Ape Coin Price Up 28% in Last Month

November was quite unforgiving for cryptocurrencies. The gripping FTX contagion has affected the price of Bitcoin and most of the altcoins. However, one altcoin that has made tremendous gains in this choppy market is Ape coin.

The Ape coin price saw a massive positive rally in the few weeks. Its value has increased by over 28% in the final days of November. Currently, the token is changing hands at $3.88

ApeCoin - the top performer in the market

Among the top 50 cryptocurrencies, ApeCoin’s performance has been the most impressive. Where most of the tokens show bearish or neutral trends, the Ape Coin price surged by over 28%. The token also ended the last month with a high of around 25% increase. At the end of October, it closed with its value touching the $5 mark.

However, it saw a sharp decline after the first week of November. In the middle of the month, its value hovered under $3. But towards the end, it had again attained some positive momentum.

The Bored Ape Yacht Club (BAYC) NFT collection struggled during this period. It slipped to the second spot in the NFT collections price list. Nonetheless, it has reclaimed the No.1 spot.

Currently, the performance of ApeCoin is only second to DOGE. In the last week of November, Dogecoin had soared by over 29%, just slightly higher than Ape. This rally helped the memecoin regain the $0.1 mark. As of now, DOGE is being traded at $0.1004.

Ape coin price today

According to CoinMarketCap, the token is ranked 30th in the market. Currently, the APE price is $4.15, up by around 1%. It maintains a market cap of $1,483,792,223 with a 24-hour trading volume of $238,275,000.

Despite the significant gains, the token is showing high volatility. That's why there's still fear among the traders. Besides, it has been trading below its SMA (simple moving average) for the last 200 days. Therefore, there is still intense selling pressure in the market.

What’s ApeCoin and its ecosystem?

ApeCoin is the ERC-20 token introduced by the Ape ecosystem. It is one of the most popular Web3 platforms because of its highly acclaimed NFT projects, BAYC and MAYC. Besides its collection of non-fungible tokens, its creators also introduced a fungible token. This token has a maximum supply of 1,000,000,000.

The coin was created to govern its decentralised autonomous organisation (DAO). It helps in building the platform's community by providing them with incentives. Also, it allows every member to become part of the decision-making and gives members access to exclusive events, games, or merch on the ecosystem.

Token allocation

Its total supply is divided into four major parts. The largest part belongs to its ecosystem, which is 62%. The second largest portion goes to Yuga Labs and charity. The other two parts are allocated to launch contributors and BAYC founders.

Final thoughts

The Ape Coin price has skyrocketed in November. With an increase of over 28%, it became a top performer in the market. After decreasing in value in mid-month, it’s again on its way to breaking the $5 mark. On the other hand, DOGE is the only token ahead of Ape in this race.