Why ApeCoin, Axie Infinity, and NEAR Protocol Popped This Week
There was a big bounce in cryptocurrency values this week as investors begin to see more certainty in the economy globally. Earnings season has helped that, but a big part of the move is driven by slowing inflation and speculation that the Federal Reserve is nearing the end of its interest rate hikes.
Some of the biggest moves weren't among the largest cryptocurrencies today but rather were made by metaverse and utility cryptocurrencies that could have very bright futures. As I'm writing at noon ET on Friday, ApeCoin (CRYPTO: APE) is up 16.5% since last Friday's close. Axie Infinity (CRYPTO: AXS) jumped a whipping 24.1%, and NEAR Protocol (CRYPTO: NEAR) is up 5.5%.
Yuga Labs, which launched the Bored Ape Yacht Club, launched an NFT called the Sewer Pass and a related game last week, which has brought attention to ApeCoin once again. The token is used in the game to buy power-ups and is a reminder that Yuga Labs is building a game that will use ApeCoin in some way.
Source Fool.com
