• ApeCoin price has posted double-digit gains over the past week as adoption continues to rise. 
  • Ethereum’s large-wallet investors continue to accumulate ApeCoin, scooping the NFT token up and diversifying their portfolio. 
  • Proponents believe hype around ApeCoin fuels a bullish narrative. 

ApeCoin price could post nearly 14% gains as adoption among investors increased over the past week. Proponents believe ApeCoin could break into a rally as whales scoop up the NFT token representing Bored Ape Yacht Club NFTs. 

ApeCoin price on track for rally in current cycle

ApeCoin price started an uptrend after posting consistent losses over the past week. The team behind the Bored Ape Yacht Club NFT collection, one of the highest-grossing digital collectibles, came together as ApeCoin DAO and launched the token. Bored Ape Yacht Club NFT holders could claim their tokens through the website, adding value to their digital collectible holdings. 

Though proponents initially criticized ApeCoin’s launch and the hype surrounding the NFT token, it was listed across top crypto exchanges like Binance, FTX, Coinbase, and OKX. Interestingly, ApeCoin’s on-chain activity skyrocketed within 48 hours of its launch. Though the NFT token’s price never hit its listing price of $20, it hit an all-time high of $17.17 nearly twelve days ago. 

The intraday trade volume in the NFT token was $978.65 million as the ApeCoin continued to gain popularity among traders in the community. The on-chain activity in the NFT token is on the rise along with the hype surrounding ApeCoin and Bored Ape Yacht Club NFTs. 

Some analysts have evaluated the ApeCoin price trend and predicted a rally in the NFT token. Brian Bollinger, a crypto analyst, argues if ApeCoin price fails to sustain below the breached trendline and crosses $14, it could re-enter a triangle pattern. 

The analyst has predicted a fakeout that drives the ApeCoin price to $15.45. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Coinbase’s new SOL staking program won’t save Solana price from this brutal outlook

Coinbase’s new SOL staking program won’t save Solana price from this brutal outlook

Solana price is lacking bullish momentum, which has led to a huge correction. This pullback comes after an impressive recovery rally seen across the entire crypto space. 

More Solana News

Why short-sellers are moving to trade Ethereum price

Why short-sellers are moving to trade Ethereum price

Ethereum price faced rejection after failed attempts to move past a significantly important resistance barrier. This development has led to ETH reversing the trend and returning to a stable support level, which will now decide the fate of the smart contract token.

More Ethereum News

North Korea's Lazarus Group suspected of hacking another top tier cryptocurrency project

North Korea's Lazarus Group suspected of hacking another top tier cryptocurrency project

Blockchain analytics firm Elliptic has found a strong connection between North Korea’s Lazarus Group and the $100 million crypto hack on Harmony’s Horizon Bridge.

More Cryptocurrencies News

Dogecoin price is primed for a significant movement

Dogecoin price is primed for a significant movement

A brief technical and on-chain analysis on Dogecoin price. Here, FXStreet's analysts evaluate where DOGE could be heading next.

More Dogecoin News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP