The current trading price of ApeCoin is $1.23, showing a 65% surge over the last 24 hours. Notably, the trade volume for ApeCoin increased rapidly, placing it among the top 100 crypto assets in terms of trade volume, a significant milestone for any crypto project.
The primary factor behind this price jump is attributed to the launch of a new protocol on ApeChain, which facilitates the exchange of stablecoins and various crypto assets, including ApeCoin.
This sudden price movement sparked interest from both retail and institutional investors, as ApeCoin continues to solidify its presence in the DeFi space. Many speculate that this might just be the beginning of a longer rally as more utilities and developments unfold within the ApeChain ecosystem.
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Many crypto traders expressed regret for missing out on this profit-making opportunity, while some accused the ApeCoin team of manipulating the trade price of the cryptocurrency.
ApeCoin origin with backslash
ApeCoin, created by Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) NFT collection, was introduced in early 2022. It allows holders to participate in ecosystem governance through a decentralised organisation (DAO). However, ApeCoin faced backlash from the crypto community upon its launch, with critics calling it unnecessary and accusing the project of being a cash grab. Concerns were also raised about the high percentage of tokens allocated to insiders, sparking fears of price manipulation. Despite these concerns, ApeCoin has grown into a major player in the NFT and crypto space.
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