ApeCoin (APE) Surpasses $100 Million in Daily Trading Volume
ApeCoin (APE) experienced a surprising 12% surge, making it one of the top-performing memecoins. Notably, APE’s daily trading volume exceeded $100 million, surpassing competitors Shiba Inu (SHIB) and Pepe (PEPE). Currently, APE is being traded at $1.23, as reported by CoinGecko.
APE Enters the Opportunity Area
According to blockchain analytics firm Santiment, APE falls into the category of underbought altcoins alongside $GALA and $MAGIC. Using the Market Value to Realized Value (MVRV) metric, APE has transitioned from the danger zone to the opportunity area.
Potential Market Price Correction
Santiment predicts a favorable market price correction if the buying pressure continues. As HV-MTL Season 5 commences, APE, a memecoin with primate-themed branding, is finding consistent use cases in metaverse gaming.
The Bored Ape Community’s Efforts
Backed by influential crypto whales like Machi Big Brother, the Bored Ape community is actively seeking ways to revive the franchise. Apart from voting on a new slogan, ApeCoin DAO aims to showcase blue-chip Bored Apes and Mutant Apes NFTs in traditional art museums while removing them from the NFT market.
Importance of Utility Cases for Memecoins
Having utility cases is crucial for the long-term sustainability of memecoins.
Hot Take: APE Achieves Impressive Trading Volume and Explores New Opportunities
ApeCoin (APE) has defied expectations with its 12% surge and daily trading volume surpassing $100 million. This memecoin, adorned with monkey-themed branding, has entered the opportunity area based on the MVRV metric. Santiment predicts a potential market price correction if the buying pressure continues, while the Bored Ape community, supported by influential crypto whales, seeks to revitalize the franchise and explore new avenues such as showcasing NFTs in traditional art museums. Utility cases remain vital for the long-term success of memecoins.
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