ApeCoin may leave this market when BAYC proposal voting begins


The ApeCoin [APE] Decentralized Autonomous Organization (DAO) has made efforts in the direction of establishing an APE-powered NFT marketplace. At the time of going to print, it was noticed that voting had commenced properly on all previously submitted ideas.

Remember that there were three suggestions from three distinct businesses for building a market for Bored Ape Yacht Club [BAYC]. First, the Solana [SOL]-based marketplace Magic Eden took the initiative. Then, a second arrived from Rarible. Yuga Labs itself also contributed something. Now that voting has begun, what is the current situation?

According to recent findings, the MagicEden plan was not proceeding well. At the time of writing, the APE community had voted against it overwhelmingly. While 85.48 percent were against it, just 14.52 percent supported it.

However, the Snag Solutions idea seems to have prevailed over the APE community. The present findings indicated that about 99.73% of the APE community supported the whitelist NFT development company. It was not a tight vote, as just 505 members voted against the plan while 189,000 members supported it.

According to the Yuga Labs/Otherside alliance, the conflict has so far been intense. While 43.34 percent voted in support, 56.66 percent opposed it.

How do BAYC and APE sound?

With the upvote, BAYC seemed to favour the negative. According to CryptoSlam, BAYC’s performance during the last 24 hours was unremarkable. BAYC fell to third place despite its $956,045 in sales volume due to a 24.64% reduction in trading volume.

RENGA and Sorare maintained their positions above the collection as their sales volume exceeded $1 million over the same period.

Regarding its governance token, APE, it seemed to be a case of “birds of a feather flocking together.” Additionally, CoinMarketCap said that APE was trading at $4.76, down 6.60% from the previous day’s price. Additionally, the on-chain data was unimpressive.

According to Santiment, APE’s volume decreased from 351.25 million on September 15 to 315.48 million at the time of publication. In contrast, the circulation of the one-day edition climbed from 5.94 million to 7.14 million within the same time frame.

In conclusion, it may be premature to write out MagicEden in the BAYC marketplace competition. With voting continuing until September 22nd, the contest remains open. Unless the existing quo changes, Snag Solutions might very well emerge victorious.

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