ApeCoin [APE] recently issued a new update regarding recent developments in its ecosystem.
ecosystem. ApeCoin elaborated on its APE Enhancement Proposals.
According to the tweet, there were 41 AIPs in process last week, and 9 new AIP ideas have been submitted since then. However, one AIP was approved and one was rejected by the community.
Last week, there were 41 AIPs in process. Since then…
-9 new AIP Ideas were submitted
-1 AIP was approved by the community
-1 AIP was rejected
-1 AIP was withdrawn
For a total of 47 AIPs in process today.
— ApeCoin (@apecoin) November 30, 2022
A notable update was related to the newly approved AIP 121, which wishes to increase the transparency of AIPs involving Ecosystem Fund allocation, enhance the voting process, and standardize periodic reporting.
While these developments happened, APE’s performance last week grabbed the attention of many as it registered more than 20% gains. As per CoinMarketCap, at press time, APE was trading at $3.95 with a market capitalization of more than $1.4 billion.
Is the weather changing?
Though APE’s weekly gains looked quite promising and gave further hope to investors for a price increase, things started to go against APE, at press time as its 24-hour chart was painted red.
Nonetheless, APE’s on-chain metrics were favorable, and it suggested that investors shouldn’t panic in the current market condition.
Moreover, APE’s MVRV Ratio was considerably up, which was a bullish signal. Not only that, but APE’s network growth also followed the same path and registered an increase over the last week.
Interestingly, the number of daily active users continued to increase. This was a positive signal as it suggested that a larger number of users were present in the network.
But on the other hand, APE failed to maintain its popularity in the crypto community as its social volume declined over the last week.
Meanwhile, a look at APE’s daily chart revealed that the bears were gearing up for a price decline in the coming days.
Consider this- the Relative Strength Index (RSI) registered a downtick and was heading toward the neutral mark. The Chaikin Money Flow (CMF) also went down during the last few days. Nonetheless, the MACD revealed that the bulls still had an advantage in the market.