Key Highlights
- Speedy saw a remarkable 150% surge within 24 hours.
- ApeCoin experienced a 105% rise, largely due to the launch of ApeChain.
- Speedy’s market cap grew from below $1 million to nearly $10 million in just days.
- Investors who caught the wave early are seeing massive returns on their investments.
Meme coins are once again at the forefront of the crypto market, with Speedy and ApeCoin both witnessing over 100% price surges in just 24 hours.
Speedy, a turtle-themed meme coin, spiked by more than 150%, while ApeCoin surged by over 105%, buoyed by the launch of a new Layer-3 blockchain, ApeChain.
This impressive price movement has caught the attention of both crypto enthusiasts and traders, leading to discussions on the forces undergirding these surges.
Everyone is now asking what’s happening with these unexpected gains and what broader implications they can have on the crypto market.
Speedy Meme Coin Sees Swift Gains
Speedy, a meme coin developed by The GOAT Foundation on the Fantom blockchain, has experienced rapid price growth despite its branding around a slow-moving turtle.
In just 24 hours, Speedy surged by over 150%, making it one of the top-performing assets on CoinGecko. The coin hit an all-time high of $0.03346, after dropping to just $0.0007253 earlier in October.
This surge attracted the attention of crypto YouTuber Ben Crypto, who commented on the coin’s rapid rise and the potential for investors to see significant returns.
"If you invested $1,000 during this period, you’d now have around $30,000," Ben Crypto stated in one of his videos. The low market cap and early entry made Speedy a highly lucrative investment opportunity for traders looking to capitalize on meme coin volatility.
The Role of ApeChain in ApeCoin’s Price Surge
ApeCoin, the native cryptocurrency of the Bored Ape Yacht Club NFT collection, also saw a massive price increase of over 105%.
The primary driver behind ApeCoin’s recent surge is the launch of ApeChain, a new Layer-3 blockchain that has excited the crypto community.
As of Sunday, ApeCoin was trading between $0.7393 and $1.66, with the price driven by the introduction of features that allow token holders to earn yields on APE, Ethereum (ETH), and other stablecoins.
The ApeCoin team confirmed that the bridges on ApeChain are now live, and token holders can transfer their assets to start earning yields.
The announcement sparked renewed interest in ApeCoin, particularly after the coin had experienced a significant price drop in August, hitting an all-time low of $0.482.
Since then, the coin has rebounded by over 215%, largely driven by excitement around the newly launched ApeChain.
What’s Next for Speedy and ApeCoin?
Despite their impressive short-term gains, both Speedy and ApeCoin must prove their staying power in a highly competitive market.
Speedy’s whimsical branding contrasts with its rapid growth, and its future success will depend on whether it can maintain investor interest and continue to innovate.
Similarly, ApeCoin faces the challenge of sustaining its momentum now that ApeChain is live. While the coin’s price surged past $1.50, it remains to be seen whether it can hold that level in the coming weeks.
Final Takeaway
The massive gains seen by Speedy and ApeCoin demonstrate that meme coins continue to be a driving force in the cryptocurrency market.
These coins, while volatile, present opportunities for traders willing to navigate the risks.
As Speedy and ApeCoin climb, the broader crypto market watches closely to see whether these assets can sustain their momentum or if they will eventually face corrections.