There’s a New Contender in the Animal Kingdom for Cryptocurrency (And This Time Not a Puppy)

It appears that the animal kingdom of cryptocurrency has a new contender for the throne. No, this time it is not about a new exotic breed of puppies that seeks to compete with the Dogecoin (DOGE) or the Shiba Inu (SHIB). Now the one shining brightly is the monkey, the ApeCoin (APE) monkey, a token associated with the NFT Bored Ape Yacht Club project and the Otherside metaverse.

Not only has APE been on the rise in recent weeks, nor is the place it occupies among the larger market cap cryptocurrencies. Is that It now outperforms both DOGE and SHIB in trading volume.

within 7 days, ApeCoin exceeds $3.5 billion moved on exchanges, according to data from CoinMarketCap. That’s $1 billion more than what was traded on SHIB and double the capital that was moved on DOGE in that one-week range.

Both dogs far outperform APE in market value. DOGE ranks 11th among the cryptocurrencies with the most capital accumulated, SHIB ranks 16th, and APE ranks 32nd.

However, market value is a misleading measure. Although it represents the amount of capital in a particular project, as it is the total value of coins in circulation; An accelerated issuance rate could increase this capitalization disproportionately.

While that, Trading volumes show how much investors and traders are interested in each asset at a given time. This number shows how willing market players are to take risks in trading each cryptocurrency. Currently, ApeCoin is highly preferred by the number.

APE price increase

Even a UNI (Uniswap) unicorn or a 1INCH horse is currently close to ApeCoin trading volumes. The price of the latter reacted very positively to some of the news and the capital invested by the traders.

As we reported this Wednesday at CriptoNoticias, APE It soared to its best in June after luxury brand Gucci announced that it would accept the token in stores Selected from the United States.

Previously, APE was rising after users’ first incursion into the other side of the metaverse. Currently, ApeCoin is accumulating a total of over $2,250 million in capital, with its unit price at $7.42 at the time of writing.

 

 

 

 

 

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