ApeCoin (APE), which is the native Ethereum currency for the NFT collection, has been one of the fastest growing NFT and Metaverse crypto project in today’s blockchain ecosystem.
Upon its March 18, 2022 launch, ApeCoin instantly began a parabolic climb. The rally’s apex allowed Apecoin’s market capitalization to reach $7.45 billion.
The APE token was valued at $4.92 at the time of writing, down marginally from its morning high of $5.26. ApeCoin’s value has increased more than 35% in the last week.
APE’s intraday trading volume has dropped by 43% as of Friday. This indicates that APE is receiving peer selling pressure and is approaching the consolidation phase’s bottom trendline. The coin’s market capitalization ratio (volume to price) is 0.3129.
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ApeCoin gets some lift from the Rappers
The price of ApeCoin reached an all-time high of over $27 in late April ahead of virtual land NFT sales for the Bored Ape Yacht Club’s Otherside metaverse game.
ApeCoin owners can use ApeCoin to vote for ApeCoin DAO governance recommendations.
A new video with Snoop Dogg, Eminem and animated Bored Ape avatars may be partly responsible for the recent APE price rise.
In the music video for their new single “From The D 2 The LBC,” Snoop Dogg and Eminem get stoned and transform into animated versions of their BAYC avatars.
The song debuted at the conclusion of this year’s ApeFest, an annual New York event for BAYC NFT holders.
Eminem paid USD $452,000 for his Bored Ape, which he purchased at 123.45ETH. Eminem’s OpenSea account Shady holdings has 26 NFT transactions.
Source: TradingView.com| Source: TradingView.com
Snoop Dogg & Eminem Video Fly High
Snoop Dogg is a cryptoculture guru and has many NFTs. A year ago, he revealed himself as Cozomo Di Medici, a popular NFT Twitter user. In February, Cozomo di Medici declared that he was going to make Death Row Records an NFT record.
The duo’s music video, which was trending on YouTube over the weekend, has received more than 7.5 million views.
ApeFest was held in New York during the same week that NFT NYC. It featured performances from, among other things, Haim and LCD Soundsystem as well as Future, Future, Lil Baby, Lil Wayne, Future and Lil Baby.
Over the past 24 hours, the price of ApeCoin has climbed by 12.68 percent because of strong positive momentum.
APE’s second consecutive green weekly candle has been recorded on the price charts. However, this is still well below its April 2022 record.
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Featured image by MetaCrunch. Chart is from TradingView.com