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ApeCoin becomes the most popular token for whales after 8.25% rise in 24hrs


TL;DR Breakdown

  • ApeCoin (APE) surges by 8.25% in a day and becomes the most popular token in the crypto space.
  • The coin has surged by over 55% in the past week as the other dominant cryptos remain in the red zone.

ApeCoin (APE), the native token of the BAYC ecosystem, has been winning big since its March launch. The coin initially trading at below $7 is now at $18. It has surged by over 8% in the last 24 hours and has a stunning weekly rise of 55% as the crypto market continues to struggle in the current dip. 

As a result of the impressive performance showcased by APE, it has gained popularity among crypto whales and is their favorite token. It has also climbed ladders in terms of capitalization as it lists as number 29 on Coinmarketcap. The ApeCoin showcases a strong rally amid the current dip that spanned from last November.

ApeCoin surges 8.25% in a day as the crypto market goes red

APE has showcased a strong comeback over the past week after crashing its ATH last month by over 80%. It has made a strong comeback by gaining value at its price with over 8% today and over 55% in the past week.

Per a report from WhaleStat, the coin has gained popularity among the crypto whales as their favorite smart contract.

The top 500 Ethereum whales have been bagging it more than any other coin in the market. That shows that the coin is still in for a further surge in price as more investors will keep being attracted to it.

The data tracker (WhaleStat) tweeted the information on its main Twitter account and added that it watched other coins like Gala, Chainlink, and Livepeer cryptos. 

The company also added that the situation of ApeCoin being the most used smart contract changed drastically, and it fell back to being the 8th position holder. The whales also reduced their demand for the coin, and now it lists as number six on the preference list of the Ethereum whales.

Other coins like Shiba Inu are also regaining momentum as the popular memecoin that made people millionaires in 2021 holds number 5 on the want list for ETH whales. It also regained its top spot as the largest token denominated in US dollars earlier in the day.

The story so far

ApeCoin was launched as the native token of the BAYC community that Yuga labs and Animoca brands manage. The dip did not spare it shortly after its launch. On March 18, 2022, the coin lost almost 80% of its total value from the launch price. At the time, it held position 49 in terms of market capitalization.

However, the coin has been making a comeback over the past weeks due to the craze sorrounding the Yuga labs metaverse. It is up by over 55% in a week and could surge even more.

The top 30 cryptos show slowing trends suggesting a sideways market

Since last November, the crypto market has been in the red zone. Almost all coins are trading at large percentages below their ATHs. There are still no clear signs of a bull cycle insight. The main reason is that the coins like Bitcoin, Ethereum, and other top ten large coins are still struggling to maintain their strongholds.

The bulls are taking over occasionally, but the bears are regaining strength and overpowering the bulls making the prices dip again. Therefore, the coins have been posting frequent ups and downs, which have no signs of large fluctuations in price.

Could 2022 be a sideways market for the crypto space? Maybe! The year has not brought any good news for Bitcoin holders. This large crypto has been falling and rising in an almost rhythmic way. Today, Bitcoin holders liquidated over $200M. This development comes when the coin’s locked value in the crypto exchanges has reduced steadily over the past months.

When a coin gets very high liquidations, it shows that its bears are active, and the price tends to go down since the selling pressure increases. However, if the value locked in exchanges falls, the investors are willing to hold the coin for a lot longer, showing that the coin’s bulls are active. Both Bulls and Bears are active and with almost similar strength, causing the price of the coin to keep dipping and rebounding over a small range of value.

Currently, the crypto market sentiment is back in extreme fear and has been over the past week. However, it is a drop from last month’s neutral score. This data shows that the dip may extend for several weeks before it rebounds again. Also, most countries are struggling with high inflation rates.

Over the weekend, the FEDs announced that they would be raising interest rates by 50 basis points. They explained that highly speculative assets like cryptos might feel the pinch longer. If that happens, we might be in for a beer run or a sideways market in 2022. However, it is best to keep researching as the market trends keep changing.

Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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