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Why the Price of ApeCoin Is Skyrocketing Today

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What happened

The price of a new cryptocurrency called ApeCoin (CRYPTO: APE) had surged nearly 51% over the last 24 hours, as of 1:15 p.m. ET today, on its second day of trading after the new token dropped earlier this week. ApeCoin now has a market cap of roughly $4 billion, making it a top 30 cryptocurrency.

So what

ApeCoin has ties to the Bored Ape Yacht Club, an organization that collaborates with Yuga Labs and has a large collection of associated Bored Ape non-fungible tokens (NFTs), which are digital art, picture, audio, and video files tokenized and secured on blockchain technology.

The Bored Ape Yacht Club launched in April of 2021 and is composed of thousands of different ape NFTs, each with unique facial expressions and wardrobes. The concept got big when celebrities like Jimmy Fallon, Justin Bieber, and Paris Hilton purchased the Bored Ape NFTs for large sums of money.

Image Source: Getty Images.

ApeCoin, according to its website, will be issued on the Ethereum network and will have a fixed supply of 1 billion tokens. ApeCoin’s board of…

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