APES, a new gaming token on Solana, is performing strongly even as the overall sentiment in the crypto industry remains subdued. The price of APES rose to a record high of $0.042, a significant increase from its month-to-date low of $0.000050.

According to recent data, its market cap surged to over $33.8 million, with the number of holders surpassing 17,000. The majority of transactions on the network have been bullish, with buy transactions exceeding 15,000.

APES, which was listed on Raydium earlier this month, quickly became the fourth-most popular asset on CoinMarketCap and CoinGecko. The token’s rise was further supported by the developers’ announcement of listing agreements with several tier-2 and tier-3 exchanges, including BingX, MEXC, and OKX.

However, efforts to list APES on larger exchanges like Bybit and Binance have not yet been successful.

APES: Gaming Meets Meme Coins

APES sits at the intersection of gaming and meme coins. Similar to other tap-to-earn tokens like Notcoin and Hamster Kombat, users can install a Telegram mini app to accumulate falling bananas and complete simple tasks such as following social media pages. These tokens can then be converted into fiat currencies through various exchanges.

A key distinction is that the developers chose Solana as the blockchain for APES instead of other rival blockchains. Solana is popular among meme coin and game developers due to its high speeds, low transaction costs, and the popularity of its decentralized exchange (DEX) networks like Raydium and Orca.

Capitulation Risks for APES Token

It remains uncertain whether the APES token will continue its upward trend after its recent parabolic rise. Historically, new tokens often rally post-listing and then pull back as holders sell off. For example, Notcoin initially surged by over 2,000% after listing but has since retraced much of those gains, with its market cap falling from over $2.8 billion to $906 million. Similarly, Hamster Kombat’s pre-market futures have dropped by over 80%.

Therefore, there is a risk that the APES rally may lose momentum and the token could drop to the psychological support level of $0.016, its lowest point on August 29.

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