ApeCoin is up 62% since launch last month and hit an all-time high today

The ApeCoin token (quotation APE) is up as much as 30,17% today, hitting an all-time high of $ 17,17. Over the past week, the token's price has risen more than 32% and 62% since its launch 30 days ago, according to CoinMarketCap. ApeCoin was inspired by the creators - Yuga Labs - of the incredibly successful series of non-fungible tokens (NFTs) known as the Bored Ape Yacht Club (BAYC).

Investors and NFT celebrities, including Jimmy Fallon, Eminem, and Paris Hilton, have paid hundreds of thousands of dollars for one of these NFTs. Yesterday, Gemini announced that it will allow APE holders to earn interest on the Gemini cryptocurrency exchange. ApeCoin is also available on Binance, Coinbase, and Kucoin, as well as a handful of smaller platforms.

What is ApeCoin and why is it increasing?

ApeCoin is a token that runs on the Ethereum blockchain. It was developed to capitalize on BAYC's popularity and be used within the rapidly expanding APE ecosystem. While it is supported by the APE Foundation, it is a decentralized autonomous organization (DAO) - meaning the project is governed by a community of voters who rely on smart contract scheduling and the APE Foundation to execute community decisions in a way. open and transparent.

While the Foundation is responsible for day-to-day operations such as project management and bill payment, the DAO community is ultimately responsible and decides and directs who works at the Foundation as an administrator. The official ApeCoin website states that the ApeCoin project will be a tool for advancing and implementing gaming, entertainment, work, events and more within the metaverse.

“APE is a token made to support what's next, controlled and built by the community. It will serve as a decentralized protocol layer for community-led initiatives that advance culture in the metaverse, ”the website reads.

In addition to the announcement of the Gemini staking Yesterday for APE, there has been a lot of buzz around its complementary BAYC project, such as the launch of the Yuga Labs metaverse which will be accessible from other exclusive and high-priced NFT projects, including CryptoPunks and World of Women. Coinbase also recently announced its plans to produce and launch a trilogy of BAYC films to drive further awareness and adoption. The combination of this news is the most likely catalyst for the positive price momentum of APE.

Should you buy ApeCoin?

At the time of writing, APE is trading at $ 16,39 - retracing somewhat from its all-time high set earlier today - with a current market valuation of $ 4,65 billion according to CoinMarketCap, making it larger than most metaverse projects. strong, Decentraland and The Sandbox, respectively.

Every investor should always do their own research and invest only what they can comfortably afford to lose. This article is intended as an informational resource only, and is not financial advice. However, the celebrity buzz around the BAYC and APE projects, coupled with the growing adoption and improvement of fundamentals, make APE worth considering - and that's no monkey business.