There’s a new rival in the animal kingdom of cryptocurrencies (and this time it’s not a puppy)

The animal kingdom of cryptocurrencies seems to have a new contender for the throne. And no, this time it is not about a new exotic breed of puppy that seeks to compete with Dogecoin (DOGE) or Shiba Inu (SHIB). Now the one that shines brightly is a monkey, that of ApeCoin (APE), a token associated with the NFT Bored Ape Yacht Club project and the Otherside metaverse.

It is not only that APE has been rising strongly in recent weeks, nor the position it occupies among the cryptocurrencies with the largest market capitalization. Is that it now outsells both DOGE and SHIB in trading volume.

In a range of 7 days, ApeCoin exceeds 3.5 billion dollars moved on exchanges, according to data from CoinMarketCap. That’s $1 billion more than was traded on SHIB and double the capital moved on DOGE in that one-week range.

Both dogs far outperform APE in market cap. DOGE ranks 11th among the cryptocurrencies with the most accumulated capital, while SHIB is number 16. APE, meanwhile, is in 32nd place.

However, market capitalization is a misleading metric. Although it accounts for the amount of capital in a particular project, since it is the total value of the coins in circulation; an accelerated rate of issuance can also increase this capitalization disproportionately.

Instead, trading volumes show how much investors and traders are interested in each asset at a given time. That figure shows how much market players are willing to risk in trading each cryptocurrency. And right now, the number heavily favors ApeCoin.

Price boost for APE

Not even the unicorn of UNI (Uniswap) or the horse of 1INCH come close to ApeCoin trading volumes currently. And the price of the latter has reacted very positively to some news and the push of capital invested by traders.

As we reported this Wednesday in CriptoNoticias, APE has risen to its best June levels after luxury brand Gucci announced that it would accept the token in stores selected from the United States.

Previously, APE had been rising after a first incursion of users in the Otherside metaverse. Right now, ApeCoin accumulates a total value of more than 2,250 million dollars in capital, with its unit price at 7.42 dollars at the time of writing this article.

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