Both meme coins Speedy and ApeCoin have seen their prices increase by more than 100% in the past 24 hours.
Speedy (SPEEDY), a meme coin launched on the Fantom blockchain by the GOAT Foundation, is one of the top gainers on CoinGecko as of Sunday afternoon, according to current market data.
The team behind Speedy, which includes blockchain technology experts like CIO Gonzalez Spidrius, has seen the token surge by more than 150%. The coin's all-time high is hovering around $0.03346. The all-time low was $0.0007253 on October 20th.
See graph below.
Meanwhile, Ape Coin (APE) rose 105.0%.
According to the data, APE was trading in a range of $0.7393 to $1.66 in 24 hours. If we take a closer look at the price over the past 7 days, we can see that the coin has skyrocketed from a low of $0.6981 to $1.57.
What triggered the surge?
Although Speedy's sudden spike could not be confirmed, Ben Crypto, a cryptocurrency observer with over 30,000 subscribers on YouTube, took a closer look.
Yes, the turtle moves slowly, but this coin is fast. It’s not slowing down anytime soon…For two full weeks, the coin has been below $1 million in market cap. It quickly rose to around $10 million over the next few days, but has since rebounded slightly and gone parabolic over the past two days. ”
See below.
If you invested $1,000 during this period, you would now have $30,000, Ben Krypto explained. If you invested $3,000, it would only be around $100,000.
He advises always looking for coins with a market cap of $1 million that have been trading for at least a week. why? He argues that the downside risk of rug pull is minimal and the risk-reward ratio is high.
As for ApeCoin, the main reason for the bullish momentum appears to be the launch of ApeChain, a new layer 3 blockchain.
The ApeCoin X account has made an official announcement regarding this development. “The bridge is alive. Bring your tokens to ApeChain today and start earning native yield on APE, ETH, and various stablecoins,” ApeCoin said.
The newly launched ApeChain offers several key features that contribute to positive market sentiment.
With the launch of the bridge, token holders can now move their tokens to ApeChain, Ethereum (ETH), and Arbitrum (ARB) chains.
Their team announced that holding ApeCoin on ApeChain will put APE into automatic yield mode, allowing users to earn yield on APE, ETH, and other stablecoins.
ApeCoin team too announced X has seen an over 12,000% increase in memes on ApeChain.
APE coin is on a downtrend in the second half of 2024. The coin hit an all-time low of $0.482 in August 2024. However, the coin has surged over 215% since its lows.
The recent launch of ApeChain also pushed the price above $1.5. However, it is necessary to pay attention to whether APE can maintain the $1.50 level.
ApeCoin is the native cryptocurrency of Bored Ape Yacht Club's non-fungible token collection. It was launched in March 2022 by Yuga Labs and is managed by the ApeCoin DAO, allowing coin holders to vote on the direction of the ecosystem.
