Meme coins Speedy and ApeCoin have both experienced remarkable price surges, each increasing by over 100% in the last 24 hours.
As of Sunday afternoon, Speedy, a meme coin launched on the Fantom blockchain by The GOAT Foundation, was among the top gainers on CoinGecko. The coin, which saw a spike of over 150%, is backed by a team of blockchain experts, including CIO Gonzales Spidorius. Its all-time high is approximately $0.03346, while its all-time low was recorded on October 20 at $0.0007253.
ApeCoin also enjoyed a significant increase, climbing 105%. Market data indicates that APE was trading within a 24-hour range of $0.7393 to $1.66. Over the past week, the coin rose from a low of $0.6981 to $1.57, demonstrating a strong upward trend.
While the cause of Speedy’s sudden rise remains unconfirmed, crypto analyst Ben Crypto, who boasts over 30,000 subscribers on YouTube, offered insights into the phenomenon. He noted that despite being a relatively low market cap asset, Speedy quickly soared from a valuation of less than $1 million to about $10 million before its recent parabolic increase. “If you invested $1,000 during this period, it would be worth $30,000 now,” Ben explained, suggesting that investing $3,000 could have resulted in nearly $100,000.
He advised investors to consider coins with a $1 million market cap that have been trading for at least a week, citing minimal risk of a rug pull and favorable risk-reward ratios.
In contrast, the bullish momentum for ApeCoin appears to be driven by the launch of ApeChain, a new Layer-3 blockchain. The official ApeCoin X account announced the launch, stating, “Bridges are live. Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins.”
The introduction of ApeChain includes several appealing features, including automatic yield generation for tokens held on the new blockchain. The ApeCoin team also reported that meme activity on ApeChain has surged by over 12,000%.
Despite a downturn in the second half of 2024, when APE touched an all-time low of $0.482 in August, it has rebounded by over 215% since then. The recent launch of ApeChain has pushed APE’s price above $1.5, although its ability to maintain this level remains to be seen.
ApeCoin serves as the native cryptocurrency for the Bored Ape Yacht Club non-fungible token collection, launched in March 2022 by Yuga Labs. The coin is governed by the ApeCoin DAO, which allows holders to participate in decision-making for the ecosystem.
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