ApeCoin, the native token for the BAYC Non-Fungible Token collection, has escaped the cryptocurrency market’s recent losses. The major driver of the token’s growth appears to be the growing whale trade. Over the last 24-hours, the cryptocurrency has risen by over 10 percent, reaching a high of roughly $12.24, whereas trade volumes have increased by almost 300 percent to over $729M.
Apecoin, Ethereum Whales’ Favorite Token
According to Whalestats, Apecoin was the most traded token among large ETH whales in the last 24-hours. Additionally, it was the 4th most acquired token among Ethereum whales, with around $57K in Apecoin being acquired in the last 24-hours.
Since its debut in March, the data suggests that whale demand for the coin has increased. After a tumultuous start, APE has recently stabilized, trading in the $10 to $20 range. The coin has been harmed by recent cryptocurrency volatility, which has seen it drop 9.2 percent in the last 7 days.
As Apecoin’s share price rose over the weekend, Bassjackers, a well-known band, called out the company. They used Bored Ape Yacht Club-themed graphics at the latest Chilean show. Technical indications indicated that Apecoin has yet to break over the $12.6 bullish barrier. There’s a good chance that a breakthrough there will push the coin farther.
BAYC is Working on a Metaverse
Yuga Labs, the founders of BAYC, plan to use APE as the native currency for a new blockchain game and metaverse. Although there are very few details concerning the project other than a teaser trailer, the token is expected to gain from its introduction. The “Otherside” venture would be featuring Non-Fungible Tokens from Yuga’s many collections.
Apecoin has had consistent trades activity since its introduction, owing to the prevalence of Bored Ape Yacht Club Non-Fungible Tokens. The cryptocurrency is now placed 42 among the top cryptos by market capitalization, with $3B.
Apecoin Rally To Reach $15.4 After Channel Breakout
The price of Apecoin started to rise again after it broke out of the falling channel. Now, Apecoin’s price is at $11.88, which means it has gained 12.3 percent from the $10.5 level. The altcoin is ready for a strong breakout and approaches the next resistance level at $12.6. In response to a falling channel trend, the Apecoin price has steadily declined during the last 2 weeks. The altcoin lost 31.5 percent of its worth and fell to $10.6.
As of 9th April, the altcoin had rebounded and broken through the falling channel concept’s declining trendline. The post-retest surge gained 8.56 percent after breaking over common opposition of $11.54 and 50 EMA.
People are getting more bullish, which means Apecoin will rise above the next 2 resistance levels, which are at $12.6 and $13.7, before reaching the ATH of $15.5. On the other hand, long-term investors may see some dips in the market amid the bull run. At the same time, these dips can be used to make more money by buying more.