The price of ApeCoin (APE) cryptocurrency soared about 20 per cent over the previous day at the time of drafting. According to CoinMarketCap data, the APE crypto was trading at US$ 14.21 per token, and its one-day volume was up nine per cent to US$ 2.8 billion.
ApeCoin crypto has gained traction as it skyrocketed over 1300 per cent since its launch. Notably, the cryptocurrency market was rising on Thursday morning, and its market cap jumped 2.6 per cent to US$ 1.96 trillion.
The market recorded significant activity, and the total crypto market volume climbed about 16 per cent to US$ 101.54 billion. As ApeCoin cryptocurrency is rising, let’s look at the digital asset and find out why it surged.
Why is ApeCoin crypto rising?
The surge in the price of the virtual currency could be due to the announcement on Twitter that the voting for ApeCoin Decentralized Autonomous Organization (DAO) is officially open.
Meanwhile, the project mentions that the general category for ApeCoin DAO Disclosure is open for discussion on the micro-blogging website. It would be a place for the community to hold talks on a topic related to the DAO.
Apart from the project’s announcement, Panama-based BetOnline said it would now accept ApeCoin crypto for deposits and withdrawal at their Casino and Sportsbook.
What is ApeCoin?
It is a decentralized project, and ApeCoin was started after getting inspired by the Bored Ape Yacht Club project. The ApeCoin token is the native and utility token of this project, and it is based on the Ethereum blockchain.
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The ApeCoin crypto aims to empower and benefit decentralized community building at the forefront of Web3.
The total and maximum supply of ApeCoin is one billion tokens, and its circulating supply is 277.5 million APE tokens. Meanwhile, the market cap of the virtual currency is US$ 3.99 billion, according to CoinMarketCap data.
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At the time of the launch, the ApeCoin crypto had clocked an all-time high of US$ 39.4 per token on March 17.
Bottom line
ApeCoin is available for trading on cryptocurrency exchanges like Binance, Hotcoin Global, Mandala Exchange, OKX, and CoinTiger. Meanwhile, it is also listed on decentralized exchanges like SushiSwap.
As the ApeCoin crypto is new in the market, interested people should be careful while investing in it as the crypto market is highly volatile.
Also Read: What is Radix (XRD) crypto and why is it rising suddenly?
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