Apart from the Shanghai upgrade in Ethereum, there is no big news in the crypto market. Despite this fact, ApeCoin price recorded an incredible price rally in a matter of moments on Wednesday, thwarting all analyst predictions.
On Wednesday, April 12, investors and speculators saw Yuga Labs’ ERC-20 token ApeCoin, simply APE/BTC, rally by 2000%. ApeCoin soared from $4.20 to $90 mark in a matter of hours on Upbit, South Korea’s largest cryptocurrency exchange, before the bullish gains turned into an aggressive sell-off.
On April 12, the APE vs BTC pair started at 0.00014 BTC and reached 0.0003 BTC (at $90) on the Upbit exchange. At the time of writing, ApeCoin is trading at $4.48 against the USDT pair on Binance, according to data from CoinMarketCap. However, in the last 24 hours, the exchange of APE tokens increased by 95% to $339.5 million.
There is no specific reason behind this crypto-madness phenomenon. Some analysts are considering this as a bull trap for investors. From the looks of it, the rise is in line with a general buying rush and restriction of trading channels of the exchange.
Upbit stopped accepting deposits and withdrawals of Ether and ERC-20 tokens on the same day, awaiting the outcome of the Shanghai update for the Ethereum network. As a consequence, speculators on Upbit exchange were only able to trade in Bitcoin to APE (BTC/APE) trading pairs.
Also Read: Ethereum Shanghai Upgrade is Now Live
