ApeCoin (APE), the ERC-20 token governing the ApeCoin Decentralized Autonomous Organization (DAO), showed notable growth in the first quarter (Q1) of 2024.
Key metrics showed significant progress, driving APE’s market capitalization, token price, and trading volume quarter-over-quarter (QoQ), demonstrating consecutive quarters of growth.
ApeCoin Regains Unicorn Status
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As noted in a recent report by Messari, APE’s rebound was particularly noteworthy compared to the broader cryptocurrency market, which grew 53% quarter over quarter, and Bitcoin’s market cap, which grew 63% quarter over quarter.
After briefly dipping below $1 billion in Q2 2023, APE’s market cap regained unicorn status, ending Q1 2024 at $1.3 billion, representing 31% growth. According to the report, this market value increase was partly driven by a 21% QoQ rise in APE’s token price.
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