ApeCoin (APE) has been one of the top-performing cryptocurrencies over the past week, rocketing over 10% and outperforming many larger coins, like Bitcoin (BTC) and Ethereum (ETH).

This unexpected surge comes amid broader strength in meme coins and speculation around future use cases for APE.

Meanwhile, several newer meme coins have emerged at the same time and are already touted as having higher long-term potential than APE.

ApeCoin Price Propelled by Whale Accumulation and Metaverse Hype

ApeCoin’s rise over the past week has propelled it to a market cap of over $415 million – higher than established cryptos like Zcash (ZEC) and IOTA.

After trading slightly above $1 since the first week of October, APE has soared to over $1.124.

ApeCoin’s surge appears fueled by a whale accumulating millions of APE tokens throughout August and September.

According to on-chain data, the whale, known as Machi Big Brother, has purchased 4.73 million APE tokens in the past two months – worth $7.43 million at the time of writing.

This activity is considered a strong endorsement for ApeCoin and could signal an emerging trend of high-net-worth investor involvement.

Moreover, Yuga Labs’ renewed commitment to building out the Otherside metaverse has reignited hype around the project’s potential.

This has fueled interest in ApeCoin, which serves as the governance token for the virtual world.

Sustaining Momentum Remains Key Challenge for ApeCoin

While ApeCoin has seen impressive gains over the past week, it remains to be seen whether this momentum can be sustained.

Much of the buying frenzy has been speculative, driven by hype around the Otherside and whale movements.

For the APE price to continue recovering, concrete developments must materialize to support its current valuation.

Most importantly, the Otherside will

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Author: BeInCrypto Team

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