ApeCoin (APE) has been seeing some good days for some time now. In the past seven days, the APE token has gained over 22.9%, and the rally has been largely on the back of its Bittrex listing, which happened on 4 April.
Developed by the APE Foundation, ApeCoin is primarily the governing token of the Bored Ape Yacht Club. As a decentralised and community-led governance token, the goal of the APE Foundation is to ensure the growth and development of the APE ecosystem.
Founded by Yuga Labs, ApeCoin is built on top of the Ethereum blockchain and operates on the Proof-of-Work (PoW) consensus mechanism. The ApeCoin DAO is designed in such a manner that it provides a fair and inclusive ecosystem for its holders to collaborate through open and permissionless governance processes.
On 14 April, the Ape crypto was witnessing a rally of over 5% and a volume gain of over 20%.
Why is ApeCoin rallying?
ApeCoin has been witnessing a string of developments on its end. APE crypto has been gaining momentum ever since rumours have been floating around that it could be the next token that would be listed on Robinhood.
On 12 April, the brokerage firm had listed Compound, Polygon, Shiba Inu, and Solana on its platform. The rumours got fueled when a tweet from David Gokhshtein, Founder of Gokhshtein Media and creator of Circle of Ninjas, suggested that Robinhood will list APE crypto next.
Image Credit: Twitter @davidgokhshtein (David Gokhshtein)
However, neither Robinhood nor ApeCoin’s official Twitter handle has any news suggesting the same. The rumours seem to have worked in favour ApeCoin’s performance.
How is ApeCoin price faring amid this rumour?
Ranked 38th as per CoinMarketCap, the token was trading at US$13.13 with a volume of US$846,512,201 over a day. The APE crypto was up by 6.82% in the last 24 hours and had a volume gain of 23.12%. The APE token was boasting of a live market cap of US $3,644,246,552 with 277,500,000 APE coins in circulation.
ApeCoin is available for trading in leading crypto exchanges such as Binance, OKX, Bybit, CoinTiger, and Phemex.
Having said that, for crypto, which was just launched last month, it will be too early to jump to conclusions. Therefore, one always needs to do their market research and make sure that they completely understand the market.