ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC) NFT collection, is having a productive day. The Metaverse coin manages to survive despite the correction, mostly due to the surge in global whale trade.
Apecoin remains popular among ETH whales
According to Whalestats data, APE is the most traded metaverse coin among leading Ethereum whales in the past 24 hours. At $57,000, APE is the most bought token by ETH whales in the last 24 hours. According to statistics, whales are showing increased interest in Apecoin since its launch a month ago. However, APE has been determined to trade between $10 and $20 since its turbulent start. As reported by
Kriptokoin.com, APE’s weekend rise was further bolstered by statements from popular music group Bassjackers, who recently performed in Chile and used BAYC-themed visuals. . Despite this, APE’s technical indicators suggest that the $12.6 bullish level should not be broken. With a successful breakthrough, the expectation of a rise in the metaverse coin price is maintained.
BAYC will bring new uses to the metaverse coin project
Yuga Labs, the founders of BAYC, plans to use APE as a new blockchain game and currency for the metaverse. With just a teaser trailer and a few other details available, the promotion of the project is expected to be beneficial for the token. The official announcement stated:
Otherside will include NFTs from multiple Yuga collections, including Bored and Mutant Apes NFTs, CryptoPunks and Meebit NFTs.
APE’s trading volume has been growing steadily since its inception following the popularity of BAYC NFTs. With a market cap of $3 billion, it is currently ranked 42nd among the world’s most valuable cryptocurrencies. Despite losing more than 70% from the $40 ATH price, it continued its 10% spikes. This may be because ApeCoin is supported by various games from Blockchain game maker Animoca Brands. Airdropped to BAYC investors, Apecoin has been on the agenda since its launch.
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