APE is climbing.
The Bored Ape Yacht Club-linked ApeCoin (APE) is up 90% in its second day of trading, rebounding to over $15 after lows of $6.48 on Thursday.
The boost gives the token a $3.8 billion market cap, making it the 33th-largest coin as of press time, according to CoinMarketCap. CoinGecko lists it at 66th with a market cap of $1.7 billion.
“The community involved with the Bored Ape Yacht Club and Mutant Ape Yacht Club is strong,” said Alexandre Lores, director of blockchain research at Quantum Economics.
Lores said that the same traders who would speculate on AMC stock, DOGE and SHIB might be gravitating towards the “ape” sector of investments. “The former are producing heavy losses, and it seems to be clear to them that Bored Apes aren’t going anywhere,” said Lores.
“They are a status symbol like a Rolex or a Lamborghini. If you’ve made it, you’ve got an Ape,” he added.
As for the original NFTs, the BAYC floor price currently sits at 93 ETH (around $260,000), slightly lower than its peak of 107 ETH (around $300,000) following the token announcement March 16.
NFT owners of the coveted ape collection were airdropped 10,000 ApeCoin each, totalling 15% of the coin’s total supply.
The trendy coin is currently listed on most major exchanges, including Coinbase, FTX, Binance and Gemini.
The token itself is a part of a larger vision the project has for ApeDAO , the latest monetary vehicle for the Yuga Labs-owned brand that has garnered the attention of everyone from mainstream celebrites to the crypto-native.
The token’s success has also spawned a slew of various ape-themed giveaways on Twitter, including an NFT giveaway from crypto exchange Gemini.