The price of ApeCoin (APE), an ERC-20 token for the Bored Ape Yacht Club NFT, has risen by more than 10% Yesterday.
Yuga Labs raised $450 million in a funding round led by venture capital company Andreessen Horowitz, bringing the APE price to a high of $12.79 in the last 24 hours.
The purchase of APE by the top 100 ETH whales aided the price increase, with APE becoming the most traded Ethereum token in the last 24 hours.
Yuga Labs, on Tuesday, announced its valuation at $4 billion after the $450 million funding round led by a16z crypto, Andreessen Horowitz’s crypto fund. Other investors involved in the funding round include Animoca Brands, FTX, MoonPay, The Sandbox, LionTree, Sound Ventures, and Thrive Capital.
The funds raised will be used to hire more employees across its creative, engineering, and operations functions. Moreover, the remaining funds will be used for planned joint ventures and partnerships by the company.
WhaleStats, a crypto whale analytics platform, announced in a tweet on March 22 regarding the ApeCoin (APE) token becoming the most purchased token by top 100 ETH whales. The tweet read:
“$APE had flipped $AAVE to be most traded token among the top 100 #ETH whales today”
The $450 million funding of Yuga Labs, rising interest of Ethereum whales, and popularity of ApeCoin (APE) among the Web3 and NFT community have pushed the price of the token significantly higher.
Since bottoming out near the $9.5 level two days ago, the APE price has surged nearly 30% to register a high of $12.79 today. However, the price has corrected slightly and currently trading near the $12 level. As per the CoinMarketCap, the current market cap of ApeCoin is $3.33 billion, ranked at 42nd position.
Yuga Labs has achieved noteworthy success within the NFT space from its BAYC, MAYC, and CryptoPunks NFTs, along with the launch of ApeCoin (APE) for the Web3 ecosystem. Now, Yuga Labs plans the “Otherside” gaming project, powered by ApeCoin, scheduled in April.
With all these current and upcoming projects, the ApeCoin (APE) price is expected to skyrocket and break above the current ATH of $39.40 soon.