ApeCoin Surges 5%, Defying US Restrictions On Staking

ApeCoin APE/USD, the native token behind the Yuga Labs ecosystem is up 5% in the last 24 hours, becoming one of the top gainers of the day.

What Happened: The surge came as the Ape Foundation on Tuesday started permitting investors to stake their APE, and more than $30 million worth of the tokens were deposited into its contract.

See More: Best Crypto Day Trading Strategies

Participants in ApeStake.io are able to stake their APE tokens or Bored Ape/Mutant Ape NFTs starting Dec.12 to begin gaining rewards. The official website of the company states that 96.2 million APE, approximately $391 million, has been set aside as a benefit for those who engage in staking.

In many countries including the U.S., which is home to the majority of Bored Ape owners, staking is still restricted. The Ape Foundation cited regulatory challenges as its justification. “Unfortunately, in today’s regulatory environment, we had no good alternative,” the company said in a statement.

Price Action: At the time of writing, APE was trading at $4.15, according to Benzinga Pro.

Yuga Labs co-founder Greg Solano is speaking at Benzinga's Future of Crypto conference on Wednesday, Dec. 7 in New York City. Watch the conference live on the following link.

Read Next: Bitcoin, Ethereum, Dogecoin Mixed As Recession Fears Weigh: Analysts Laud Apex Crypto For 'Strong Movement,' 'Impressive' Levels



Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsMarketsMoversTrading IdeasBored Ape Yacht ClubMutant ApesYuga Labs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!