ApeCoin (APE), the native token to the Bored Ape Yacht Club (BAYC) NFT collection, avoided broader losses in the crypto market over the past 24 hours. Rising whale trade appeared to be the biggest factor behind the token’s performance.
The token surged as much as 10% over the past 24 hours, hitting a high of around $12.24, while its trading volumes jumped nearly 300% in a day to over $729 million.
APE the most traded token by ETH whales
Data from Whalestats showed that APE was the most traded token by major Ethereum whales over the past 24 hours. It was also the fourth-most purchased token by ETH whales, with about $57,000 worth of APE being bought in the past 24 hours.
The data indicates that whale interest is picking up in the coin since its launch last month. While it saw a volatile launch, APE has since stabilized to trade within the $10 to $20 range. Recent weakness in the crypto market also dented the token, which is trading down 9.2% over the past seven days.
Another factor behind APE’s jump over the weekend is a callout by popular music group Bassjackers, who featured BAYC-themed graphics during a recent concert in Chile.
Still, technical indicators showed that APE was yet to break above a bullish level of $12.6. A breakout there is likely to catapult the token higher.
BAYC plans a metaverse
APE is set to become the native token for an upcoming blockchain game and metaverse by Yuga Labs, the creators of BAYC. While little is know about the project, beyond a teaser trailer, its launch is likely to benefit the token.
The project, titled “Otherside,” will feature NFTs from several collections owned by Yuga, including Bored and Mutant Apes, CryptoPunks, and Meebits.
Capitalizing on the popularity of BAYC NFTs, APE has seen steady trading volumes since its launch. The token is currently ranked 42 in the largest cryptocurrencies, and has a market capital of $3 billion.
ApeCoin is also supported by several games from blockchain games maker Animoca Brands.