ApeCoin Up 50% This Week After Creator Raises $450 Million

ApeCoin’s (APE) rebound continues today as the firm behind the project raised hundreds of millions of dollars in the latest funding round led by Andreessen Horowitz.

APE’s price surged 75% intraday to reach approximately $14.50 per piece. One thing to note is that the token’s upside move came as a part of a retracement rally which started at the beginning of this week when it was trading for as low as $9.50 per coin.

This price surge has pushed APE’s week-to-date profits up by 50%. This makes it one of the best-performing digital assets since the 21st of March this year.

According to CoinMarketCap, APE is currently ranked 39th in terms of market capitalization in the cryptocurrency market. Since soaring to $14.50 per coin, the price has dipped to $13.39. However, the price is still up more than 80% in the last 7 days and is up more than 9% in the last 24 hours.

ApeCoin made its way to the cryptocurrency market on the 17th of March via an airdrop backed by Yuga Labs, who is the creator of the Bored Ape Yacht Club.

Yuga Labs dropped 150 million APE among the owners of the Bored Ape NFTs – each getting 10,904 tokens as of Thursday. Meanwhile, people who own the rarest Bored Ape Yacht Club NFTs, the “Mutant Apes”, received 2,042 tokens. This is approximately worth $27,300 at the current price.

The firm believes that the APE token will become a utility and governance token that will allow holders to have a say in the so-called ApeCoin DAO.