After launching with a hefty dump, prompting some crypto observers to dub it yet another “sh*tcoin”, APE has been surging on its second day of trading.

At the time of writing, the Bored Ape Yacht Club-linked ApeCoin is changing hands above US$14, up about 80% over the past 24 hours. And a short time ago it reached as high as US$17 after lows of US$6.21 post launch.

The token was airdropped to BAYC NFT ecosystem holders yesterday and you can read a bit more about what it is, and what utility it has, here.

Depending on how many NFTs they have, whether they’ve already sold, and whether that was closer to the top than the bottom, a killing on the airdrop has likely already been made by at least some BAYC NFT holders.

In fact, it absolutely has, judging by the tweets we’ve been seeing…

As for any thought of aping into it as a non-BAYC NFT holder… this primate is no financial adviser, but if monkeying around with extreme volatility and risk is your thing, maybe this one’s up your tree.

Here’s one investor’s take on it, though. Not saying this niche VC fund partner is right, not saying he’s wrong…

 

Top 10 overview

With the overall crypto market cap at about US$1.93 trillion, up roughly 0.7% from this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

In other related news, the Ethereum ecosystem-building firm ConsenSys has just raised a significant sum in venture capital – US$450 million in a series D funding round led by ParaFi Capital, Temasek, SoftBank and Microsoft, among others.

And meanwhile, in Ukraine, one farmer’s apparently doing all he can to acquire as much ETH as possible…

As for the no.1 crypto market mover, Bitcoin (BTC), here’s some on-chain data from young American analyst Will Clemente, which points to a potential “supply shock” situation for the OG crypto. Bullish? Potentially…

Not everyone agrees with that thesis, though…

 

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$20.4 billion to about US$910 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY PUMPERS

• ApeCoin (APE), (mc: US$1.67 billion) +80%

• Xido Finance (XIDO), (mc: US$2.15 billion) +77% (although was up 154% earlier, see below)

• Waves (WAVES), (mc: US$3 billion) +7%

• Aave (AAVE), (mc: US$2.1 billion) +6.5%

• Synthetix (SNX), (mc: US$1.04 billion) +6%

So what’s Xido Finance all about, one tweeter asks?

Well, “alt boi”… according to its website, Xido is a decentralised AMM built on Ethereum, and is designed to incentivise yield farming.

AMM refers to “automated market makers” such as the Uniswap decentralised exchange, for instance. You can read more about AMMs on Stockhead here. As to why $XIDO is pumping right now, we’ve had a look but can’t immediately find a good reason.

 

DAILY SLUMPERS 

• Humans.ai (HEART), (market cap: US$1.29 billion) -7.5%

• THORChain (RUNE), (mc: US$2.34 million) -4%

• Basic Attention Token (BAT), (mc: US$1.25b) -3.5%

• ECOMI (OMI), (mc: US$1.96b) -2.5%

• The Sandbox (SAND), (mc: US$3.57b) -2%

 

 

Uppers and downers: lower caps

Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…

DAILY PUMPERS

• NFTY Token (NFTY), (market cap: US$63m) +32%

• Orion Money (ORION), (mc: US$21m) +37%

• Addapter Token (ADP), (mc: US$70m) +35%

• Origin Protocol (OGN), (mc: US$258m) +27%

• Kylin Network (KYL), (mc: US$18.6m) +26%

 

DAILY SLUMPERS

• Retreeb (TREEB), (market cap: US$56 million) -34%

• Meerkat Shares (MSHARE), (mc: US$103m) -22%

• MMFinance (MMF), (mc: US$138m) -16%

• Navcoin (NAV), (mc: US$11m) -15%

• Redacted Cartel (BTRFLY), (mc: US$73m) -12%

 

Around the blocks

US Democratic senator Elizabeth Warren’s controversial crypto bill is proving to be a hot topic on Twitter today. The anti-crypto senator’s bill seeks to block crypto firms from conducting business with sanctioned companies.

“This is a bill that would authorise the president to sanction foreign cryptocurrency firms that are doing business with sanctioned Russian entities and authorise the Secretary of Treasury to act,” said Warren.

The reason the bill’s stirring the pot in crypto circles is that its proposed restrictive measures and oversights seem to extend well beyond Russian sanctions.

The Washington, D.C.-based think tank Coin Center has described the bill as “unnecessary, overbroad, and unconstitutional” in a blog post.

Warren has had a veritable beehive in her bonnet about crypto for ages now – any chance she gets, she’ll try to take it down. Throw enough mud and maybe something will stick for her. Still, there appears to be a reasonable amount of bipartisan opposition to the bill at this point. We’ll keep an eye on how it progresses.

Annnnyyyyway… that’s about it for another week. Here’s a meme…

 

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