Memecoins Speedy and ApeCoin were among the top gainers on CoinGecko last week. $SPEEDY, a cryptocurrency launched on the Fantom (FTM) blockchain, saw its price spike by over 150% since its launch two weeks ago.
SPEEDY Market Cap Hits $10 Million in Two Weeks
Ben Crypto, a popular market observer with over 300,000 subscribers on his YouTube channel, said that SPEEDY would not slow down “any time soon”. He noted that for 14 days the token had a market capitalization below $1 million, but since then its value has skyrocketed to about $10 million.
While the price of SPEEDY has pulled back slightly in the last two days, Ben Crypto says it has gone “parabolic”.
He then went on to give a picture of the surge, saying that if someone were to invest $1,000 during this period, it would be worth $30,000 today, and if the initial investment were $3,000, it would be just around $100,000.
At the time of writing, SPEEDY is trading at $0.03637 – up 25.35% over the last 24 hours.
Ben Crypto also provided a tip, asking his followers to keep an eye on coins with $1 million market caps that have been trading for at least a week. He said the tokens that fit into the criteria have minimal downside risk of a rug pull and the risk-to-reward ratio is high.
APE Records Six Month High Following Launch of Layer-3 Blockchain ‘ApeChain’
Meanwhile, ApeCoin (APE) recorded a six-month high, with its price rising from $1.21 to $1.53. The surge over the past day resulted in its market capitalization surpassing the $1.1 billion mark.
The rally can be attributed to the launch of ApeChain, a new layer-3 blockchain network native to APE. The cross-chain bridge is designed to enable seamless transfers of APE, wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and DAI between Ethereum and Artibitrum networks.
Following the launch of its native blockchain, Yuga Labs, the developers of APE, have expanded the meme coin’s utility within its ecosystem. The new bridge also allows APE holders to generate yield automatically in APE, ETH, and other stablecoins. This adds to the coin’s utility.
ApeCoin recently introduced a smart contract update to its network, integrating the LayerZero Omnichain Fungible Token (OFT) standard, allowing APE to function as a governance token for the ApeCoin DAO and to facilitate transactions across supported blockchains.
APE is also the native cryptocurrency of the Bored Ape Yacht Club NFT collection. The token launched in 2022 is governed by the ApeCoin DAO, where APE holders can vote to dictate the direction of the ecosystem.
Market analysts noted that the recent APE surge was primarily due to investors increasingly buying the token amid fear of missing out on making significant gains. It is a common theme when a particular cryptocurrency crosses the $1 billion mark and investors expect a parabolic rise as they believe its price is less likely to be manipulated or rug-pulled.
The key liquidation level for APE is $1.548 on the upside, according to data from CoinGlass. If APE’s price can go beyond that level, then it could lead to the liquidation of about $2.59 billion in short positions.
APE was on a downward trend in the second half of 2024, with its price hitting an all-time low of $0.482 in August. However, since then, the memecoin has surged by over 215%.
At the time of writing, ApeCoin is $1.70 – up 24.59% over the last 24 hours. It currently has a market capitalization of $1.3 billion.
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