As a seasoned analyst with years of experience in the volatile world of cryptocurrencies, I find myself intrigued by APES, the new gaming token on Solana that’s bucking the current market trend. The impressive rise of APES to $0.042, from its month-to-date low of mere pennies, is a testament to its potential and the growing interest in gaming and meme coins.
In the midst of a less optimistic climate within the cryptocurrency sector, APES, the innovative gaming token based on Solana, continues to perform powerfully across all fronts.
As a researcher, I’m excited to report that the value of APES has reached an all-time peak at $0.042, a substantial leap above its monthly minimum of merely $0.000050.
As reported by DEX Tools, the market capitalization surged past $33.8 million, and the number of holders swelled to over 17,000. The majority of transactions on the network showed a bullish trend, as the number of purchases outnumbered 15,000.
Earlier this month, APES made its appearance on the Raydium platform (RAY). Since then, its popularity has skyrocketed, landing it among the top four assets on CoinMarketCap and the top four tokens on CoinGecko.
The surge in the token’s value was boosted even more when it was revealed that developers had sealed agreements for its listing on various mid-tier and lower-tier platforms such as BingX, MEXC, and OKX. These are some of the exchanges that now support APES.
Yet, their efforts to get the token listed on Bybit and Binance, among the top-tier exchanges, have not been successful so far.
APES resides where gaming and meme tokens intersect. Similar to well-known “tap-to-earn” tokens such as Notcoin (NOT) and Hamster Kombat, users download the Telegram mini app, then gather falling bananas and perform easy tasks like following their social media accounts.
Users are able to exchange these tokens for traditional currencies using exchanges as an option. One notable distinction between APES and various other mini-apps on Telegram lies in the choice made by its developers, who opted for Solana (SOL) over competing blockchain platforms.
Solana has gained prominence among meme coin and game creators due to its fast processing speeds, affordable transaction fees, and the widespread use of its Decentralized Exchange platforms such as Raydium and Orca.
APES token faces capitulation risks
It’s uncertain if the APES token will continue its upward trend following its recent parabolic surge. Typically, newly listed tokens experience a rally, but later see a decline as investors start to sell off their holdings.
For instance, Notcoin experienced a surge of more than 2,000% following its listing, but has since recovered much of those gains. Its market value climbed from approximately $2.8 billion to $906 million. Analogously, the pre-market futures for Hamster Kombat have also declined by over 80%.
Consequently, it’s possible that the APES rally could lose steam as its pace slows down. In such a scenario, the token might dip back to $0.016, which was its lowest point on Aug. 29.
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2024-08-29 17:19