 12 December. The company’s website indicates that the project has allocated 96.2M APE coins worth $391M to reward individuals who contribute to staking.

APE Staking Limited in the U.S

ApeCoin staking remains restricted in multiple nations, including the United States, where most Bored Ape Yacht Club NFT users reside. The ApeCoin Foundation cited compliance issues as the reading behind the restriction. A handful of renowned community member operates the DAO (decentralized autonomous organization), and the company stated that there isn’t an alternative to the supervisory restrictions.

MAYC/BAYC NFT Sellers to Lose Staking Profits

Attention! Mutant Ape and Bored Ape NFTs owners. Users will no longer access staking rewards upon successful NFT sales. That’s because the new owner/buyer will enjoy the prizes. TropoFarmer, an NFT influence and recognized Crypto Twitter, alerted MAYC/BAYC holders that users that stake APE and sell will lose their staked tokens.

Meanwhile, staking hasn’t done much to trigger bullish sentiment among BAYC NFT owners. Floor prices have declined by 50% since the summer.

ApeCoin Targets $4.50

APE price kick-started an upward journey on 14 November 2022. The 50-d Exponential Moving Average crossed above the 200-d EMA, forming a golden cross. That meant a bullish signal for the NFT coin. The alternative token targets the $4.40 resistance, with bulls eyeing the $4.50 weekly high.

ApeCoin enjoys support from the 50-d EMA ($4.05) and 200-d EMA ($3.89). A drop beneath the $4/05 foothold would cancel ApeCoin’s bullishness, welcoming downsides toward the $3.70 weekly low.

Editorial credit: David Esser / shutterstock.com

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