ApeCoin (APE) compared to the market is having a good time

ApeCoin (discover here the quotation in real time of APE) is experiencing such a dramatic surge in the aftermath of ApeFest that some even call it bullish. ApeCoin is the ERC20 utility token born from Yuga Labs' Bored Ape Yacht Club project and can be used to buy, sell and trade in the APE ecosystem.

BeeFest 2022

ApeFest 2022 is the annual music festival organized by the Bored Ape Yacht club. The event is private and only NFT BAYC owners can purchase tickets. This year, the impressive lineup featured LCD Soundsystem, Questlove, Haim, Lil Baby, Lil Wayne, the Roots, Future and famed BAYC aficionados Snoop Dogg and Eminem as headliners. This acclaimed group of artists could be a sign of mainstream culture acceptance of NFTs and the different types of cryptocurrencies that are becoming increasingly popular. The event also took place in New York City, at the same time as the NYC NFT. 

On the last day of the festival, Snoop Dogg and Eminem surprised the crowd with a new original song, “From the D 2 the LBC”. The title refers to the cities of origin of the two rappers: Detroit, Michigan, and Long Beach, California. Along with the song was also released a music video that portrays them in the form of Bored Ape and live. The music video, released over the weekend, has already garnered over 10,5 million views. 

Cultural support for BAYCs

Part of BAYC's popularity is due to celebrity supporters. Eminem and Snoop Dogg have been supporters of BAYC. Earlier this year, an NFT creator by the username GeeGazza created an NFT version of Eminem as a bored monkey wearing an army green cap and a gold chain. He called it "EminApe" and Eminem himself bought it for 123,45 ether, equal to about 450.000 dollars. 

Events like this, when amplified by celebrity voices, are sure to result in a rise in token popularity. After ApeFest, ApeCoin experienced a price hike. The price at the time of writing is $ 5,24, up 9,8% over the past 24 hours. According to CoinMarketCap, Apecoin has a market cap of over $ 1,5 billion and ranks 34th in size.