BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Altcoins

ApeCoin Stumbles by 28% Amid DAO Salary Scandal: Uncertain Future or Necessary Change?

by Dan K
Jun 16, 2023 - 3:00 pm
in Altcoins
A graphic representation of ApeCoin's plummeting value amid DAO salary controversy

Salary Disclosure Sparks ApeCoin Controversy

ApeCoin, the Ethereum-based cryptocurrency connected to the Bored Ape Yacht Club ecosystem, has experienced a significant 28% drop in value over the past week. This turbulent period was not instigated by external market factors, but rather internal conflict within its governing body, the ApeCoin DAO.

The controversy arose following the publication of an organizational chart by Vulkan, the secretary of ApeCoin DAO. The chart disclosed salary details of the DAO’s leadership, revealing that monthly payments ranged from a substantial $7,000 for the secretary position to an enormous $75,000 for WebSlinger, an administrator tasked with handling legal and compliance matters for the Ape Foundation.

Community Uproar: A Storm Brews

This revelation left many within the ApeCoin community taken aback. The DAO was heavily criticized for these “insane” salaries, with particular contention surrounding the six-figure annual payments to Special Council members. This sparked intense debate among community members and ApeCoin holders. Critics such as Mando, an NFT tech co-founder, challenged the substantial value created by these large salaries. Mando pointed out that the primary responsibility for ApeCoin’s success lies with Yuga Labs, the creators behind the Bored Ape Yacht Club. His concerns, mirrored by many others, were about the Council’s contribution to the DAO’s success and the fairness of their salaries.

The Market Impact: Sailing the Choppy Waters

In light of the unfolding controversy, APE’s value plunged 28% within a week, falling to a low of $2.08. This decrease mirrors the prevailing community sentiment towards the salary dispute. Additionally, the trading volume of APE has experienced a drastic reduction, dropping over 40% to a measly $88 million.

This incident has led to calls for a reassessment of the Special Council’s salary structure, including suggestions for severe pay cuts and competency evaluations for leadership roles.

ThreadGuy’s Crusade: Savior for ApeCoin DAO?

In the midst of the chaos, a Twitter user known as ThreadGuy has emerged, claiming to be the only one capable of salvaging the embattled ApeCoin DAO. He has proposed a daring plan to rescue the struggling cryptocurrency community.

ThreadGuy argues that the DAO has “lost touch with culture”, criticizing it for failing to engage with its community. He maintains that without active participation, governance becomes meaningless, a sentiment echoed by many within the ApeCoin community.

He also accuses the current Council of failing to serve the community due to its limited reach, contrasting this with his own 7.32% global reach compared to the combined 4.46% global reach of the last five council members. Following this, he announced his position at the top of the ApeCoin DAO council election, potentially signaling a significant shake-up within the DAO.

Calmer Waters Ahead?

As ApeCoin grapples with this storm, its chosen course could notably influence its future, and, more broadly, the overall DAO and web3 space. This controversy highlights the necessity to assess the value contributed by individuals in their roles to the DAO and its community.

While it’s premature to forecast the long-term effect of this controversy on ApeCoin, it undeniably poses essential questions about the nature of governance and compensation within the burgeoning world of decentralized organizations. The resolution to this crisis might set a precedent for other DAOs, leading the way to calmer, more navigable waters.

Tags: AltcoinsApeCoinCryptocurrencyDAODecentralized
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Graph depicting the sharp rise in GLMR token value after Upbit's listing revelation.

Moonbeam (GLMR) Token Soars by 50% After Upbit Listing Announcement

September 25, 2023

Moonbeam's GLMR token skyrockets by 50% following its imminent listing on South Korean exchange, Upbit, highlighting its prominence...

Line graph illustrating the PEPE coin's steep decline over the past month, with significant dips in recent days highlighting the volatility in the market.

Navigating the Waters: PEPE Coin Experiences a 15% Decrease in a Week amid Rising Whale Activity

September 11, 2023

PEPE coin experiences a 15% dip in a week amid allegations of insider trading and increasing whale activity....

Graph illustrating the rising trend in the number of long-term Litecoin (LTC) holders.

Long-Term Litecoin (LTC) Holders Count Hits 5 Million

September 8, 2023

Litecoin's long-term holder count soars to 5M, indicating a growing confidence in the asset. Analytical insights reveal a...

Coinbase platform interface showcasing the PYUSD trading option.

Coinbase Joins the PYUSD Race: Will PayPal’s Stablecoin Thrive?

September 1, 2023

Coinbase jumps into the PYUSD fray, announcing trading plans for PayPal's latest stablecoin. With a cautious "experimental" label,...

Press Releases

David Ferrucci next to the Elemental Cognition brand emblem.

BM Watson’s Lead Developer Secures $60M for New AI Venture, Elemental Cognition

August 18, 2023

David Ferrucci, has raised a remarkable $60M for his AI startup. The company brings forward two pioneering chatbot solutions designed...

pulse5

Amsterdam Gets with the Dutch Blockchain Days the Biggest Event of the Benelux in the Field of Blockchain, Crypto Currencies, NFTs and Other Web3 Developments

May 8, 2023

Discover the future of blockchain, crypto, NFTs, and Web3 at Dutch Blockchain Days, the largest event in Benelux.

pulse4

Korea Blockchain Week 2023 Set to Push the Boundaries after Record-Breaking 2022 Event

May 8, 2023

Korea Blockchain Week 2023 returns after a highly successful 2022 event, featuring leading experts and the latest trends in blockchain...

pulse3

Istanbul Will Be Hosting Eurasia’s Largest Blockchain Event Once again on May 8–11, 2023

May 8, 2023

Join Eurasia's largest blockchain event, the Blockchain Economy Istanbul Summit, May 8-11, 2023, and discover the future of financial technology.

View All
BTC-Pulse LogoTransparent

© 2023 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2023 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise