Apecoin (APE) Spikes Over 40%, Is the Gain Fueled by Metaverse Speculation?
In the last seven days, the token has increased by 40%, temporarily reaching a new high of $17.26.
In comparison, the top cryptos Bitcoin and Ethereum have lost more than 2% in the last seven days, while the whole crypto market value has lost $40 billion.
While Yuga Labs, the designer of Bored Apes, has yet to debut its intended metaverse, APE is already the largest metaverse token, with a market valuation of $4.7 billion.
The major driver of APE's rise was speculation about an announcement on Yuga Labs' impending metaverse.