APE token rate rises by 1980% on the Upbit exchange in just a few hours

The reasons for the pump are unknown

12.04.2023 - 14:20

605

3 min

What’s new? On April 12, the rate of the ApeCoin (APE) token from YugaLabs paired with bitcoinrose nearly 20 times in a matter of hours. At its peak, the asset was trading at 0,00304732 BTC (about $91,64), while the normal price is $4,1. The reasons for the plunge are not yet known. As of 14:00 UTC, APE on Upbit has corrected to $13,9.

APE chart on the exchange

What is known about Upbit? The company was founded in 2017 and is one of the largest centralized exchanges (CEX) in South Korea. There are currently 186 coins and 302 trading pairs available on the platform. The trading volume in the last 24 hours was $2,1 billion. It is among the top 20 global crypto exchanges ranked by CoinMarketCap.

On April 12, the exchange suspended deposits and withdrawals of ERC-20 tokens on the Ethereum blockchain, which includes APE, as the Shapella hard fork is scheduled for that day, allowing ETH coins to be unstaked.

Bank of America calls the Ethereum upgrade “a small step forward”

The bank’s analysts believe that the innovations are insignificant, and the network will face growing competition

Read further

What is known about Yuga Labs? It is the developer of one of the most expensive collections of non-fungible tokens (NFTs), the Bored Ape Yacht Club (BAYC). It also bought the rights to CryptoPunks and Meebits collections in March 2022. In May, it launched the Otherside metaverse and the Otherdeed NFT collection.

On December 12, 2022, Binance NFT Marketplace launched an NFT staking program from the BAYC and Mutant Ape Yacht Club (MAYC) collections. Users can place tokens on Binance to receive daily rewards in APE.