APE Boosted As Yuga Labs Launches Staking Rewards

APE, the ticker for Apecoin, an ERC-20 token at the heart of Yuga Labs’ crypto ecosystem, hit its highest level since early November just below $4.60 on Sunday, but has since slipped back to trade close to the $4.30 level, having been unable to hold above its 100-Day Moving Average (DMA) at $4.47. The cryptocurrency is still trading close to the top of its December $3.80-$4.60 range, however, and appears to be benefitting from a demand boost in wake of the recent launch of Apecoin, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) non-fungible token (NFT) staking rewards. As a result, price predictions have become more bullish.

Last Monday, Yuga Labs launched the smart contract, allowing holders of its family of crypto assets to commit their assets to staking. As of today (Monday 12th of December), staking rewards will begin to be distributed. The total value of Yuga Labs issued crypto assets staked was last close to $220 million, according to ApeStake.io, suggesting the staking launch has been a massive success. Binance just launched its own Apecoin staking program. According to the announcement, BAYC and MAYC NFTs can earn up to 199% APR, paid in APE.

APE Price Prediction – Further Upside In-Store?

Despite being flat on the day on Monday, APE’s Sunday rally means that it is one of the top performers in the top 100 cryptocurrencies last 24 hours according to CoinMarketCap. Over that time period, APE was last up around 5.6% and further gains could be in store with the technicals looking positive. APE has recently found decent support both its 21 and 50DMAs and looks to be in a short-term uptrend, suggesting a break above the 100DMA near $4.50 looks to be on the cards.

Apecoin
APE in an uptrend. Source: TradingView

If APE was able to break above $4.50, that would be meaningful as it would mark a breakout above a downtrend that has been in play since early August. It could thus open the door to a swift test of not only the 200DMA near $5.0, but also the September highs in the mid-$6.0s and then the August highs in the upper $7.0s.

Apecoin
Can Apecoin break above its longer-term downtrend? Source: TradingView

Altcoins Offering Quicker Returns

Cryptocurrencies have been trading sideways for a few weeks now, leading some traders to start looking at alternatives with more potential in the short term. Listed below are some of the leading presales in the market, allowing investors to get in on the ground floor.

Dash 2 Trade (D2T)

Those interested in investing in a promising crypto trading platform start-up should look no further than Dash 2 Trade. The up-and-coming analytics and social trading platform hopes to take the crypto trading space by storm with its host of unique features.

These include trading signals, social sentiment and on-chain indicators, a pre-sale token scoring system, a token listing alert system and a strategy back-testing tool. Dash 2 Trade’s ecosystem will be powered by the D2T token, which users will need to buy and hold in order to access the platform’s features.

Dash 2 Trade is currently conducting a token pre-sale at highly discounted rates. D2T token sales recently surpassed $9.5 million. The sale is in its final stage and interest in the project could soon spike, with developers on the cusp of releasing a beta version of the platform ahead of schedule.

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RobotEra (TARO)

RobotEra (TARO) is a Sandbox-style Metaverse that will enable gamers to play as robots and participate in the creation of its virtual world, including NFT-based land, buildings, and other in-game items. Due to launch in an alpha version in the first quarter of next year, it also plans to let players link up with other metaverses, in the process creating a multi-verse where NFTs from different platforms can interoperate.

1 TARO is currently selling for 0.020 USDT (it can be bought using either USDT or ETH), although this price will rise to $0.025 in the second stage of its presale. The project has now raised more than $521K in funds in the few weeks since the launch of the pre-sale.

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