ApeCoin jumped to around $28 in April after the token airdrop and gained 18% in one day
ApeCoin APE gains 18% in one day as cryptocurrencies rise. ApeCoin (APE) was initially distributed to Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club owners via a proprietary airdrop. They serve many purposes in the ecosystem. ApeCoin’s use cases include allowing holders to participate in the governance of the DAO and providing access to exclusive ecosystem features such as games, events, goods and services.
As the APE ecosystem grows, ApeCoin gains more value than actually expected. Its token surged to around $28 in April after the token landing.
ApeCoin increases after airdrop:
APE debuted with much hype, its gains coming as investors rushed to capture sky-high profits. APE currently remains in the trenches as the token trades at one sided prices. This thesis considers APE as a strong cryptocurrency when bullish indicators appear. A little over a week has passed since then, and despite a slow start on the first day, APE has risen in value with a weekly gain of over 58 percent at the time of writing.
BAYC is one of the most popular NFT pools in the world. A blockchain-based series of 10,000 cartoon primates worth nearly $3 billion at current prices has become ubiquitous on the internet. Profits are popping up across the sector, but few coins are making strong gains like APE.
The virtual currency fell to less than $8 from a high of $39.40 as selling pressure took hold. ApeCoin is now the 49th largest cryptocurrency with a market cap of $2.03 billion, according to data. It has 277.5 million coins in circulation, which is more than the maximum 21 million bitcoins available. Coin APE broke the key resistance at $5.1. It hit another resistance at $6.0. Investors should buy a retracement of $5.1 or another breakout before $6.0.