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ApeCoin loses 28% in a week amid salary controversy

apecoin-loses-28-in-a-week-amid-salary-controversy
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ApeCoin loses 28% in a week amid salary controversy

ApeCoin, the buzzing cryptocurrency governed by ApeCoin DAO, is sailing in tumultuous waters with a 28% drop in value over the last week. The unsettling salary revelations of the DAO’s leadership have stirred up a storm within the community. 

ApeCoin (APE), an Ethereum-based digital currency associated with the Bored Ape Yacht Club ecosystem, has struggled with choppy market conditions. 

The upheaval seems to have originated not from external market forces but within its governing body, the ApeCoin DAO.

Last week, the cryptocurrency world was abuzz when Vulkan, the secretary of ApeCoin DAO, released an organizational chart detailing the remuneration of DAO’s leadership on Twitter.

https://twitter.com/red_vulkan/status/1667533323864793090?s=20

Monthly pay ranged from a hefty $7,000 for the secretary role to an astounding $75,000 for WebSlinger, an administrator managing legal and compliance matters for the Ape Foundation.

Community uproar: a storm brews

Many in the ApeCoin community found these figures astonishing, with the DAO coming under fire for what some users called “insane” salaries. 

The bone of contention seemed to be the six-figure annual payments to Special Council members, igniting a heated debate among community members and ApeCoin holders.

Critics like Mando, an NFT tech co-founder, argued that nothing of any substantial value is being created to warrant such extravagant salaries. 

He further pointed out that the responsibility for ApeCoin’s success primarily rests with Yuga Labs, the company behind Bored Ape Yacht Club. 

These views found considerable support within the community, with echoes of concerns about the Council’s contribution to the DAO’s success and the fairness of their salaries.

The market impact: sailing the choppy waters

Amidst the controversy, APE’s value has plummeted by 28% in the past week as of June 16, trading at $2.08. This decline likely reflects the prevailing sentiment among investors regarding the ongoing fiasco. 

ApeCoin loses 28% in a week amid salary controversy - 1
APE’s weekly price chart | Source: CoinMarketCap

Additionally, the trading volume of APE has seen a significant reduction, with volumes dropping by over 40% to a meager $88 million.

The fallout has triggered proposals for reevaluating the salary structure of the Special Council, with suggestions for significant cuts and competency checks for leadership positions.

ThreadGuy’s crusade: savior for ApeCoin DAO?

Meanwhile, a self-proclaimed ‘only Ape’ capable of saving the embattled ApeCoin DAO has emerged on the Twitter horizon. This popular figure is known as ThreadGuy and presents a daring plan to rescue the troubled cryptocurrency community.

In a thread started on June 14, 2023, ThreadGuy candidly expressed his views on the current state of ApeCoin DAO. He posits that the DAO has “lost touch with culture,” criticizing it for lacking social presence and failing to engage its community. 

https://twitter.com/notthreadguy/status/1668766560440422406?s=20

He argues that without active participation, governance becomes meaningless – a claim that aligns with the concerns voiced by ApeCoin community members in the recent salary controversy.

ThreadGuy also aims at the current Council, stating their purpose is to “administer DAO proposals and serve the vision of the community.” He contends that the Council’s ability to serve the community is compromised due to its limited reach.

Asserting his value proposition, ThreadGuy points out the influence discrepancy between himself and the current council members. 

According to data from NFTinspect, the last five council members combined only amount to a 4.46% global reach. ThreadGuy, on the other hand, boasts an impressive 7.32% global reach, putting him in a potentially stronger position to connect with the ApeCoin community.

In a later response, ThreadGuy announced he was in first place in the ApeCoin DAO council election. This could signify a possible shake-up in the Council’s makeup and potential changes in ApeCoin DAO’s operations.

https://twitter.com/notthreadguy/status/1669561965755400193?s=20

If ThreadGuy’s claims about his global reach and influence ring true, his election could indeed be the revitalizing force ApeCoin DAO needs. 

As the community awaits the election results, it remains to be seen whether ThreadGuy will be the much-needed savior of ApeCoin or if the stormy waters of controversy will sweep away his promises.

Calmer waters ahead?

As ApeCoin navigates this storm, the course it charts could significantly impact its future and, by extension, the broader DAO and web3 space. 

The debate underscores the importance of assessing the value brought to the DAO and its community by individuals in their roles.

While it is too early to predict the long-term impact of this controversy on ApeCoin’s trajectory, it certainly poses a crucial question about the nature of governance and compensation in the emerging world of decentralized organizations. The resolution could set a precedent for other DAOs, and perhaps lead the way to calmer, more navigable waters.