- $APE bounces back 12% as most altcoins register slight gains on Friday.
- ApeCoin (APE) delivers $102M trading volume on HV-MTL Rift Season 5.
- The community-led recovery boosted $APE 13.16% from all-time lows.
ApeCoin (APE) defied the odds this Friday with a 12% boost for the monkey-embossed memecoin. Interestingly, $APE surpassed the $100 million threshold in daily trading volume, outpacing rival memecoins Shiba Inu (SHIB) and Pepe (PEPE). At press time, $APE is changing hands at $1.23, according to CoinGecko.
Shiba Inu’s trading volume currently stands at $88 million, while $PEPE generated $97.6 million in the last 24 hours. Besides, the #101 ranked frog-themed coin $PEPE also recorded significant gains. However, the 19% jump still leaves $PEPE 9.8% down monthly.
APE is trending on X, previously known as Twitter, due to multiple use cases in metaverse gaming. For instance, the Bored Ape Yacht Club (BAYC) community crypto reward system ThankApe by Prop House is dishing out Apecoin-powered skins compatible with multiple metaverse platforms, including HV-MTL Rift by Yuga Labs.
APE Abandons the Danger Zone
According to blockchain analytics firm Santiment, APE falls into the same category of underbought altcoins with $GALA and $MAGIC. Measured by the Market Value to Realized Value (MVRV) metric, $APE has left the danger zone and jumped into the opportunity area.
Santiment forecasts a favorable market price correction if the buying pressure persists. As the HV-MTL Season 5 kicks in, the primate-themed $APE sees consistent use cases in metaverse gaming.
With support from massive crypto whales like Machi Big Brother, the Bored Ape community is searching for ways to revive the franchise. Voting on a new slogan, ApeCoin DAO is also keen on displaying the blue-chip Bored Apes and Mutant Apes NFTs in traditional art museums, simultaneously removing them from the NFT market.
On the Flipside
- Most real-time on-chain signals for ApeCoin (APE) remain bearish, with a slight drop in net network growth & large transactions.
Why This Matters
Utility cases for memecoins are crucial in terms of longevity.
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Source link: https://dailycoin.com/apecoin-tops-shib-pepe-in-trading-volume-on-a-rebound-rally/
