ApeCoin (APE) is the most traded token in the ETH whale

A BAYC-themed graphic displayed by the renowned music group Bassjackers at a recent concert in Chile was a factor in APE's weekend rally.

That said, technical indicators show APE has yet to break above the $12.60 bullish level. A breakout there would almost certainly push the token higher.

BAYC is developing a meta-universe.

Yuga Labs, the makers of the BAYC, announced that APE will be the native token for the new blockchain game and metaverse. Although little is known about the project beyond the trailer, the token is expected to benefit from its release.

The project, called "Otherside," will include many NFTs from Yuga's series, including Bored and Mutant Apes, CryptoPunks and Meebits.

Taking advantage of the popularity of the BAYC NFT, APE has enjoyed steady trading volume since its launch. The token now ranks 42nd among the top cryptocurrencies with a market cap of $3 billion.

ApeCoin has also been endorsed by blockchain game developer Animoca Brands.