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Highlights
- The Ethereum-based ApeCoin token is the native token of the Bored Ape Yacht Club (BAYC) ecosystem.
- At the time of drafting this article, the price of the ApeCoin crypto was up about five per cent over the previous day.
- The total and maximum supply of the ApeCoin is 1 billion tokens, and its current circulating supply is a little over 284.8 million tokens.
The price of ApeCoin (APE) cryptocurrency has been rising for the past few weeks and attracting investors' attention. On Tuesday, April 26, the price of the ApeCoin crypto was up 45 per cent in a week.
At the time of drafting this article, the price of the ApeCoin crypto was up about five per cent over the previous day and trading at US$ 17.63 per token.
Meanwhile, the one-day volume of the ApeCoin was up 15.5 per cent to US$ 2.2 billion, and its market cap had jumped to US$ 5.02 billion.
Why is the ApeCoin crypto gaining traction?
The Ethereum-based ApeCoin token is the native token of the Bored Ape Yacht Club (BAYC) ecosystem, and it has been on an absolute tear for the past few days.
The rally in the token price could be due to some reports claiming that the BAYC is planning to enter the metaverse, which could make a significant step for the BAYC's collection of non-fungible tokens (NFTs).
Yuga Labs created ApeCoin, and it is reportedly a product of ApeCoin DAO, a new organizational unit governed by the token holders. Notably, Yuga Labs could collaborate with other game studios for the success of the metaverse project.
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Another reason behind the surge in ApeCoin's price could be the momentum gained by the overall crypto market. After dipping for a few days, the market recovered, and its market cap was up 3.6% to US$ 1.86 trillion.
The total crypto market volume soared to US$ 90.95 billion after recording a surge of 10.95 per cent over the previous day. Meanwhile, Bitcoin's dominance increased by 0.2 per cent in the last 24 hours.
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Bottom line
The total and maximum supply of the ApeCoin is 1 billion tokens, and its current circulating supply is a little over 284.8 million tokens.
ApeCoin is listed on cryptocurrency exchanges like Binance, CoinTiger, OKX, Bybit, and FTX. If you are interested in this virtual currency, you must research the project and developments associated with it before investing.
There’s no certainty in a crypto market due to its extreme volatility. Hence, predicting whether ApeCoin’s price will rise to new highs in future is nearly impossible.
Also Read: Zilliqa (ZIL) crypto soars amid rising market. Here's why
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