Paragraph: ApeCoin (APE) is outperforming most major cryptocurrencies during the last week. The token is currently priced at $4.15, per data from CoinGecko. ApeCoin is up nearly 58% since hitting an all-time low price of $2.63 on November 14. Over the last week, only three other coins or tokens in the top 100 (ranked by market cap) have posted larger gains—including leading meme coin Dogecoin.
Paragraph: On November 23, Horizen Labs announced updated launch details for ApeCoin staking, which will provide APE holders—as well as Bored Ape and Mutant Ape NFT owners—token rewards for staking their owned tokens. Staking is a common process among crypto process that lets token owners earn rewards by locking up and holding their assets using a specialized smart contract.
Paragraph: The announcement raised controversy on social media, however, as Horizen revealed that several territories won’t be able to use its staking website due to regulatory concerns—including the United States. The Ape Foundation later suggested in a tweet thread via the official that potential workarounds can be used in those regions.