ApeCoin (APE) has been one of the top-performing cryptocurrencies over the past week, rocketing over 10% and outperforming many larger coins, like Bitcoin (BTC) and Ethereum (ETH).
This unexpected surge comes amid broader strength in meme coins and speculation around future use cases for APE.
Meanwhile, several newer meme coins have emerged at the same time and are already touted as having higher long-term potential than APE.
ApeCoin Price Propelled by Whale Accumulation and Metaverse Hype
ApeCoin’s rise over the past week has propelled it to a market cap of over $415 million – higher than established cryptos like Zcash (ZEC) and IOTA.
After trading slightly above $1 since the first week of October, APE has soared to over $1.124.
ApeCoin’s surge appears fueled by a whale accumulating millions of APE tokens throughout August and September.
According to on-chain data, the whale, known as Machi Big Brother, has purchased 4.73 million APE tokens in the past two months – worth $7.43 million at the time of writing.
This activity is considered a strong endorsement for ApeCoin and could signal an emerging trend of high-net-worth investor involvement.
Moreover, Yuga Labs’ renewed commitment to building out the Otherside metaverse has reignited hype around the project’s potential.
This has fueled interest in ApeCoin, which serves as the governance token for the virtual world.
Sustaining Momentum Remains Key Challenge for ApeCoin
While ApeCoin has seen impressive gains over the past week, it remains to be seen whether this momentum can be sustained.
Much of the buying frenzy has been speculative, driven by hype around the Otherside and whale movements.
For the APE price to continue recovering, concrete developments must materialize to support its current valuation.
Most importantly, the Otherside will need to finally launch with real integrations and use cases for APE beyond just governance rights.
However, APE will likely continue facing challenges, such as competition from new meme coins and adverse macro conditions.
As such, while traders clearly see upside in chasing recent gains, ApeCoin’s fundamentals must advance quickly to justify the rebound.
Otherwise, the risk of a price correction or a steep downturn will increase – especially if whale investors decide to liquidate their positions.
Which New Meme Coins Could Have Higher Potential Than APE?
While ApeCoin has seen a resurgence lately, its long-term potential compared to other emerging meme coins remains uncertain.
A new emerging meme coin, Meme Kombat, has quickly garnered attention and presented compelling cases to outperform APE in the coming weeks.
Meme Kombat Emerges as Innovative Blockchain Gaming Project as Presale Hype Builds
Meme Kombat (MK) is an Ethereum-based project that brings together memes and battle arenas in a unique way.
Using advanced technology to create unpredictable and engaging gameplay, Meme Kombat allows gamers to place wagers on meme-powered battles using MK – the platform’s native ERC-20 token.
As outlined in the project’s whitepaper, Meme Kombat allows for both direct peer-to-peer betting and betting against the house with built-in odds mechanics.
This allows gameplay to be competitive against other gamers or more analytical when wagering against the game itself.
Alongside this feature, Meme Kombat also offers a built-in staking protocol, where MK holders can pledge their tokens and earn annual yields of 112%.
Regarding tokenomics, 30% of the MK supply has been earmarked for staking/battle rewards, while 10% has been set aside for community rewards.
The project is still in its development stage, yet interested investors can buy MK tokens through the ongoing presale for just $0.1667.
With major exchange listings and a platform launch planned for later this year, MK could be positioned to outpace more established meme coins like APE if the development team executes successfully.
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