ApeCoin (APE) is up 8% in the last 24 hours and is currently trading around $1.96.
The token is now 21% higher than at the beginning of the year, attracting the attention of speculative investors.
With the successful Meme Kombat (MK) ICO also nearing completion, it looks to be shaping up to be another positive quarter for ethereum-based tokens.
ApeCoin Rises Above $2 as Spot Trading Volumes Soar
After reaching $2.08 today, APE has seen a slight pullback as some investors opt to take profits.
The altcoin continues to rise significantly over the past 24 hours, with trading volumes reflecting growing investor interest.
According to data from CoinMarketCap, spot trading volumes have increased 130% since yesterday to over $146 million.
This increase makes APE the 63rd most traded cryptocurrency globally in that time period.
The increase in volume also caused ApeCoin's volume-to-market cap ratio to reach 12.42%, a sign that speculation is likely driving the price movements.
From a technical analysis perspective, APE had been on a two-day winning streak prior to the most recent leg.
However, today's brief break above $2.00 appears to have ignited even more enthusiasm among traders for the BAYC-affiliated token.
ApeCoin's bull run appears to align with a recent price prediction from crypto YouTuber with Jameswho speculated that the APE could rise to $10 by the end of this year.
At the time, crypto's forecast with James was considered too optimistic, but recent price action has shown that it could be viable.
On-Chain Data Reveals Whale Accumulation Fuels ApeCoin Rise
Digging deeper into the on-chain data reveals some insights into what is driving ApeCoin's rally.
According to the crypto intelligence platform Santiment, ApeCoin Active Addresses doubled in the last 24 hours to 2,665, the highest level since August 2023
Furthermore, large APE wallets containing between 100,000 and 1 million tokens have recently accumulated a larger supply.
This suggests that crypto “whales” remain confident in ApeCoin's long-term trajectory.
ApeCoin DAO's decision to build its own dedicated blockchain in arbitration is also driving demand for PSA.
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 BAYC nft-related services.
Overall, the combination of on-chain metrics pointing to growing investor interest, along with the development progress of ApeCoin's native blockchain, appears to be driving APE's current rally.
Meme Kombat's Viral ICO Nears Conclusion as Developers Prepare to List on Exchange
As ApeCoin continues its impressive run, another project is also making headlines as it prepares to go public: combat memes.
ethereum-based fighting game Web3 has seen its native MK token sale raise $10 million, reaching its initial funding goal.
However, the ICO will conclude in 8 days, which means investors have one last chance to purchase MK tokens at the exclusive price of $0.279.
Once the ICO is over, Meme Kombat developers plan to list MK on major exchanges like Uniswap.
These listings will allow for trading in the secondary market and could stimulate massive demand for the MK token.
To put it in context, Meme Kombat is a play-to-win (P2E) battlefield where users can stake MKs in fights between animated meme characters like Doge and Shiba Inu.
Winners earn more MK tokens, which can be staked to win returns of up to 95% annually.
The project is led by an experienced Web3 developer. Matt Whiteman and has quickly created a community of almost 34,000 people throughout Twitter and Telegram.
This grassroots momentum and the intriguing premise of P2E have generated enormous interest in the Meme Kombat ICO so far.
As seen with precedents like ApeCoin, new meme-themed cryptocurrency launches can reach multi-million dollar market caps in a matter of days if conditions are right.
Given the similarities as an ethereum-based project with strong community participation, Meme Kombat's MK token seems interesting to watch.
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