Meme Coins Experience Remarkable Price Surge

Meme coins, notably Speedy and ApeCoin, have experienced a stunning price increase exceeding 100% within just a 24-hour window.

Speedy Coin’s Meteoric Rise

Recent market data indicates that Speedy (SPEEDY), a meme coin that debuted on the Fantom blockchain through The GOAT Foundation, emerged as one of the top gainers listed on CoinGecko as of Sunday afternoon. With the backing of a proficient team adept in blockchain technology, spearheaded by Chief Investment Officer Gonzales Spidorius, Speedy’s price surged by more than 150%. The coin has recorded an all-time high of approximately $0.03346, while its all-time low was documented just a few weeks back on October 20, where it reached $0.0007253.

As shown in the chart below, the momentum behind Speedy is undeniably impressive.

ApeCoin’s Stellar Performance

On the other hand, ApeCoin (APE) experienced a remarkable spike of 105%. Trading data reveals that APE fluctuated within a 24-hour range from $0.7393 to $1.66. A detailed examination over the past week shows APE climbing from a low of $0.6981 to an impressive high of $1.57. The charts below illustrate this upward trend effectively.

What Catalyzed These Significant Surges?

While the reasons behind Speedy’s sudden spike are under investigation, crypto analyst Ben Crypto—who commands a following of over 30,000 on YouTube—has taken the opportunity to share his insights. He noted, “Yes, turtles move slow, but this coin is fast. It ain’t slowing down anytime soon… for a full two weeks, this coin lingered under a $1 million market cap. In just a few days, it ballooned to around $10 million, experienced a minor pullback, and then rocketed upwards over the last two days.”

Ben Crypto further elaborated that a $1,000 investment during this timeframe would now reflect an astonishing value of $30,000. Similarly, a $3,000 investment would yield around $100,000, if one had acted wisely. He emphasizes that investors should consistently target coins exhibiting a market cap of $1 million that have been actively trading for a week or more, citing reduced risk of rug pulls and an attractive risk-reward ratio.

Turning to ApeCoin, the driving force behind its bullish trend seems to stem from the advent of ApeChain, a new Layer-3 blockchain platform. The official announcement by the ApeCoin X account confirmed this significant development, stating: “Bridges are live. Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins.”

ApeChain’s Impact and Opportunities

The recent launch of ApeChain has ushered in numerous noteworthy features that have fortified positive sentiment in the market. Now, token owners have the ability to transfer their assets to ApeChain, as well as to Ethereum (ETH) and the Arbitrum (ARB) chains. The team behind ApeCoin publicized that by holding APE on ApeChain, users automatically slip into yield mode, enabling them to earn yields not only on APE but also on ETH and an array of stablecoins.

Additionally, the ApeCoin development team shared on social media that the number of memes circulating on ApeChain has surged by over 12,000%. There’s been a notable reversal for APE after hitting an all-time low of $0.482 in August 2024, with the cryptocurrency now surging by upwards of 215% from that nadir, aided significantly by the recent launch of ApeChain.

As it stands, APE’s price has escalated past the $1.5 threshold, raising questions about its ability to sustain this level. Notably, ApeCoin serves as the native cryptocurrency associated with the Bored Ape Yacht Club NFT collection, which was initially launched in March 2022 by Yuga Labs and operates under the governance of the ApeCoin DAO. This decentralized autonomous organization allows holders to contribute to the coin’s future trajectory.

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