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Why ApeCoin Is Surging Today

TheMotleyFool

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Over the last 24 hours, the price of ApeCoin (CRYPTO: APE) has popped roughly 26% as of 10:58 a.m. EST after rumors began circulating that ApeCoin might be used to process land sales transactions in the metaverse.

ApeCoin has been on a strong run. The token is connected to the Bored Ape Yacht Club's non-fungible tokens (NFT), a popular and expensive batch of NFTs that depict a variety of apes with different facial expressions and wardrobes. Yuga Labs, which created the NFTs, owns 16% of outstanding ApeCoin tokens, and the founders of Yuga Labs own another 8%.

Image source: Getty Images.

Source Fool.com

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