ApeCoin (APE), the original Ethereum currency from the popular NFT collection, is one of the fastest growing NFT and Metaverse crypto projects in today’s blockchain ecosystem.
When it launched on March 18, 2022, ApeCoin immediately began its parabolic climb. The peak of the rally allowed the Apecoin market capitalization to reach $ 7.45 billion.
The APE token was priced at $ 4.92 at the time of writing, down slightly from its morning high of $ 5.26. In the past week, ApeCoin has increased by more than 35%.
On Friday, intraday trading volume for APE was down 43%. This indicates that APE is accepting peer selling pressure and approaching the trend line below the consolidation phase. The volume ratio for coin market capitalization is 0.3129.
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ApeCoin Gets Some Lift From Rappers
The price of ApeCoin reached an all-time high of over $ 27 in late April ahead of virtual land NFT sales for the Bosen Ape Yacht Club Otherside metaverse game.
ApeCoin holders can opt for the ApeCoin DAO government proposal using ApeCoin.
The new APE price increase may be requested in part due to the release of a new music video featuring Snoop Dogg and Eminem as an animated version of the Bored Ape avatar.
In the music video for the new single “From The D 2 The LBC,” Snoop Dogg and Eminem were stoned and converted into an animated version of the BAYC avatar.
The song debuted at the conclusion of this year’s ApeFest, New York’s annual event for BAYC NFT holders.
Late last year, Eminem bought Bored Ape for 123.45 ETH (USD $ 452,000). The OpenSea account, Shady Holdings, featured 26 additional NFT purchases.
APE total market cap at $1.47 billion on the daily chart | Source: TradingView.com
Snoop Dogg & Eminem Video Fly High
Snoop Dogg has a lot of NFT and has been in cryptoculture for a long time. He introduced himself as the popular NFT Twitter user Cozomo di Medici a year ago. In February, he announced his intention to turn Death Row Records into an NFT label.
The duo’s music video, which became a trend on YouTube over the weekend, has garnered more than 7.5 million views.
ApeFest, which takes place in New York the same week as NFT NYC, features performances by, among others, Haim, LCD Soundsystem, Lil Wayne, Future, and Lil Baby.
Over the past 24 hours, the price of ApeCoin has risen 12.68 percent due to strong positive momentum.
Despite the fact that APE has produced its second consecutive green weekly candle on its price chart, it is still 82 percent below its April 2022 high.
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Featured image from SouthPawer, chart from TradingView.com