Why ApeCoin (APE) is Up 9% Today

Eminem and Snoop Dogg released a new song featuring themselves in Bored Ape form and the prices of the coin have spiked. 

ApeCoin is experiencing such dramatic spikes in the aftermath of ApeFest, some are even calling it bullish. ApeCoin is the ERC20 utility token that came after Yuga Labs' Bored Ape Yacht Club project and can be used for buying, selling, and trading in the APE ecosystem.

ApeFest 2022

ApeFest 2022 is the annual music festival event that Bored Ape Yacht club hosts. The event is private, and only owners of BAYC NFTs are eligible to purchase tickets. This year, the impressive lineup featured LCD Soundsystem, Questlove, Haim, Lil Baby, Lil Wayne, the Roots, Future, and notable BAYC enthusiasts Snoop Dogg and Eminem as headliners. This group of acclaimed artists could be a sign of mainstream culture's acceptance of NFTs and different types of cryptocurrencies becoming more popular. The event also ran in New York City simultaneously with NYC NFT. 

On the final day of the festival, Snoop Dogg and Eminem surprised the crowd with a new original song, "From the D 2 the LBC." The title is a nod to each of the rapper's hometowns; Detroit, Michigan, and Long Beach, California. And with it, they also released a music video that depicts them in Bored Ape form as well as live. The music video, released over the weekend, has already garnered over 10.5 million views. 

Cultural support for BAYC

Part of BAYC's popularity has come from celebrity supporters. Both Eminem and Snoop Dogg have been vocal BAYC supporters. Earlier this year, an NFT creator with the username GeeGazza created an NFT version of Eminem as a Bored Ape wearing an army green cap and gold chain. He called it "EminApe" and Eminem himself purchased it for 123.45 ether, which is around $450,000. 

Events like this, when amplified by celebrity voices, certainly cause a rise in popularity of the tokens. Following ApeFest, ApeCoin saw a major surge in prices. The price upon writing is $5.24, up 9.8% in the last 24 hours. Apecoin has a live market cap of over $1.5 billion, causing it to rank at #34 in size, according to CoinMarketCap.