ApeCoin (APE), the native token associated with the Bored Ape Yacht Club (BAYC) NFT collection, is experiencing a successful day in the market. Despite ongoing corrections, the Metaverse coin has shown resilience, primarily attributed to a notable increase in global whale trading activity.
Apecoin remains popular among ETH whales
Whale stats data reveals that ApeCoin (APE) has emerged as the most actively traded metaverse coin among prominent Ethereum whales in the past 24 hours.
Notably, APE has garnered significant attention from these whales, with the token being the most purchased by ETH whales in the last 24 hours, reaching a value of $57,000. Statistics indicate a growing interest from whales in ApeCoin since its launch approximately a month ago, despite the coin facing volatility and trading within the $10 to $20 range.
Over the weekend, APE experienced an upward trend, buoyed by endorsements from the popular music group Bassjackers. The group incorporated Bored Ape Yacht Club (BAYC)-themed visuals during their recent performance in Chile.
However, technical indicators for APE suggest caution, highlighting the importance of not breaching the $12.6 bullish level. A successful breakthrough at this level could potentially trigger a further increase in the price of the metaverse coin.
BAYC will bring new usage areas to the metaverse coin project
The highly anticipated launch of “The Otherside” is generating significant buzz in the metaverse. Despite having only a teaser trailer and limited details available, the promotional efforts for the project are expected to positively impact the associated token. The official announcement includes the following key points:
“The Otherside” will showcase NFTs from various Yuga collections, featuring Bored and Mutant Apes NFTs, CryptoPunks, and Meebit NFTs.
ApeCoin (APE) has witnessed a steady increase in trading volume since its inception, driven by the popularity of Bored Ape Yacht Club (BAYC) NFTs. Currently boasting a market capitalization of $3 billion, APE holds the 42nd position among the world’s most valuable cryptocurrencies.
Despite experiencing a more than 70% decline from its $40 all-time high (ATH) price, the token has consistently demonstrated 10% spikes. This resilience may be attributed to ApeCoin’s integration into various games developed by the blockchain game maker Animoca Brands. Apecoin, distributed to BAYC investors through airdrops, has remained in the spotlight since its launch.
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