• The ApeCoin DAO is in the process of rejecting the AIP-206 proposal.
• Most of Yuga Labs’ collections registered a decrease in volume. 

Home to multiple blue-chip NFT collections, Yuga Labs created ApeCoin [APE] to act as the governance token of its projects. Since then, several proposals have had to pass through a voting process before approval or rebuff.

Realistic or not, here’s APE’s market cap in ETH’s terms

Can’t curb the stumbling block

Now, it seemed that the AIP-206 proposal aimed at creating multi-link APE NFTs has been met with a brick wall. This was because voting for the proposal showed that the ApeCoin community did not endorse the idea.

At press time,  83.99% voted against it while only 9.99% were in favor. Others preferred to abstain.

On 13 January, Aaron Leupp presented the proposal to the community. According to the details, 20,000 items from two collections named the Ape Coin Armoury Club and Ape Coin Pet Club were supposed to be created. 

Furthermore, the development of the collection was supposed to be ApeCoin’s ticket into the metaverse while holding more utility and providing growth incentives.

However, it is no news that ApeCoin houses Bored Ape Yacht Club [BAYC], Meebits, and Mutant Ape Yacht Club [MAYC]. But the proposal which would have cost $168,000 was aimed at designing something similar to The Sandbox [SAND], and Decentraland [MANA].

Successes and struggles 

The attempt signals another try by Yuga Labs to expand its NFT participation. Just a few weeks back, the NFT-focused blockchain team slid away from only Ethereum [ETH] or APE NFTs. During that time, it auctioned its first Bitcoin [BTC] NFTs after the successes recorded by Ordinals. 

However, the rejected proposal was not linked to the way the Bitcoin NFTs sales went. Instead, the proposal’s intent was for the community to own these items at no cost while holders of BAYC, MAYC, and other collections also get the opportunity to pivot.

How much are 1,10,100 APEs worth today?

But in recent times, the performance of these blue-chip collections has raised questions about the sustainability of the NFT market. Except for Crypto Punks, most of the collectibles’ registered volume declined lately.

According to DappRadar, MAYC’s volume, decreased by 57.47% in the last 24 hours. BAYC, on the other hand, was able to make a rise above the $3 million threshold. But the volume also had a similar trend to its sister collection— 32.6% down within the same period.

Meanwhile, NFTs have continued to gain attention beyond the crypto ecosystem as cultural institutions keep diving into the sector.

Irrespective of that, there is no denying that the market needs a lot of interaction and liquid input to improve.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The range formation was not yet broken but the mid-range was flipped to support.
• Buyers can look to take profit on a move toward the range highs.

Cardano has traded within a range from $0.24 to $0.42 since November. Imminent levels of importance lie at $0.33, $0.35, and $0.42. Bitcoin was also trading beneath an enormous block of resistance in the $28k-$30k area.

Read Cardano’s [ADA] Price Prediction 2023-24

A retracement for Bitcoin could see short-term Cardano holders suffer greater losses. A drop beneath $0.35 and $0.33 appeared likely, but short sellers looking for swing opportunities can wait for a good risk-to-reward trade to present itself.

The $0.35 support region has been defended so far

Over the weekend, Cardano prices hovered above the $0.35 support level. On lower timeframes such as 1-hour, it was observed that the prices declined steadily from $0.363 to $0.349 but did not yet fall beneath this support zone.

On the daily timeframe, the indicators gave mixed signals. The Awesome Oscillator formed a bullish crossover above the zero line a few days ago when ADA broke out above the $0.35 resistance.

But the momentum was not strongly bullish yet. Meanwhile, the CMF showed significant capital flow out of the market with a reading of -0.07, which underlined severe selling pressure.

The Directional Movement Index showed both the ADX (yellow) and the +DI (green) above 20 and highlighted an uptrend in progress. While the price has formed a series of higher lows and higher highs over the past two weeks, this did not constitute an uptrend on the higher timeframes.

Realistic or not, here’s ADA’s market cap in BTC terms

Overall, it was a mixed bag. The price action showed that the range highs near $0.42 could be important this week. Buyers from lower levels can take profits there, while short sellers could keep an eye out for rejection.

MVRV begins to plummet once again

The sentiment of the holders did not appear to be strong as the 30-day MVRV ratio began to slide into negative territory once more. This suggested that Cardano holders were going deeper into a loss, and the selling pressure has not yet ceased.

The mean coin age metric was also in a slow decline since late January. The inference was that accumulation was not seen across the network in the past two months and another wave of selling could be upon us. The age consumed metric saw a spike on 24 March which could signal imminent selling pressure.

• Osmosis outcompetes Uniswap in terms of the number of active developers on the network.
• Volume on the Osmosis DEX falls and activity on the Cosmos Hub network takes a hit.

Cosmos Hub has been struggling to compete with other major ecosystems on many fronts. Interestingly, Osmosis (one of the most popular DEXs on the network) may aid in changing the state of the protocol.

Read Atom’s Price Prediction 2023-2024

According to 26 March data, it was observed that the number of active developers on Osmosis surpassed that of Uniswap.

At press time, however, the overall activity on Osmosis had started to fall. This was indicated by Artemis’ data, which showcased that the number of active users on the network had declined from 48,500 to 11,600.

The decline in the number of users who engage with the Osmosis platform on a daily basis had an adverse effect on the level of activity observed on Cosmos Hub.

Roadblocks ahead

The bad news for Cosmos Hub doesn’t end there. According to Staking Rewards’ data, the overall number of stakers on the Cosmos Hub, declined materially over the past month by 89.42%.

At press time, there were 76,187 stakers on the Cosmos Hub network.

Due to the low interest in the Cosmos Hub network, its revenue collection also took a hit.

Token terminal’s data showed a 16.9% drop in the total fees earned by Cosmos Hub in the past month. If this trend persists it will affect the protocol’s treasury holdings, which could hinder its ability to improve the network.

ATOM holders pay the price

The waning interest in the protocol was also evident from the decreasing value of ATOM, the native token of Cosmos Hub. As per Messari, the token’s price declined and its volatility increased by 5.27% in the last month.

This factor made ATOM a less secure option for conservative investors, at press time.

Realistic or not, here’s ATOM’s market cap in BTC terms