Rise of NFT industry could have been strong fuel for ApeCoin
The notorious ApeCoin that faced a lot of criticism back at its launch date and throughout the last year is showing a solid 30% performance in the last few weeks, and the reason behind it is not tied to the market-wide recovery exclusively.
In the last 25 days, APE has gained more than 72% to its value, and while the initial momentum of the asset could have been gained thanks to the recovery of the market in general, the further acceleration is tied to the NFT industry.
According to on-chain data provided by Delphi Digital and other analytical services, various NFT collections saw a surge in trading volume and the floor prices of various NFT collections.
ApeCoin tends to benefit from the rise of the NFT market if we compare the fundamental metrics of the industry with the movement of APE on the market. Fundamentally, the project has not brought any news to investors that would spark a 70% rally; however, the overall rise of the NFT industry might be enough.
As for the ApeCoin collection, the floor price of digital apes has not been moving upward since the beginning of the month. The cheapest digital piece you can buy now costs 64.19 ETH, compared to the ATH of 153 ETH back at the peak of the NFT era.
However, the stalemate of the underlying NFT collection does not seem to have any effect on APE itself as the cryptocurrency steadily moves upward, showing even more resilience than other volatile assets like Aptos.
At press time, APT is changing hands at $6 with only a 1% price increase in the last 24 hours. The financial return in the last seven days is 20%.