The fits-and-starts recovery in the cryptocurrency market is continuing, as evident from the lackadaisical sentiment seen in the space on Saturday.
After hitting a near-term bottom on Monday, most cryptocurrencies rallied through Thursday. The approach of the weekend didn’t bode well for digital assets, as they erased much of their gains and are seen languishing.
What Happened: An exception to the broader crypto market downtrend has been the Apecoin APE/USD. The recent leg of the Apecoin rally began on Tuesday. After closing at $11.86 on Monday, it rallied over the next two sessions. The upside stalled briefly on Thursday, only to resume thereafter.
Apecoin, which ranks 29 in terms of market capitalization, has gained about 50% since last Sunday.
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What’s Driving The Rally: ApeCoin is an ERC-20 utility and governance token that is affiliated with the Bored Ape Yacht Club non-fungible token collection. It was released in March 2022 and it is being promoted as a coin of choice for a new ecosystem built by Yuga Labs.
Owners of BAYC and the Mutant Ape Yacht Club NFTs, could reportedly receive virtual lands on Yuga Labs metaverse platform. Yuga Labs is rumored to potentially make $178 billion from each phase of a process of selling virtual lands and Apecoin could be the de facto token to process in-game purchases, reports said.
At last check, Apecoin was rallying 21.24% to $17.83, according to BenzingaPro data
Related Link: This Small-Cap Retailer Is Now Carrying Bored Ape Yacht Club Clothing
Photo: Courtesy of apecoin.com