Meme Coins Speedy and ApeCoin Surge Over 100% in 24 Hours

Meme coins Speedy and ApeCoin have both experienced significant price increases, with each rising by over 100% in the last 24 hours.

Speedy: A Rapid Ascent

According to current market data, Speedy has surged by 123.2%. Launched on the Fantom blockchain by The GOAT Foundation, Speedy was among the top gainers on CoinGecko as of Sunday afternoon. The team behind Speedy, which includes blockchain expert Gonzales Spidorius serving as CIO, saw the token spike over 150%. The coin’s all-time high hovers around $0.03346, while its all-time low was recorded on Oct. 20 at $0.0007253.

Market Insights

Crypto observer Ben Crypto, with over 30,000 subscribers on YouTube, analyzed the sudden surge in Speedy’s price. He noted,

“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.”

Ben Crypto highlighted the potential returns, stating that a $1,000 investment during this period would now be worth $30,000, and a $3,000 investment would be around $100,000. He advises looking for coins with $1 million market caps that have been trading for at least a week to minimize downside risk and maximize the risk-reward ratio.

ApeCoin: Riding the Bullish Wave

ApeCoin has also seen a remarkable increase, rising by 109.78%. The coin has been trading in a 24-hour range of $0.7393 to $1.66. Over the past seven days, ApeCoin has surged from a low of $0.6981 to $1.57.

Factors Behind the Surge

The primary reason for ApeCoin’s bullish momentum appears to be the launch of ApeChain, a new Layer-3 blockchain. The ApeCoin X account officially announced this development, stating,

“Bridges are live. Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins.”

The newly launched ApeChain offers several key features that have contributed to positive market sentiment. Token holders can now move their tokens to ApeChain, Ethereum (ETH), and the Arbitrum (ARB) chain. Holding ApeCoin on ApeChain enables automatic yield mode, allowing users to earn yields on APE, ETH, and other stablecoins.

The ApeCoin team also announced that memes on ApeChain are up by over 12,000%. Despite a downward trend in the second half of 2024, where the coin had touched an all-time low of $0.482 in August 2024, ApeCoin has surged by over 215% since that low. The recent ApeChain launch has pushed the price above $1.5, though it remains to be seen if APE can sustain this level.

ApeCoin is the native cryptocurrency of the Bored Ape Yacht Club non-fungible token collection. Launched in March 2022 by Yuga Labs, it is governed by the ApeCoin DAO, allowing coin holders to vote on the ecosystem’s direction.

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