ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC) NFT collection, has avoided larger losses in the crypto market over the past 24 hours. Rising whale trading has emerged as the biggest factor behind the token's performance. The token soared by up to 10% over the last 24 hours to $12.24, with trading volumes increasing nearly 300% in one day to over $729 million.
Data from Whalestats showed that APE was the most traded token by major Ethereum whales in the past 24 hours. It also became the fourth most purchased token by ETH whales, with around $57,000 worth of APE purchased in the last 24 hours.
The data shows that whale interest in the coin has increased since its launch last month. While seeing a choppy launch, APE has since stabilized to trade in the $10 to $20 range. Recent weakness in the crypto market has also affected the token, which has dropped 9.2% over the past seven days.
Another factor behind APE's weekend splash was the announcements of popular music group Bassjackers, which presented BAYC-themed graphics at a recent concert in Chile. Still, technical indicators showed that the APE has yet to rise above the $12.6 resistance level. A breakout there could launch the token higher.
APE is set to become an upcoming blockchain game and native token for the metaverse by Yuga Labs, creators of BAYC. While little is known about the project beyond a teaser trailer, its launch seems likely to benefit the token.