A popular cryptocurrency token has grown 20 times in 2 hours

The cryptocurrency ApeCoin (APE) unexpectedly surprised crypto market players by soaring by 2000% in just two hours. The figures were reported on the Upbit cryptocurrency exchange, the largest digital asset company in South Korea. The sudden jump in the value of APE attracted the attention of investors and analysts, sparking a discussion about what exactly triggered such a large increase in the virtual coin’s price.

The twenty-fold rise in APE price coincided with the fact that Upbit suspended deposits and withdrawals of ETH from the ERC20 network. This caused cryptocurrency fever among Korean retail investors. Although there is no specific reason for this unusual behavior of the ApeCoin rate, there is an assumption that Korean crypto enthusiasts deliberately create a hype around the coin during the period of freezing deposits and withdrawals.

The trading volume of APE on the Korean exchange is $ 100 million, which is twice as much as on Binance. At its peak, the APE vs BTC pair on Upbit reached 0.003 BTC, which is about $ 90. It is worth noting that ApeCoin has an APE/BTC pair only on the Korean crypto platform.

According to CoinGecko, APE is currently trading at $ 4.43, the asset’s market capitalization is $ 1.63 billion, and daily trading volumes have exceeded 346.4 million.