ApeCoin (APE) Price Skyrockets Ahead of APE Staking Rewards Launch

• APE has increased by nearly 32% in the past 7 days. 
• The token is currently trading around $4.28, surges 5.0% in the past 24 hours.

ApeCoin (APE), the native utility token of the APE ecosystem, dramatically surges during the last few days. Despite the current gloomy trend of the global cryptocurrency market, ApeCoin is witnessing a massive price increase, registering a 31.9% jump in the past 7 days.

At the time of writing, ApeCoin is trading around $4.28 with a one-day trading volume of $262,742,264. APE has increased by nearly 5.0% during the past 24 hours, according to CoinGecko. Moreover, the token acquired a 45.6% surge in the past 14 days. 

APE Continues to Surge

APE’s sudden growth occurred just before the launch of ApeCoin staking rewards. Recently, Horizen Labs, the blockchain-based platform has released the launch details for ApeCoin staking. From the upcoming service, the holders of APE, as well as Bored Ape and Mutant Ape NFT owners will get token rewards for staking their owned tokens. Prior to rewards starting on December 12, Horizen will also introduce the staking interface to its customers on December 5. 

Interestingly, the prices for Bored Ape Yacht Club NFTs are also rising along with ApeCoin’s price climb. APE is one of the top three altcoins that attained positive price momentum in the last few days. 

However, despite the sharp increase over the past week, ApeCoin’s price has dropped significantly, around 85% since reaching a peak on April 28, 2022. At that time, the token reached its new all-time high (ATH) of $26.70.