Utility and governance Ethereum based token of the APE ecosystem, ApeCoin (APE), has outperformed most of the top 100 coins listed on CoinMarketCap. Since April 21, ApeCoin has made a series of bounces in price and was the 28th largest cryptocurrency by market cap. Now the token has surged, rising 7% on Wednesday morning.
APE sits at a market cap of over $5.7 billion and trades at $23.43 at the moment. It is currently performing very well and is estimated to skyrocket furthermore. To add to this, APE has surpassed most of its upbeat counterparts to become the largest metaverse token by market valuation.
Since its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the most popular NFT collections. BAYC is well-known for having a vibrant and active community of supporters. The metaverse is a new type of digital reality which includes elements of social networking, augmented reality, blockchain technology, and cryptocurrencies. The current price of the Bored Ape collection is 138 ETH, or $414213.90, making it extremely hard to actually possess one. Bored Ape Yacht Club (BAYC) creator, Yuga Labs, has officially announced its launching a new Otherside metaverse on Saturday. The recent price jump can mainly be attributed to the excitement around the aforementioned launch announcement by BAYC.
The only other token in the top 100 seeing a similar surge on Wednesday morning was Secret (SCRT), which was up 10%. The 24-hour volume of SCRT exploded by over 200 per cent to US$ 54.4 million at 2 AM EST, according to CoinMarketCap data. Yet still, APE has succeeded to surpass most currencies of established projects such as Decentraland‘s MANA, The Sandbox‘s SAND, and Axie Infinity‘s AXS and also SCRT. ApeCoin price shows no sign of slowing down and is targeted to reach $25 next.