As an analyst with over two decades of experience in the volatile and ever-changing crypto market, I must admit that the meteoric rise of APES has piqued my interest. The token’s rapid ascent on Solana, a blockchain known for its speed and low transaction costs, is a strategy that has proven successful for many projects. However, history has shown us that new tokens often experience significant initial gains followed by pullbacks, a pattern we’ve seen with Notcoin and Hamster Kombat.
The APES token, a fresh gaming token on the Solana platform, has seen a surge of 50% in value, sparking intrigue within the cryptocurrency community.
According to CoinGecko’s data, the price of APES coin has surged significantly, rising from a previous low of just $0.00005 to reach $0.032. This jump in value has also boosted the market capitalization to an impressive $31.5 million. Furthermore, over 17,000 individuals now hold this coin.
After being added to Raydium, the APES token has rapidly climbed up the rankings on CoinMarketCap and CoinGecko’s most popular lists. This surge in popularity can be attributed to its new availability on secondary exchanges like BingX, MEXC, and OKX.
However, APES’s efforts to gain listings on key platforms such as Bybit and Binance are still on.
APES integrates elements of gaming and meme-based cryptocurrencies. Users can accumulate tokens by carrying out simple tasks within a mini-app on Telegram, which they can subsequently exchange for real money. Unlike similar projects such as Notcoin and Hamster Kombat, APES operates on the Solana (SOL) blockchain. This decision was made due to Solana’s fast processing speed, low transaction fees, and widespread usage among Decentralized Exchange (DEX) networks.
Historically, newly introduced assets often see substantial early growth, only to later experience setbacks. For instance, Notcoin rose an astounding 2,000% following its listing, but subsequently plummeted significantly, and Hamster Kombat dropped more than 80% as well.
Although there’s been a recent surge, worries persist over possible price drops, which is often seen in newly introduced tokens. However, the APES community stays hopeful, aggressively pursuing additional exchange listings with a likelihood of 0.5% on Binance and 5% on Bybit.
The aggressive promotion of APES raises questions about the legality and ethical implications of such hype, especially in a market prone to volatility.
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2024-08-29 23:16