BAYC’s APE Increased 50% This Week After $450M Raised In Funds

BAYC’s APE increased 50% in one week after the platform raised another $450 million and closed key interim support which raised the possibility to extend its rebound move so let’s read more in today’s latest altcoin news.

BAYC’s APE increased by 50% over the week and continued its rebound move as the company behind it raised hundreds of millions of dollars in a funding round led by Andreessen Horowitz. APE’s price surged 7.5% intraday to hit $14.50 per piece and the tokens’ upside move came as a part of the retracement rally which started at the start of this week when it changed hands for $9.50. this pushed APE’s week-to-date profits up by 50% and made it one of the best-performing assets.

Looks like every single exchange is listing $APE.

I’m here for this.

— David Gokhshtein (@davidgokhshtein) March 23, 2022

To recap, ApeCoin’s digital currency became popular just a few days ago via an airdrop backed by Yuga Labs, the Bored Ape Yacht Club creators which is a collection of NFTs that became quite popular among sportsmen, celebrities and venture capitalists. Yuga Labs dropped 150 million APE out of the 1 billion created with each of the owners of BAYC NFT getting 10,904 tokens worth $158,000.

In the meantime, the owners of the rare BAYC NFT “Mutant Apes” received 2042 APE which costs around $30,000 as of today’s prices. The company projected APE as a governance token to allow the holders and oversee and even manage the ApeCoin DAO so as a result, holding an ape gives users the right to vote on decisions proposed in the BAYC ecosystem. An excerpt from the official website of Apecoin reads:

“It will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.”

Yuga Labs gave entities like Animoca Brands and Andreessen Horowitz about 14% of the total supply worth $2 billion and the company raised $450 million from the same capitalists to value at $4 billion. The FTX exchange also contributed to the funding round which will be used to expand the development team and to oversee the joint ventures including a metaverse proejct dubbed Otherside. Yuga may also use the capital to make Mutant Apes and bored into bigger brands with some of them debuting on luxury goods and will play to earn games that could involve APE tokens. ApeCoin is a week old and doesn’t have enough historic data to await future price movements. Switching to lower-timeframe charts shows APE trending upwards inside a parallel ascending channel with traders buying when the price reaches a lower trendline and selling when it hits the upper trendline.

APE’s ongoing rebound move can extend its upside move towards the channels’ upper trendline close to $15 and will conclude with a similar level from March 18.