APES, the new gaming token on Solana, is showing record growth even as the sentiment in the crypto industry declines.
Record Growth of APES
APES rose to a record high of $0.042, significantly higher than its month-to-date low of $0.000050. According to DEX Tools, its market cap jumped to over $33.8 million, while the number of holders increased to over 17,000. Most transactions on the network were bullish, with the number of buys exceeding 15,000.
Exchange Listings and Strategy
APES, which was listed on Raydium earlier this month, soared as it became the fourth-most popular asset on CoinMarketCap and CoinGecko. The developers announced that they had secured listing deals with several tier-2 and tier-3 exchanges, including BingX, MEXC, and OKX. However, their attempts to have the token listed on Bybit and Binance have not worked out yet.
Capitulation Risks for APES Token
It is unclear whether the APES token has more upside after its significant rise over the past few days. In most cases, new tokens tend to rally after listing and then pull back as holders sell. For example, Notcoin initially jumped by over 2,000% after listing and has now pared back most of those gains. Therefore, there is a risk that the APES rally will fizzle out as its momentum wanes, possibly dropping to the psychological point at $0.016, its lowest mark on August 29.
While APES shows impressive growth, there are risks associated with a potential decline in its value in the future. It is essential to monitor the development and market trends closely.
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