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ApeCoin (APE) has surged 8% in the past 24 hours, currently trading around $1.96.
The token is now 21% higher than it was at the start of the year, attracting attention from speculative investors.
With the highly successful ICO for Meme Kombat (MK) also nearing completion, it looks to be shaping up as another positive quarter for Ethereum-based tokens.
ApeCoin Rallies Above $2 As Spot Trading Volumes Explode
After tapping $2.08 earlier today, APE has seen a slight pullback as some investors opt to take profits.
The altcoin is still up significantly in the past 24 hours, with trading volumes reflecting the growing investor interest.
According to CoinMarketCap data, spot trading volumes have pumped 130% since yesterday to over $146 million.
This surge makes APE the 63rd most-traded cryptocurrency globally in that time frame.
The volume spike also caused ApeCoin’s volume-to-market cap ratio to reach 12.42% – a sign that speculation is likely driving price movements.
From a technical analysis perspective, APE had been on a two-day winning streak before the most recent leg up.
However, today’s brief breakout above $2.00 seems to have ignited even more trader enthusiasm for the BAYC-affiliated token.
ApeCoin’s bull run appears to align with a recent price prediction from YouTuber Crypto with James, who speculated that APE could surge to $10 later this year.
At the time, Crypto with James’ forecast was viewed as overly optimistic – but recent price action has shown it could be viable.
On-Chain Data Reveals Whale Accumulation Driving ApeCoin Surge
Diving into the on-chain data reveals some insights into what is driving ApeCoin’s rally.
According to crypto intelligence platform Santiment, ApeCoin’s active addresses doubled in the past 24 hours to 2,665 – the highest level since August 2023
Additionally, large APE wallets holding between 100,000 and 1 million tokens have recently accumulated more of the supply.
This suggests crypto “whales” remain confident in ApeCoin’s long-term trajectory.
The ApeCoin DAO’s decision to build its own dedicated blockchain on Arbitrum is also fueling demand for APE.
By using Arbitrum, an Ethereum scaling solution, “ApeChain” aims to make using APE for payments more affordable and seamless than using a layer-1 network.
This could increase real-world utility for APE holders and services surrounding BAYC NFTs.
Overall, the combination of on-chain metrics pointing to growing interest from investors, alongside development progress on ApeCoin’s native blockchain, seems to be driving APE’s current rally.
Viral Meme Kombat ICO Nears Conclusion as Developers Prepare for Exchange Listings
As ApeCoin continues its impressive run, another project is also grabbing headlines as it gears up for exchange listings – Meme Kombat.
The Ethereum-based Web3 fighting game has seen its native MK token sale raise $10 million, hitting the initial funding target.
However, the ICO is set to conclude in 8 days, meaning investors have one final chance to purchase MK tokens at the exclusive price of $0.279.
Once the ICO finishes, Meme Kombat’s developers plan to list MK on leading exchanges like Uniswap.
These listings will enable secondary market trading – and could spur massive demand for the MK token.
For context, Meme Kombat is a play-to-earn (P2E) battle arena where users can wager MK on fights between animated meme characters like Doge and Shiba Inu.
Winners earn more MK tokens, which can be staked to earn yields as high as 95% per year.
The project is led by experienced Web3 developer Matt Whiteman and has quickly built up a community of almost 34,000 people across Twitter and Telegram.
This grassroots momentum and the intriguing P2E premise have fueled enormous interest in Meme Kombat’s ICO so far.
As seen with precedents like ApeCoin, new meme-themed crypto launches can achieve multi-million dollar market caps within days if the conditions are right.
Given the similarities as an Ethereum-based project with strong community engagement, Meme Kombat’s MK token looks like an interesting one to watch.
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