Now, after the announcement of APEcoin DAO, the concept of NFT Twitter has been questioned because of its governance structure. People have now said it is buggy after cryptanalyst Cobie raised his concerns on the social media platform and in a blog post.

About APECoin

The $APE coin is a governance token recently launched by the creators of the Bored Ape Yacht Club, Yuga Labs. Current holders of certain previously released NFTs within the world of Bored Ape received large amounts of money from an airdrop.

Currently, the coin is priced at $14.41. A price almost halfway from the all-time high of $27.51. We have seen many ups and downs in price. As you see with all governance tokens and all crypto-based assets.

The answer about ApeCoin DAO from Twitter

Basically, APECoin is currently being criticized. This is for its announced governance system. Market analyst Cobie tweeted his concerns about early contributor influence. They are very influential in the DAO. Following Cobie’s original tweetmany people in the community also shared these thoughts.

To clarify, the problem people have with the coin, which is part of the BAYC series, is its governance system. In addition, the committee structure is apparently not suitable for solving individual issues. Cobie questioned whether ApeCoin’s board members were just the investors who helped bring it to market. If that were the case, Cobie said it “would be odd to only have board members as individuals with a potentially hostile motive to the rest of the DAO.”

So far, 140 million $APE coins have been allocated to launch contributors. In that regard, Cobie pointed out that certain members unlocked over 33% of the allotment during the start of staking.