As the market recovers, several altcoins have been gaining popularity, such as ApeCoin (APE), and Curve DAO(CRV), both of which increased 17% and 24% respectively over the past 24 hours. As a result, people are feeling more optimistic.
ApeCoin, (APE), is the number-33 coin in the top 100. This token is ERC-20 and can be used for utility and governance. ApeCoin DAO, a decentralized autonomous organisation, developed the token and launched it. It is built on Ethereum’s blockchain network.
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APE rose dramatically after its June low of $2.1189. Data from CoinGeckoApeCoin’s current price is $6.7739. This represents a 17% increase over the previous day, and 43% more than the week before. Its current market cap is $2.08 billion, with a significant rise of 16% during the last 24 hours.
APE links to the Bored Ape Yacht Club. Yuga Labs created the Bored Ape Yacht Club. This 10,000 strong non-fungible tokens (NFTs), has an ape theme and distinct qualities. It is tokenized using blockchain technology and protects it with cryptography.
After Yuga Labs allowed a small group of gamers to see the Otherside metaverse, its price rose. This could be one reason why the APE prices rose.
According to the announcement, the 4,300 players, referred to as “Voyagers,” were welcomed to the immersive, ape avatar-navigated internet platform on Saturday for a first-look tech presentation and tour.
Curve (CRV) Struggles To Recoup its Value
Due to the market meltdown this year, other coins are struggling to recover, and CRV is also on the path to recovery with them. Curve DAO is a native token for Curve Finance, one of the world’s largest decentralized finance (DeFi) systems.
Curve DAO was introduced in an attempt to preserve some moments after the price dropped from its peak. The CRV token’s value has fallen sharply since the beginning of the year. The CRV token started 2016 at $6.2061, and fell to $2.3958 within the first month.
It drops from $2 to a low of $1.95 in the second month. In March and April, the token’s price slowly kept increasing, fluctuating between $2.78 and $1.95. The token’s price began to drop in June, when it reached a low point of $0.54047.
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However, CRV has shown signs of optimism this month and is making progress with its return. The current price is $1.47. This represents a significant increase of 40.0% over the past 14 days.
The anticipated introduction of Curve stablecoin is the main factor behind today’s positive price activity. Curve founder Michael Egorov acknowledged that Curve’s stablecoin was over-collateralized during a Web3 event.
Featured image taken from Flickr. Chart from Tradingview.com