Meme Speedy and ApeCoin coins have seen their prices rise more than 100% in the last 24 hours.
Based on current market data, Speedy (FAST), a meme coin launched on the Fantom blockchain by the GOAT Foundation, was among the top gainers on CoinGecko as of Sunday afternoon.
The team behind Speedy, which includes blockchain technology experts such as Gonzales Spidorius as CIO, saw the token rise over 150%. The coin’s all-time high is around $0.03346; its all-time low was on October 20, at $0.0007253.
See the chart below.
monkey coin (BUN), for its part, enjoyed an increase of 105.0%.
According to their data, APE was trading in a 24-hour range between $0.7393 and $1.66. A closer look at the price over the last seven days shows that the coin has risen from a low of $0.6981 to $1.57.
What triggered the increase?
While Speedy’s sudden rise could not be confirmed, Ben Crypto, a cryptocurrency watcher with over 30,000 subscribers on YouTube, took a closer look.
Yes, turtles move slowly, but this coin is fast. It’s not slowing down anytime soon…for two full weeks this coin was below $1 million market cap. “Then, in the next few days, it quickly rose to about $10 million, pulled back slightly, and then in the last two days, it went parabolic.”
See below.
If you invested $1,000 during this period, it would be $30,000 right now, Ben Crypto explained. If you invested $3,000, it would be around $100,000.
Always look for coins with a market cap of $1 million that have been trading for at least a week, he advises. Because? The downside risk is minimal and the risk-reward ratio is high, he argues.
As for ApeCoin, the main reason for the bullish momentum seems to be the launch of ApeChain, a new layer 3 blockchain.
The ApeCoin X account made an official announcement regarding this development. “The bridges are alive. Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins,” ApeCoin stated.
The recently launched ApeChain offers several key features that have contributed to the positive market sentiment.
Now that the bridge has been launched, token holders can now move their tokens to ApeChain, Ethereum (ETH) and the Arbitrum (BRA) chain.
Their team announced that holding ApeCoin on ApeChain puts your APE into automatic yield mode, allowing users to earn yields on APE, ETH, and other stablecoins.
The ApeCoin team too announced on X, memes on ApeChain increased by over 12,000%.
The APE coin has been on a downward trend in the second half of 2024. The coin had reached an all-time low of $0.482 in August 2024. However, the coin is up over 215% from that low.
The recent launch of ApeChain has also pushed the price above $1.5. However, it remains to be seen if APE can maintain the $1.50 level.
ApeCoin is the native cryptocurrency of Bored Ape Yacht Club’s collection of non-fungible tokens. It was launched in March 2022 by Yuga Labs and is governed by the ApeCoin DAO, which allows holders of the coin to vote on the direction of the ecosystem.
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