ApeCoin could reject this purchase after the BAYC proposal begins voting

The ApeCoin [APE] The Decentralized Autonomous Organization (DAO) has taken steps to provide an APE powered NFT Buy. At press time, it was observed that voting had properly commenced on all motions that had been tabled earlier.

Remember that there were three proposals from three different entities focused on developing a market Bored Ape Yacht Club [BAYC]. First was Solana [SOL]-based on the market, Magic Eden puts foot forward. Then came another from Rare. Yuga Labs itself also brought something forward. Now that the voting has started, what’s the situation so far?

No to Solana? Yes to what?

According to the current results, it was not going well for MagicEden proposal. At the time of this writing, the RES community had voted against it en masse. While 85.48% were against, only 14.52% voted in favor of the proposal.

However, the proposal from Snag Solutions seems to have won the hearts of the RES community. The current results showed that about 99.73% of the APE community voted to whitelist the NFT developer. It was not a close call as only 505 members voted against the motion, compared to 189,000 who supported the motion.

According to Yuga Labs/Otherside partnership, it’s been a close battle so far. While 43.34% voted in favor, 56.66% were against.

How about BAYC and APE?

With the upvote, BAYC appeared to favor the downside. According CryptoSlam, BAYC’s performance over the past 24 hours has been nothing short of exciting. Despite trading volume of $956,045, BAYC lost the top spot and was third with a 24.64% drop in trading volume.

RENGA and Sorare held steady positions atop the collection as they did over $1 million in sales volume over the same time period.

Source: CryptoQuant

As for his governing badge, APE, it seemed like a “birds of a feather” attitude. Additionally, CoinMarketCap showed that APE was down 6.60% from the previous day’s value while trading at $4.76. Furthermore, the on-chain data was also unimpressive.

According Sentiment, APE volume had fallen from 351.25 million on September 15 to 315.48 million at press time. Interestingly, it was not a similar situation with the one-day circulation, which increased from 5.94 million to 7.14 million within the aforementioned period.

Source: Santiment

Finally, it may be too early to write off MagicEden in the BAYC market race. With voting until September 22, the race could be wide open. Barring any change from the status quo, Snag Solutions could very well be victorious.

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