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What is ApeCoin and why is it up almost 70% in the last 24 hours?

What is ApeCoin and why is it up almost 70% in the last 24 hours?

The Bored Ape Yacht Club, a collection of non-fungible tokens (NFTs), announced the introduction of its new cryptocurrency token ApeCoin (APE) on March 17, sparking considerable interest in the cryptocurrency market.

Shortly after launch, the price of APE spiked quickly to around $40, before plummeting abruptly to approximately $8.50 a short time later. 

Currently, ApeCoin is trading at $13.30, up 68.03% in the last 24 hours, climbing as high as $17.75 earlier in the day, according to CoinMarketCap data.

APE 1-day price chart. Source: CoinMarketCap

At the time of publication, the token had a total market worth of $3.6 billion, adding $1.3 billion to its value on March 18. 

As a result of the massive climb, APE is now leading the crypto market in terms of daily gains out of the top 100 cryptocurrencies by market cap, followed by Mina (MINA) and Waves (WAVES) respectively.

APE leading market gainer. Source: CoinMarketCap

The ERC-20 governance and utility token used within the decentralized APE Ecosystem is already listed among major crypto exchanges such as Binance and Coinbase, making it more available straight after launch.

Why the fervour around ApeCoin?

It’s worth mentioning that Bored Ape NFTs – which are already worth several hundred thousand dollars apiece – are in high demand. Earlier this month, Finbold reported that the Bored Ape Yacht Club NFT collection was in the top 10 NFT collections by google search with an average of 59,000 monthly Google searches.

It is conceivable that the same traders who speculated on AMC (NYSE: AMC) and GameStop (NYSE: GME) shares and the DOGE and SHIB cryptocurrencies would be drawn toward the “Ape” sector of investments, particularly given the fact that the NFTs are regarded as status symbols.

Finally, although not yet operational, the Bored Ape Yacht Club-linked ApeCoin has begun exploring the possibility of bringing utility to its token, with the goal of bringing the project to the metaverse in an attempt to diversify revenue away from the sale of ape-based NFT pictures.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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