Meme coins Speedy and ApeCoin have both skyrocketed by over 100% in the last 24 hours, making headlines in the cryptocurrency market.
Current market insights reveal that Speedy (SPEEDY), a meme coin launched on the Fantom blockchain by The GOAT Foundation, ranks among the leading gainers as of Sunday afternoon. The Speedy team, which includes notable blockchain technology experts, has witnessed the token soar by more than 150%. This coin’s all-time high stands at approximately $0.03346, with its lowest point recorded at $0.0007253 on October 20.
ApeCoin (APE) also experienced a significant surge of 105.0%. Recent data indicates that APE traded within a 24-hour range of $0.7393 to $1.66. An analysis of the past week shows the coin’s ascent from a low of $0.6981 to $1.57.
What triggered the surge?
The dramatic price increase for Speedy remains somewhat unexplained. However, insights from crypto market analysts hint at potential reasons for this uptrend. Investing early could have yielded substantial returns, with an investment of $1,000 potentially translating to $30,000 now, and a $3,000 investment nearing $100,000.
Experts recommend monitoring coins with a market cap of around $1 million that have been trading for at least a week, as they present minimal risk of sudden losses while offering significant profit potential.
In the case of ApeCoin, the positive momentum is largely attributed to the recent launch of ApeChain, a new Layer-3 blockchain. This development was officially announced, indicating that token holders can now transition their assets to ApeChain, enabling them to earn native yields on APE, ETH, and various stablecoins.
The introduction of the ApeChain bridge allows seamless movement of tokens, which has generated heightened market interest. The ApeCoin team also noted a remarkable rise in meme activity on ApeChain, increasing by over 12,000%.
Despite a challenging second half of 2024 for the APE coin, which saw it reach an all-time low of $0.482 in August, it has rebounded impressively, boasting an increase of over 215% since that point. Currently, APE’s price has surpassed $1.5, raising questions about its ability to maintain this level moving forward.
As the native cryptocurrency of the renowned Bored Ape Yacht Club NFT collection, ApeCoin was launched in March 2022 and is governed by the ApeCoin DAO, providing holders with the power to shape the ecosystem’s future.
