Bored Ape Yacht Club (BAYC) meme token, native token of ecosystem ApeCoin (APE), It will be used to fund the Bored Ape Gazette, a 24-hour news website that includes BAYC creator Yuga Labs and APE DAO.
Meme Token ApeCoin Will Spend $150,000 Annually On Its Own Newspaper
The proposal, dubbed AIP-70, which includes dedicating a portion of the project’s ecosystem funding to develop the news site, was approved by the community on Thursday. The total cost of updating and operating the Bored Ape Gazette website is expected to be $150,000 for the first year.
The ApeCoin Foundation will now work on the implementation of the proposal in line with the decentralized autonomous organization (DAO) management protocols.
ApeCoin and its DAO were launched in March with an airdrop of APE token to all Yuga Labs NFT token holders.
Dogecoin (DOGE) and Shiba Inu (SHIB) APE, then recognized as the third largest meme token, has gained 16% in the last 24 hours and is trading at $6.84 at the time of this writing.
However, yesterday’s interest rate hike by the FED remained at the level of 75 basis points, and in addition, the US economy’s negative growth rate with today’s data triggered the rise in the Bitcoin and altcoin world.
world’s largest cryptocurrency Bitcoin is trading at $ 23,900 at the time of this writing. Ethereum’s performance was higher than BTC. The world’s largest altcoin has gained 14% in the last 24 hours and is at $1,721 at the time of writing.
*Not investment advice.