The animal kingdom of cryptocurrencies appears to have a new competitor for the throne. And no, this time around it's not about an exotic new breed of puppy dog that wants to compete with Dogecoin (DOGE) or Shiba Inu (SHIB). Now it's a strong-looking monkey: ApeCoin (APE), a token associated with NFT's Bored Ape Yacht Club project and the Otherside metaverse.
This is not just about the sharp rise in APE in recent weeks, nor the position it occupies among the cryptocurrencies with the largest market capitalization. It is now that it surpasses both DOGE and SHIB in trading volume.
In a 7-day interval, ApeCoin surpassed $ 3,5 billion traded on exchanges, according to data from CoinMarketCap. This is a billion dollars more than SHIB and double the capital moved on DOGE in that one-week interval.
Both dogs far outstrip APE in terms of market capitalization. DOGE is in 11th place among the cryptocurrencies with the largest accumulated capital, while SHIB is in 16th place. APE, on the other hand, is in 32nd place.
However, market capitalization is a misleading measure. If on the one hand it represents the amount of capital in a particular project, being the total value of the coins in circulation, on the other hand an accelerated rate of issue can increase the capitalization disproportionately.
Trading volumes, on the other hand, show how much investors and traders are interested in each asset at any given time. This figure shows how much market participants are willing to risk in trading each cryptocurrency. And at the moment the data is far in favor of ApeCoin.
Price increase for APE
Not even the unicorn of UNI (Uniswap) or the horse of 1INCH come close to the trading volumes of ApeCoin at the moment. The price of the latter reacted very positively to some news and to the push of the invested capital by traders.
As we reported on Wednesday on CryptoNews, APE rose to its best levels in June after luxury brand Gucci announced it would accept the token in some US stores.
Previously, APE had risen after a first foray by users into the Otherside metaverse. Right now, ApeCoin amasses a total value of over $ 2,25 billion in shares, with one quotation unitary of $ 7,42 at the time of writing.