The APES token, a new gaming token on Solana, has increased over by 50%, capturing the interest of the crypto world.
As per the data of CoinGecko, the price of APES has reached $0.032 from its previous low of $0.00005.The market capitalization has also climbed to $31.5 million, with more than 17,000 holders.
APES, which was just listed on Raydium, has swiftly risen to the top of CoinMarketCap and CoinGecko’s popularity lists. The token’s popularity has been driven by new listings on tier-2 and tier-3 exchanges such as BingX, MEXC, and OKX.
However, APES’s efforts to gain listings on key platforms such as Bybit and Binance are still on.
APES combines gaming and memecoin aspects. Users may earn tokens by doing basic activities on a Telegram mini-app, which they can then transfer into fiat currency. Unlike competitors like Notcoin and Hamster Kombat, APES runs on Solana (SOL), which was chosen for its speed, cheap transaction costs, and popularity among DEX networks.
Historically, new tokens experience significant initial gains followed by pullbacks. Examples include Notcoin, which saw a 2,000% increase post-listing before a major drop, and Hamster Kombat, which fell by over 80%.
Despite the recent rally, there are concerns about potential price pullbacks, a common trend for new tokens. The APES community remains optimistic, pushing for further exchange listings with current odds of 0.5% for Binance and 5% for Bybit.
The aggressive promotion of APES raises questions about the legality and ethical implications of such hype, especially in a market prone to volatility.
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