SHIB, ApeCoin Defy Crypto Market Slump With Double-Digit Gains

Meme cryptocurrencies Shiba Inu (SHIB) and ApeCoin are up approximately 10% and 20% during the last 24 hours—price movements that run counter to the downward trend of the broader crypto market. 

SHIB currently stands at $0.00002733, up 20.6% on the day, according to CoinMarketCap. ApeCoin is currently $12.24, up a more modest 10.1% over the last 24 hours.

In comparison, Bitcoin and Ethereum—the two most known and largest cryptocurrencies—have seen barely any movement in the last 24 hours and have slumped by 11% and 8% in the last week. 

Despite the total market cap of all cryptocurrencies slipping to $1.87 trillion, per CoinMarketCap, both Shiba Inu and ApeCoin have had reasons to jump in price in recent days.

Shiba Inu

Earlier this week, Shiba Inu was one of several cryptocurrencies listed by popular stock and cryptocurrency trading platform Robinhood, quickly sending the meme coin soaring by double digits. 

In addition to Shiba Inu, Robinhood added support for Solana (SOL), Polygon (MATIC) and Compound (COMP), however none of these assets have seen the near-20% gains that Shiba Inu has. Only Compound has seen a comparable uptick, with its token up over 8% in the last 24 hours. 

ApeCoin

ApeCoin, the native cryptocurrency for the Bored Ape Yacht Club NFT series, has also witnessed some success in recent days. 

At the start of the week, Coinbase announced the development of a three-part series of animated short movies based on the Bored Ape Yacht Club NFT project. 

The short films—which will be produced by crypto exchange Coinbase—are entitled “The Degen Trilogy,” with the first set to debut at the NYC.NFT conference in June this year. 

“We’ve been inspired by the Bored Ape Yacht Club community and excited to invite them to co-create this film with us,” said Coinbase’s Entertainment and Culture Marketing Director William Swann at the time. 

Also this week, a Bored Ape Yacht Club-themed burger restaurant—Bored & Hungry—debuted in California, accepting Ethereum and ApeCoin as payment.