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Meme coins Speedy and ApeCoin have both seen their prices pump by over 100% in the last 24 hours.
According to current market data, Speedy (SPEEDY) — a meme coin launched on the Fantom blockchain by The GOAT Foundation — was among the top gainers on CoinGecko as of Sunday afternoon.
The team behind Speedy, which includes experts in blockchain technology like Gonzales Spidorius serving as the CIO, saw the token spike over 150%. The coin’s all-time high hovers at around $0.03346; its all-time low was on Oct. 20, at $0.0007253.
See the chart below.
ApeCoin (APE), meanwhile, enjoyed a 105.0% increase.
Per their data, APE was trading in a 24-hour range of $0.7393 to $1.66. A closer look at the price in the last seven days shows that the coin has surged from a low of $0.6981 to $1.57.
What triggered the surge?
While the sudden surge in Speedy could not be confirmed, Ben Crypto — a crypto observer with over 30,000 subscribers on YouTube took a closer look.
Yes, turtles move slow, but this coin is fast. It ain’t slowing down anytime soon… for full two weeks, this coin was below $1 million market cap. Then, in the next few days, it quickly rose to about $10 million, pulled back slightly then in the last two days, it has gone parabolic.”
See below.
If you invested $1,000 during this period, it would be $30,000 right now, Ben Crypto explained. If you invested $3,000, it would be just around $100,000.
Always look for coins with $1 million market caps that have been trading for at least a week, he advises. Why? There’s minimal downside risk of a rug pull and the risk-reward ratio is high, he argues.
As for ApeCoin, the primary reason for the bullish momentum appears to be the launch of ApeChain, a new Layer-3 blockchain.
The ApeCoin X account made an official announcement regarding this development. “Bridges are live. Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins,” ApeCoin stated.
The lights are on. pic.twitter.com/0JV9ImmkDA
— ApeCoin (@apecoin) October 19, 2024
The newly launched ApeChain offers several key features that have contributed to the positive market sentiment.
Now that the bridge has been launched, token holders can now move their tokens to ApeChain, Ethereum (ETH) and the Arbitrum (ARB) chain.
Their team announced that holding ApeCoin on ApeChain puts their APE in automatic yield mode, letting users earn yields on APE, ETH, and other stablecoins.
The ApeCoin team also announced on X that memes on ApeChain are up by over 12,000%.
The APE coin has been on a downward trend in the second half of 2024. The coin had touched an all time low of $0.482 in August 2024. However, the coin has surged by over 215% since that low.
The recent ApeChain launch has also pushed the price up above $1.5. However, it should be seen whether APE can sustain the $1.50 level.
ApeCoin is the native cryptocurrency of the Bored Ape Yacht Club non-fungible token collection. It was launched in March 2022 by Yuga Labs and is governed by the ApeCoin DAO, which allows holders of the coin to vote on the direction of the ecosystem.