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ApeCoin (APE) Spikes 25% As Eminem and Snoop Dogg Show Support for BAYC

ApeCoin (APE) enjoyed one of its biggest rallies since launch as Snoop Dogg and Eminem, two of the most popular rappers in the world, released a music video featuring the Bored Ape Yacht Club (BAYC) collection.

BAYC Features in Music Video

On Friday, June 24th, Snoop Dogg and Eminem, two of the most prestigious holders and ambassadors of BAYC, released the music video for their new single dubbed “From The D 2 The LBC“.

The video, which now has over 8.4 million views on YouTube, features the BAYC collection. In the reel, the usually static Bored Ape avatars owned by Snoop Dogg and Eminem were brought to life in animation, as the legendary rappers showed their support for the blue-chip NFT collection.

ApeCoin (APE) Jumps 25%

ApeCoin (APE), a governance and utility token used within the APE Ecosystem, turned bullish following the music video’s release, rallying by as much as 25% while other cryptocurrencies traded sideways over the weekend.

The 7 day price chart for ApeCoin (APE). Source: CoinMarketCap

The price of APE quickly spiked from a low of $4.2 on June 25 to a high of $5.26 on June 26, marking a rise of 25%. Retracing after the sharp price jump, APE now trades at $4.90 and is the 36th biggest crypto with a market cap of $1.485 billion.

On the Flipside

  • Yuga Labs, the creators of BAYC, has filed a lawsuit against Ryder Ripps, alleging that the online provocateur has been “scamming” investors with fake BAYC NFT offerings.

Why You Should Care

The support BAYC continues to receive from celebrities has been a true boon to the value of the collection, and the ecosystem at large.

The support BAYC continues to receive from celebrities greatly boosts the value of the collection and the entire ecosystem.

Get more insight into Yuga Labs’ recent efforts to protect the value of BAYC below:

Yuga Labs Removes Code that Allows Creation of Infinite Bored Apes NFTs

The moves comes at a fortuitous time for the struggling collection, find out more:

Bored Apes NFTs Hit a Yearly Record Low, Floor Price Drops Below $100K

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.