The rally in a cryptocurrency known to savers was blamed on a general retail frenzy and curtailment of available trading routes on a South Korean exchange.
Yuga Labs’ Apecoin (APE) token rose to $90 from around $4.20 a piece on South Korean cryptocurrency exchange Upbit before most of the gains were wiped out in a sharp selloff. However, the token is still trading above $10 which is a strong gain compared to other memecoins.
Currently, the only APE trading pair listed on Upbit is the BTC/APE pair, which accounts for only a small part of the coin’s trading volume, with around 4 million tokens changing hands throughout the day compared to circulation. total APE of 369 million tokens. Apparently, the rally was attributed to a general retail frenzy and the restriction of available trading routes on the exchange. On the same day, Upbit suspended deposits and withdrawals of Ether (ETH) and ERC-20 tokens, pending the completion of the Shanghai upgrade of the Ethereum network.
As a result, APE, an ERC-20 token considered by some to be a memecoin, could not be sold or bought into other ERC-20 tokens such as Tether (USDT) and ETH by Upbit users, leaving the Bitcoin (BTC) trading pair )-to-APE (BTC/USD) as the only option available. Since the rally, cryptocurrency price aggregators like CoinMarketCap have marked Upbit’s APE prices as a “outlier” when calculating aggregate prices.
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What is Apecoin?
Apecoin was launched by Yuga Labs, the creators, backed by venture capital from Andreessen Horowitz, of the wildly popular Bored Ape Yacht Club NFTs. The cryptocurrency is getting ahead of the launch of a new NFT from Yuga Labs this weekend. NFT “land deeds” for up to 55,000 parcels of virtual land in the Otherside metaverse game will be minted on Saturday. And they are expected to generate up to US$300 million.according to the calculations of the Financial Times.
On the other hand, a type of three-dimensional virtual world known as a metaverse will bring together various NFT projects, including Bored Ape Yacht Club, CryptoPunks, Meebits, Cool Cats and other collections developed by Yuga Labs. Otherside’s official Twitter account revealed this week that those wishing to purchase the new NFTs will need to pay with Ape Coin.
“Apecoin could be absolutely huge”, panel member and Thomson Reuters technologist and futurist Joseph Raczynski said in a statement. “Yuga Labs are the blue chip of NFT, now that they’ve bought CryptoPunks. Their ecosystem, using apecoin has the potential to be a game changer for the metaverse. It’s about community and this one is doing all the right things at the moment,” he added. .
Source: Ambito
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