The native token of the Bored Ape Yacht Club (BAYC) NFT collection ApeCoin (APE)has managed to avoid massive losses affecting the overall crypto market in the past 24 hours for a while. The massive surge in whale trading is believed to be the biggest factor behind the metaverse coin’s earlier performance.
The token rose as much as $12.24, with increases of up to 10 percent on the day, and the metaverse coin’s trading volume increased nearly 300 percent in one day to over $729 million. However, the cryptocurrency could no longer hold on to the slump that gripped the rest of the market and erased its gains. ApeCoin pricedown about 10 percent in the last 24 hours It is trading at $10.98.
ApeCoin becomes the most traded token by ETH whales
Data from Whalestats showed that APE was the most traded token among major Ethereum whales in the past 24 hours. It was also the fourth most purchased cryptocurrency by metaverse con ETH whales, with an average of $57,000 worth of APE purchases over the past 24 hours.
According to the data, whales’ interest in the coin has increased since the launch of APE, beginning last month. After a turbulent launch, the token later stabilized to be traded in the $10 to $20 range. However, the recent weakness in the crypto market has also affected APE, causing the token to drop 11 percent over the past seven days.
Statements by well-known band Bassjackers, which showcased BAYC-themed graphics at a recent concert in Chile, were also a factor in APE’s rise over the weekend.
Still, technical indicators suggest that the APE has yet to break above the $12.6 bullish level. A breakout at that level is expected to launch the token higher.
BAYC develops a metaverse
While little is known about the Project by Yuga Labs, creators of APE, BAYC, its launch is likely to benefit the token, beyond a promotional trailer.
According to Yuga Labs, makers of BAYC, APE is set to become an upcoming blockchain game and native token for the metaverse. While little is known about the project apart from a trailer, its release is expected to benefit the token.
Titled “Otherside,” the project will also include NFTs from various collections owned by Yuga, including Bored and Mutant Apes, CryptoPunks, and Meebits.
Leveraging the popularity of BAYC NFTs, APE has enjoyed stable trading volumes since launch. Metaverse coin is currently ranked 45th on the list of top cryptocurrencies and has a market cap of over $3 billion.
ApeCoin is also backed by Animoca Brands, a blockchain game developer.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.