ApeCoin Staking Goes Live, Is This The End Of APE Rally?

The much-anticipated ApeCoin (APE) stake is finally live, but does that mean the end of the APE rally?

Horizon Labs announced that the pre-commitment period for the APE stake is live on apestake.io. Users will be able to earn stake rewards from December 12 onwards.

In the first 12 hours, the staking contract has over $16 million in total value locked, according to Etherscan.

ApeCoin stake Get started

There are four betting pools to facilitate betting with ApeCoin. The ApeCoin pool is for APE holders who do not own NFTs. The total stake allocation for this pool is 30 million APE.

The Bored Ape pool is allocated to holders of Bored Ape Yacht Club (BAYC) NFTs. It allows the holder to stake 10,094 APE for each BAYC they own. The Mutant Ape Yacht Club (MAYC) pool allows the NFT holders to stake 2042 APE per MAYC.

There is also a paired Bored Ape Kennel Club (BAKC) pool for the owners of the BAKC. But they must pair BAYC or MAYC with their BAKC NFT to reap stake benefits.

The users of USA, North Korea, Syria, Iran, Cuba, Russia, Crimea, Donetsk and Luhansk are geoblocked from betting UI. According to the announcement, these countries are geoblocked due to regulatory issues. The community was particularly critical of the decision to geoblock the US

The end of the APE rally?

The APE price has been pumping since mid-November in anticipation of the rollout of the ApeCoin stake. ApeCoin is up over 50% since its local bottom in mid-November.

And it’s not just ApeCoin, there was also an increase in NFT sales volume in the Bored Ape ecosystem.

APE Award: BeInCrypto

But as the saying goes, “Buy the rumor, sell the news.” If this is true, the market may witness APE price and NFT volume falling back on their downward trajectory.

There are also fears that the APE supply could start to spread as more users jump into strike action.

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