ApeCoin (APE) continued to grow on Thursday after raising hundreds of millions of dollars in a financing round led by Andreessen Horowitz, the company behind the new global cryptocurrency. Is it time for the speculative success of the “monkey” asset after the “dog” cryptocurrency, which is Dogecoin (DOGE)?
- The cheapest NFT tokens from the BAYC series can now be purchased for 103 ETH, or more than 300,000 PLN.
- Owning them has certainly paid off. Each owner of the virtual monkey received more than 10,000 dollars. ApeCoins, which is now worth 150,000. hole.
- Yuga Labs, behind NFT and cryptocurrency issuance, is currently valued at $ 4 billion
- More similar and interesting articles can be found on the Comparic.pl homepage
ApeCoin with a high rate of return. Are monkeys the new dogs of the cryptocurrency market?
APE’s price rose more than 9% on Wednesday, testing the level of about $ 14.5, adding another 4.5% to Thursday’s value. It should be noted that this action was carried out as part of a correction rally, which began earlier this week with a price drop of only $ 9.5.
This brought APE’s weekly ROI to 50%, making the memic token one of the best-performing digital assets as of March 21st.
ApeCoin prices are gradually rising. Source: Tradingview.com
Information about ApeCoin or “NFT market dogecoin” appeared last week. Behind the cryptocurrency is the same team that created the popular series of non-convertible tokens. Bored Ape Yacht Club (BAYC).
Cryptocurrency almost immediately found its way to major exchange platforms, including eToro, which announced its listing on March 18.
Launched on the ERC-20 standard Ethereum blockchain, ApeCoin is currently ranked 38th in the ranking of the largest cryptocurrency projects. Although some people consider APE as another pump and garbage mark, these coins should be useful in various products and services. They will be used, including as a currency in the Benji Bananas game developed by Animoca Brands.
You can read more about this project in our analytical article.
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Yuga Labs, the founder of ApeCoin, is worth more than $ 4 billion
ApeCoin digital currency appeared on March 17 thanks to a “screenshot” supported by Yuga Labs, the founder of the Bored Ape Yacht Club (BAYC).
Yuga Labs on Thursday distributed a total of 1 billion to 150 million APEs to Bored Ape NFT owners who received 11,000 “free” tokens worth more than $ 158,000 each.
Meanwhile, the owners of the rarest NFT BAYC, “Mutant Monkeys” received 2042 APE for about $ 30,000 at today’s price.
APE is designed to be a utility and management brand that allows its owners to control and manage ApeCoin DAO, a decentralized autonomous organization. As a result, the presence of APE gives users the right to vote on proposed decisions within the BAYC ecosystem.
– It will serve as a decentralized protocol layer for initiatives led by the community that manages metaversion – We read on the official website of ApeCoin.
Interestingly, Yuga Labs, including Andreessen Horowitz and Animoca Brands, has donated about 14% of total supplies to businesses, now worth $ 2 billion. The company raised $ 450 million on Tuesday. from the same venture capital investors, the value of which rose to $ 4 billion
The FTX cryptocurrency exchange has also joined the financing round. According to Yugan, the funds will be used to expand the development team and oversee future joint ventures, including a metaverse project called Otherside.
Yuga could also use the capital to turn Bored and Mutant Apes into bigger brands, some of which will debut in the luxury goods market and a win-win game using APE tokens for payments.
What’s next for ApeCoin?
ApeCoin is only a week old, so we don’t have enough information to technically predict future price movements.
However, by switching to graphs with lower time frames, you can see that the APE is moving within the ascending channel.
Ongoing rebound gains in the APE rate could cause the channel to continue its uptrend near $ 15.
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