This Is Why The Price Of Apcoin (APE) Is Skyrocketing Today

The two legendary rappers Eminem and Snoop Dogg recently collaborated on a new track, “From the D2 the LBC,” and performed it at the Apfest for Bored Ape Yacht Club (BAYC) holders. Apcoin sees 30% growth in less than a week after incident per crypto news site

APE price breaks the key support level of $3.9

ApeCoin is one such token that has been hit hardest by the recent market downturn. According to CoinMarketCap, APE recently lost 45 percent of its value, but has since risen again. Reports say that the special event for NFT holders where music giants performed has made cryptophobic people FOMO.

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APE first tries to find support at $3.9

Now reaching $5.26 in 24 hours, which shows that BAYC is up by over 34% in just two days after the event. Further rise is expected from this level as the coin has crossed its former resistance level.

Eminem to NFT music video in 2021

Eminem and Snoop Dogg are no strangers to NFTs. Eminem bought NFT in a music video in 2021 for 123 Ethereum, which was valued at around $462,000 at the time. Snoop also bought the NFTs he adapted into a music video in late 2021.

ApeCoin lost $2.5 billion in one month

Since ApeCoin touched $26.3 at the end of April, it has been on a downtrend due to factors that can only be attributed to the crypto market crackdown. At the beginning of May, ApeCoin had a market cap of $3.37 billion which later increased to $4.55 billion.

As of press time

ApeCoin now has $1,405,984,904 as a total market cap. Overall, Apcoin is down 83.5% since its market capitalization of $6.81 billion on April 28 at an all-time high of $6.81 billion at a price of $26.70 per token, according to crypto analytics site Analytics Insights.

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