The events that have taken place in the crypto money market in the last 24 hours attract the attention of many investors. Finally, ApeCoin(APE), the local coin of the popular NFT project Bored Ape Yacht Club (BAYC), marked the day by rising 22x on the popular South Korean cryptocurrency exchange Upbit! So, what is the reason for the rise of this metaverse coin? Here are the details…
This metaverse coin rose 22x in 24 hours!
As you know, the cryptocurrency market has been stagnant for a long time. While the volatility that came with Bitcoin exceeding the level of 30 thousand dollars recently caused the rise of many altcoin projects, in the past 24 hours, the popular metaverse coin APE has left its mark on the markets by experiencing a 22x rise. After this event, which took place on the South Korean cryptocurrency exchange Upbit, APE rose 22x against Bitcoin during the day and rose to the level of 0.003 BTC, which is worth 100 dollars.
In this event, which took place on the stock exchange Upbit, which made a difference to the giant cryptocurrency exchanges, the APE/BTC trading pair gained more than 14 percent. However, as the discussions among investors continued, many cryptocurrency experts pointed to the case of “wash trading”. But cryptocoin.com As we have reported, South Korean regulators stated that they are holding the job extremely tight, and therefore they stated that the claims are not strong enough.
On the other hand, the data of the rise was extremely surprising. The APE/BTC pair, traded on South Korean exchange Upbit, saw a $63 million increase in trading volume and outpaced Binance, which has increased trading volume of around $1.2 million.
Is Ethereum Shanghai behind the rise?
According to experts, another reason for the rise is the Ethereum Shanghai upgrade, which will be released on April 13 at 01:30. While experts thought that with this upgrade, deposits and withdrawals for ERC coins could be suspended, this caused the rise. As you know, experts in South Korea, one of the leading countries that attach importance to the crypto money world, stated that 80 percent of the market share of the stock markets in South Korea, unlike the stock markets in the world, is composed of altcoins, and emphasized that local traders have shown similar levels in the past.
The popular metaverse coin project Apecoin (APE) has reached 22x levels in the last 24 hours. However, its instant price is at the level of $ 4.48.
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