Bitcoin price is on the rise again, which means that altcoins are also growing. While we haven’t seen a massive rally this week, most altcoins have managed to rally significantly, with some even making truly spectacular gains. However, the most interesting thing to happen in the altcoin ecosystem this week was not the price movements of existing altcoins, but the announcements of potentially groundbreaking new altcoins coming soon.
Iconic NFT Project Finally Launches Its Own Altcoin
Bored Ape Yacht Club (BAYC) is one of the most successful and popular NFT projects in the world. It is highly likely that non-fungible tokens would not have become as well known as they are today without the Bored Apes profile pictures that have taken social media platforms like Twitter by storm.
Most of the details about the upcoming cryptocurrency called ApeCoin (APE) have not yet been made public. All we know for now is that APE will be controlled by a decentralized autonomous organization called ApeCoin DAO, and most of APE’s supply should be distributed among the Bored Ape Yacht Club community.
All current Bored Ape owners are presumed eligible to receive free APE tokens in an airdrop. People who do not have Bored Ape NFTs can invest in ApeCoin as standard.
BAYC has always been known as the NFT project with the best marketing, but launching its own altcoin could really take the project to another level. Other NFT collections will most likely not be far behind, so we will likely see many more NFT-backed altcoins launched in the near future.
Popular crypto wallet hints at its own token
Bored Ape Yacht Club is not the only popular cryptocurrency brand that has recently announced plans to launch its own alternative cryptocurrency. MetaMask, one of the most popular multi-currency wallets in the world, has also decided to launch its own crypto asset.
As with BAYC, the token is accompanied by a DAO. But in the case of the MetaMask plan, we have no details other than a very vague announcement that ConsenSys, the company behind the wallet, is working to create a decentralized autonomous organization.
While we do not yet know the name or ticker of the MetaMask altcoin, it is not too early to see a new “altcoinization” trend emerging in the blockchain ecosystem. Between the altcoin announcements from Bored Ape Yacht Club and MetaMask, it’s clear that popular crypto names are starting to rediscover the power of altcoins.
ThorChain is on the rise: what’s behind the massive RUNE rally?
Most of the altcoins have only managed to make small gains in the last 7 days. ThorChain clearly doesn’t fall into that category: in the last week, the price of RUNE is up over 69%, making it by far the best performing major altcoin.
The spectacular rally pushed the price of RUNE past $8, making ThorChain one of the 50 largest cryptocurrencies with a market capitalization of over $2.75 billion. However, it is worth noting that ThorChain is still 60% lower than the all-time high of over $21 reached in May of last year.
The ongoing ThorChain rally, which has been underway for the past few weeks, is primarily driven by the project’s increasingly strong technological underpinnings. ThorChain recently added support for synthetic assets and the developers are working hard to include more DeFi features in RUNE in the near future.
The price keeps going up
While there is nothing better than ThorChain profits, The Graph price increase is also impressive. The GRT has grown more than 27% in the last week. Currently, The Graph is the 54th largest coin on the market.
While GRT is already a popular altcoin, it is essential to note that it is still an early development project. Currently, The Graph is in the process of migrating the Ethereum blockchain to the recently launched The Graph Network mainnet.
According to experts, The Graph’s key use case of easily integrating blockchain solutions with off-chain oracles and APIs will be of great importance in the transition to Web 3.0. Therefore, the price of GRT is likely to increase further in the future.