ApeCoin is now a Top 25 Crypto Asset, Flips Chainlink, Others


The foremost utility token, ApeCoin, has flipped LINK, the native token of the Chainlink (the popular oracle network), to become the 23rd largest crypto asset by market cap, according to data from CoinMarketCap.

The entry of ApeCoin into the top 25 list represents a significant growth rate that rarely happens. This growth becomes even more significant and interesting when considered from the relatively young age of the token.

ApeCoin was launched on March 17 by the ApeCoinDAO, and it was revealed that it would serve as the utility token for all Yuga Labs-related projects like the Bored Ape, MAYC, Otherside Metaverse, etc.

Per the announcement, APE holders are automatically members of the ApeCoinDAO, and they would be allowed to vote on governance issues concerning the ecosystem.

ApeCoin Reaches new ATH

Since its launch, the token has largely recorded what many analysts term ‘wild price fluctuations.” Just a few weeks after its launch, the coin’s value dropped to an all-time low of $6.21, but it soon regained ground and touched a new ATH of $26.7 on April 28.

The current rise to its ATH was pushed by the coming launch of Yuga Labs’ Otherside metaverse project. Per available information, each virtual land deed would go for a flat fee of 305 ApeCoin.

This price performance has also indirectly helped push it above other Metaverse tokens such as Decentraland’s MANA and The sandbox’s SAND. APE currently has a market cap of over $5 billion, making it the 23rd biggest cryptocurrency.

In addition to ApeCoin’s new highs, Yuga Labs NFTs are also trading at record prices on OpenSea. The floor price for Bored Apes has soared to over 140 ETH, up 40% over the past 30 days. Mutant Apes have seen a more significant price increase, with the cheapest examples now setting users back 37.5 ETH, a rise of 70% from a month ago.