ApeCoin Is Currently One Of The Top 25 Crypto Assets, Outperforming Chainlink And Others

According to CoinMarketCap data, ApeCoin, the most popular utility token, has surpassed LINK, the native token of Chainlink (the popular oracle network), to become the 23rd largest crypto asset by market cap.

ApeCoin’s admission into the top 25 list reflects a remarkable rate of growth that is rarely seen. When you consider the token’s relatively young age, its growth becomes even more significant and intriguing.

The ApeCoinDAO announced on March 17 that ApeCoin would act as the utility currency for all Yuga Labs-related projects such as the Bored Ape, MAYC, Otherside Metaverse, and others.

According to the statement, APE holders are automatically members of the ApeCoinDAO and will be able to vote on ecosystem governance issues.

ApeCoin reaches a new all-time high

The token has mostly recorded what many observers refer to as “wild price movements” since its debut. The coin’s value plummeted to an all-time low of $6.21 just weeks after its inception, but it quickly recovered and reached a new all-time high of $26.7 on April 28.

The upcoming launch of Yuga Labs’ Otherside metaverse project propelled the price to its all-time high. According to the information given, each virtual land deed would cost 305 ApeCoin.

This price rise has also helped it to rise beyond rival Metaverse coins like Decentraland’s MANA and The Sandbox’s SAND. APE is the 23rd most valuable cryptocurrency, with a market capitalization of approximately $5 billion.

Yuga Labs NFTs are also trading at record values on OpenSea, in addition to ApeCoin’s new highs. The floor price of Bored Apes has risen by 40% in the last 30 days to approximately 140 ETH. Mutant Apes has suffered a more severe price hike, with the most affordable examples now costing 37.5 ETH, up 70% from a month ago.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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