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ApeCoin reaches new all-time high: APE 45% higher this week

ApeCoin (APE), the native governance token in the Bored Ape Yacht Club (BAYC) ecosystem, has soared to a new all-time high above $18 after another huge rally on Saturday. The price of APE rose more than 24% in intraday trades as bulls pushed higher, buoyed by positivity around further ecosystem growth. In early afternoon deals…

ApeCoin (APE), the native governance token in the Bored Ape Yacht Club (BAYC) ecosystem, has soared to a new all-time high above $18 after another huge rally on Saturday.

The price of APE rose more than 24% in intraday trades as bulls pushed higher, buoyed by positivity around further ecosystem growth.

In early afternoon deals Saturday, APE/USD hit $18. 44 on Binance to record its highest ever price. The aggregate price across major exchanges was $18. 05, according to data from CoinGecko.

APE/USD currently trades around $17. 36, about 17% up in the past 24 hours.

Chart showing the APE-USD price movements on the 4-hour chart Source: TradingView

According to data from CoinGecko, APE/USD has surged nearly 50% in the past seven days. It’s up more than 64% in the past two weeks.

The upside, with most of it happening in the last four day, has propelled ApeCoin up to $5 billion. 06 billion, pushing it to 31st among the largest cryptocurrencies by market capitalisation.

ApeCoin outperforms Decentraland

The broader crypto market has struggled with bearish pressure over the past several days, with Bitcoin (BTC) dipping below $40,000 as most other digital assets mirrored the performance.

ApeCoin has been able to rally and overtake Decentraland, (MANA), in terms of market capital.

Decentraland, which has been the top metaverse-linked token by market value, is down by 5.3% in the past week and by more than 10% in the red over the past two weeks.

MANA/USD currently trades at $2. 04, down over 1% in the past 24 hours. Data on CoinGecko shows MANA’s market cap is $3.1 billion and ranks 45th in terms of market capitalisation.

Why does ApeCoin keep growing?

The upcoming land sale in Yuga Labs’ “Otherside”, a BAYC creator, is what is driving the ApeCoin buying pressure.

Although the project has yet to go live, its developer has been teasing it for the past few weeks. Investors are excited about a possible announcement regarding the use of APE in land sales.

The sale of 100,000 land plots out of 200,000 is expected to see 30% go to BAYC and MAYC (Mutant Ape Yacht Club) holders. The rest, 70%, will be a public sale.

Whale activity has soared as a result, with data from analytics site CoinCarp showing that the top 100 APE holders account for 52. 39% of the token’s circulating supply. The data shows there are currently 49, 057 ApeCoin (APE) wallets.

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