ApeCoin APE/USDthe native token behind the Yuga Laboratories The 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 began Tuesday Allow investors to stake their APEand more than $30 million worth of tokens were deposited into his contract.

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Participants in ApeStake.io can use their APE tokens or Bored Ape/Mutant Ape NFTs from December 12th to get rewards. The company’s official website states that 96.2 million APE, approximately $391 million, has been set aside as a benefit for those engaged in staking.

Staking is still restricted in many countries, including the US, where the majority of Bored Ape owners reside. That monkey foundation cited regulatory challenges as a reason. “Unfortunately, in today’s regulatory environment, we didn’t have a 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.

Greg Solano, co-founder of Yuga Labs, to speak at the Benzingas Future of Crypto Conference on Wednesday, December 7th in New York City. Follow the conference live on the following link.

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