ApeCoin rises by 22% with the release of the Snoop Dogg and Eminem "Boring Ape" video.
ApeCoin rises by 22% with the release of the Snoop Dogg and Eminem "Boring Ape" video.
One of the NFT and Metaverse crypto projects with the quickest growth in the current blockchain environment is ApeCoin (APE), the native Ethereum currency of the well-known NFT collection.
ApeCoin launched on March 18, 2022, and started climbing in a parabolic fashion right away. Apecoin's market capitalization increased to $7.45 billion at the peak of the rise. At the time of writing, the APE token's value was $4.92, just below its $5.26 morning high. ApeCoin has grown by more than 35% over the last week.
As of Friday, APE's intraday trading volume has drastically decreased by 43%. This suggests that APE is under peer selling pressure and is getting close to the bottom trendline of the consolidation period. The coin's volume to market cap ratio is 0.3129.
Recommended Reading: Can UNI Blaze Past Its 7-Day Rally? Uniswap Slingshots 45% Rappers Helping to Promote ApeCoin
Prior to the virtual land NFT sales for the Bored Ape Yacht Club's Otherside metaverse game in late April, the price of ApeCoin rose to an all-time high of nearly $27.
Holders of ApeCoin can use ApeCoin to vote on ApeCoin DAO governance proposals.
A new music video featuring Snoop Dogg and Eminem dressed as animated versions of their Bored Ape avatars may have contributed to the recent spike in the price of APE. Snoop Dogg and Eminem become animated versions of their BAYC avatars when high in the music video for their new track, "From The D 2 The LBC."
The song made its debut at the end of this year's ApeFest, an annual gathering of BAYC NFT holders in New York.
Eminem paid 123.45 ETH (about USD $452,000) for his Bored Ape at the end of the previous year. Shady Holdings, his OpenSea account, shows 26 more NFT purchases.
On the daily chart, APE's entire market value is $1.47 billion, Fly High with Snoop Dogg and Eminem
Snoop Dogg is well-versed in cryptoculture and has a large collection of NFTs. A year ago, he revealed himself to be the well-known NFT Twitter user Cozomo di Medici. He announced his plans to turn Death Row Records into an NFT label in February. More than 7.5 million people have watched the duo's music video, which was trending on YouTube over the weekend.
The same week as NFT NYC, ApeFest took place in New York and featured performances by a number of artists, including Haim, LCD Soundsystem, Lil Wayne, Future, and Lil Baby. Strong bullish momentum has caused the price of ApeCoin to increase by 12.68 percent during the last 24 hours.
APE is currently 82 percent below its all-time high, which it hit in April 2022, despite having generated its second straight green weekly candle on the price charts.
