ApeCoin Tops SHIB, PEPE in Trading Volume on a Rebound Rally

A sigh of relief for $APE holders: top analysts observe the underbought ApeCoin exiting the danger zone.

Big dominant gorilla approaching the camera on a sun baked, tree lined road.
Created by Gabor Kovacs from DailyCoin
  • $APE bounces back 12% as most altcoins register slight gains on Friday.
  • ApeCoin (APE) delivers $102M trading volume on HV-MTL Rift Season 5.
  • The community-led recovery boosted $APE 13.16% from all-time lows.

ApeCoin (APE) defied the odds this Friday with a 12% boost for the monkey-embossed memecoin. Interestingly, $APE surpassed the $100 million threshold in daily trading volume, outpacing rival memecoins Shiba Inu (SHIB) and Pepe (PEPE). At press time, $APE is changing hands at $1.23, according to CoinGecko.

APE Runs on Metaverse Utility

Shiba Inu’s trading volume currently stands at $88 million, while $PEPE generated $97.6 million in the last 24 hours. Besides, the #101 ranked frog-themed coin $PEPE also recorded significant gains. However, the 19% jump still leaves $PEPE 9.8% down monthly.

APE is trending on X, previously known as Twitter, due to multiple use cases in metaverse gaming. For instance, the Bored Ape Yacht Club (BAYC) community crypto reward system ThankApe by Prop House is dishing out Apecoin-powered skins compatible with multiple metaverse platforms, including HV-MTL Rift by Yuga Labs.

APE Abandons the Danger Zone

According to blockchain analytics firm Santiment, APE falls into the same category of underbought altcoins with $GALA and $MAGIC. Measured by the Market Value to Realized Value (MVRV) metric, $APE has left the danger zone and jumped into the opportunity area.

Santiment forecasts a favorable market price correction if the buying pressure persists. As the HV-MTL Season 5 kicks in, the primate-themed $APE sees consistent use cases in metaverse gaming. 

With support from massive crypto whales like Machi Big Brother, the Bored Ape community is searching for ways to revive the franchise. Voting on a new slogan, ApeCoin DAO is also keen on displaying the blue-chip Bored Apes and Mutant Apes NFTs in traditional art museums, simultaneously removing them from the NFT market.

On the Flipside

  • Most real-time on-chain signals for ApeCoin (APE) remain bearish, with a slight drop in net network growth & large transactions.

Why This Matters

Utility cases for memecoins are crucial in terms of longevity.

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

Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.