Crypto news: the launch of the Official ApeCoin ($APE) Accelerator by Forj, the subsidiary of Animoca Brands, comes following the favorable approval of the AIP-209 proposal, part of the ApeCoin DAO system of proposed ideas.
The main goal of the $APE Accelerator is to enhance the ApeCoin ecosystem and improve opportunities for ApeCoin holders. See below for all the details.
ApeCoin on the rise with Animoca Brands: an inaugural series of projects poised to revolutionize the crypto universe
As anticipated, Animoca Brands’ subsidiary, called Forj, today announced the official launch of the $APE Accelerator, a community-funded Web3 accelerator run by ApeCoin DAO, a leading Web3 technology project.
Applications to participate in the $APE Accelerator program are currently open, giving selected projects the opportunity to present their innovative business ideas in the Web3 world to a large community of more than 200,000 members, starting in the fourth quarter of 2023.
The $APE accelerator was conceived by Forj following the successful approval of the AIP-209 proposal within the ApeCoin DAO idea proposal system.
In addition, this accelerator was designed with the goal of enhancing the ApeCoin ecosystem and increasing the value offered to ApeCoin holders.
APE token holders will have the opportunity to support approved ApeCoin projects through the $APE Launchpad, acquiring NFTs and other tokens, as well as participating in decisions on project proposals to be accepted.
Web3 innovation revolution led by Forj and Animoca Brands
Harry Liu, the CEO of Forj, enthusiastically shared the launch, stating the following about it:
“Today marks the beginning of a step change in innovation for the ApeCoin community. The $APE Accelerator welcomes any founder with an exciting Web3 project to apply now, and join us in our mission to enhance the ApeCoin ecosystem.”
On the other hand, Yat Siu, co-founder and executive chairman of Animoca Brands, underscored the importance of community-driven initiatives such as the $APE Accelerator, emphasizing how they capture the very essence of Web3 entrepreneurship.
Indeed, in this context, APE holders place themselves at the forefront of innovation in the ecosystem to which they belong:
“APE Accelerator provides us with a roadmap for the future of online ecosystem growth, and all eyes will be on the incredible new projects to emerge from the program.”
Finally, as pointed out, projects interested in participating in the $APE Accelerator can apply by visiting the dedicated website and filling out the specially provided application form.
ApeCoin (APE) continues to touch new lows: prospects for long-term recovery?
The recent decline in the prices of crypto ApeCoin (APE) has revealed the difficulty of bullish traders in sustaining a meaningful reversal, mainly due to the prevailing bearish trend that characterizes APE.
In fact, Apecoin has faced constant downward pressure for most of the year. Recently, it tried to break through the support level at $1.09, but the rebound attempt was quickly thwarted by the downward trend.
This resulted in the $1.09 support level turning into resistance on Oct. 9. Despite the efforts of buyers, the price of the APE remained below the new resistance level.
However, technical signs indicate that buyers may soon see positive developments. The Relative Strength Index (RSI) has moved firmly out of the oversold zone, although it is still below the neutral level of 50.
Similarly, the On Balance Volume (OBV) rose from 25.2 million to 40.25 million between Oct. 10 and Oct. 14. With Chaikin Money Flow (CMF) turning positive, there is a possibility of seeing a long-term bullish reaction.
However, data from Coinalyze indicate weak enthusiasm in the futures market. Open Interest (OI) declined despite the slight increase in price, suggesting a decline in interest in buying Apecoin.
Similarly, the funding rate has fluctuated, highlighting uncertainty among market participants. This could hamper the prospects for a long-term bullish rally.