Here’s Why ApeCoin’s (APE) Price Could Easily Surpass $20

ApeCoin (APE) price is up nearly 7% in the last 24 hours, defying a correction in the crypto market. The continued accumulation by top ETH whales in the last few days pushed the price briefly to a record high of $19.44 today.

ApeCoin, the governance token of the Bored Ape Yacht Club (BAYC), has left behind the popular metaverse tokens such as Decentraland’s MANA, The SandBox’s SAND, and Axie Infinity’s AXS. In fact, the hype behind the launch of BAYC’s metaverse project “Otherside” and film trilogy seems to be the reason behind the APE price surge.

ApeCoin (APE) Price Awaits a Rally Above $20

The recent hack of BAYC’s official Instagram account that left $2.4 million Bored Ape NFTs stolen and the weak sentiment across the crypto market for the past two weeks had little impact on the ApeCoin (APE) prices. Within the last two weeks, the top metaverse token has climbed more than 50% amid continued demand. It resulted in the total number of unique addresses that hold APE to surpass 54k.

In the last 24 hours, top Ethereum whales have been accumulating APE tokens, according to data by WhaleStats. In fact, the ApeCoin (APE) is the top 10 purchased tokens by ETH whales and also the most used smart contract by top ETH whales in the last 24 hours.

Moreover, several notable ETH whales had bought a significant amount of APE tokens in the last 24 hours. ETH whale “Bonobo” had bought 99,999 APE worth $1,778,999, while “BlueWhale0097” had bought 250,000 APE  worth $4,410,000.

In addition, recent reports have shown an increase in the floor price of Bored Ape NFTs. The floor price has jumped immensely from the initial level of 105 ETH to 140 ETH. Thus, the increase in popularity of Bored Apes NFTs is also pushing APE prices upward.

Recently, the APE community has increasingly pushed a proposal to introduce staking for the APE token, which is approved by the special council and currently awaits a formal vote on April 28.

Therefore, a rise above $20 seems imminent. In fact, the bullish momentum could push ApeCoin’s (APE) price to hit $25 in no time.

Metaverse Tokens Sees Increase in Demand

ETH whales are not only accumulating APE, the largest metaverse token, but other metaverse tokens as well. In the last 24 hours, the top ETH whales have purchased and held MANA and SAND tokens. As per data by WhaleStats, the two metaverse tokens are also on the list of top 10 purchased tokens among Ethereum whales.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.