ApeCoin Up 1,100% But Vitalik Buterin (Ether) Is No Fan

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Last Updated on 23 March 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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As the first quarter of the year is about to end, is there anyone in the MSM still speaking of a crypto crash or can we assume that such conversations are all in the past? Something tells me that crypto’s volatility and the threat it poses to the global financial system means we will see many more stories trying to scare away investors.

As March nears its ending and spring is upon us, Apecoin gained 1,100% in a week, Ether broke through the $3k barrier again while Bitcoin briefly touched $44k. What will the second quarter bring?

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Bored Ape Yacht Club

Remember that weird group of monkey cartoons we told you about in November last year. The collection of NFTs was called the Bored Ape Yacht Club and whoever bought into them as from the beginning has made a pretty penny (at this moment).

NFTs have become all the rage by now as people try to find new ways to protect them from inflation and Non Fungible Tokens are a hype novelty which are an easier means of collecting art that was once only for the elite (and unfortunately also the oligarchs). By now, the Bored Ape Yacht Club has decided, because of its global success, to launch its own coin as well, giving away millions of coins through an airdrop in the beginning to holders of their own NFTs in order to promote the coin in return.

Aaron Brown, a Bloomberg Opinion writer, explained how this is:

A placeholder attempt to capture future potential business under the Bored Ape brand name. It’s closer to a SPAC—money raised today for some possible business to be named later—without the legal protections around real SPACs. The project is controlled by a small group of individuals.

Seems to have worked as the coin is climbing up the CoinMarketCap charts where it currently sits at number 42 already. Not bad for a coin only a week old only. So far it’s gained 1,100% in the past week, 10% in the past 24 hours.

Ether clings to $3k, Bitcoin touches $44k

Although Waves, Apecoin and other Metacoins have been dominating the headlines as for late, it is still mostly a game for Bitcoin and Ether, and the two major digital currencies are seeing green candles again in recent days. Ether’s scraping of the $3k level is mostly seen as a stepping stone towards greater highs.

Ether’s founder, Vitalik Buterin, also made it onto the cover of Time Magazine, and one quote of his sticks out like a sore thumb by now. Vitalik said that the whole NFT craze could be hurting the crypto community because “the peril is you have these $3 million monkeys and it becomes a different kind of gambling.” Ever since then, Vitalik has since been forced to explain that he doesn’t hate the Bored Ape Yacht Club. Crypto comes full circle again.

corlaffra / Depositphotos.com