Here’s Why Apecoin (APE) Price Is Skyrocketing Today
Two legendary rappers Eminem and Snoop Dogg recently collaborated on a new track, “From The D 2 The LBC”, and performed it at the ApeFest for Bored Ape Yacht Club (BAYC) holders. ApeCoin has seen a 30% hike in less than a week after the event per crypto news site Utoday.
APE price breaks key $3.9 support level
ApeCoin is one the tokens which took the biggest hit due to recent market meltdowns. According to CoinMarketCap, APE lost 45 percent of its value recently but it has since picked up again. Reports have it that the exclusive event for NFT holders where the music legends performed made cryptophobic people FOMO.
APE was formerly trying to find support at $3.9, but has now gone on to touch $5.26 in 24 hours, indicating over 34% increase within just two days of the BAYC event. Further growth is expected from this level since the coin has overcome its former resistance level.
However, as of the time of writing, APE was trading at $4.84, giving back almost 10% of the previous days’ growth. BAYC is into big time promotion for its NFT collections and always gets endorsements from multiple celebrities so expectations are high.
Eminem and Snoop Dogg are not strangers to NFTs. Eminem bought the NFT he morphed into in the music video in 2021 for 123 Ethereum, which was worth around $462,000 at the time. Snoop also bought the NFT he morphed into in the music video at the end of 2021.
ApeCoin lost $2.5 billion in a month
Since ApeCoin touched $26.3 at the end of April, it has been on a downtrend due to factors which can only be attributed to crypto market crackdown. ApeCoin had a $3.37 billion market cap at the start of May which later increased to $4.55 billion.
ApeCoin now has $1,405,984,904 as its total market cap as at press time. Overall, Apecoin is down 83.5% since its all-time high market cap of $6.81 billion at a price of $26.70 per token on April 28, according to crypto analytics site analytics insight.
- Michael Saylor Says “No New Orange Dots” Pausing Bitcoin Buys as Holdings Hit Record $79B
- Experts Turn Bullish on Pudgy Penguins as PENGU Leads Meme Coin Buys on Solana
- ASTER to Launch Phase 2 Airdrop on October 10 as Open Interest Tops $5B in Two Weeks
- El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- Dogecoin Price Rebounds 15% From Buy Zone as Whales Add 30M DOGE – Can Bulls Push Beyond $0.30?
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
