SOL - Why ApeCoin Is Popping While Solana and Binance Coin Are Dropping
Usually, the crypto market moves in a somewhat uniform way, but that's not the case at all on Monday. At 12:30 p.m. ET, most cryptocurrencies are trading lower on the day, but one is up big.
ApeCoin (CRYPTO: APE) is the outlier, rising 8% in the last 24 hours and 34.6% in the past week. Meanwhile, Binance Coin (CRYPTO: BNB) is down 5% and Solana (CRYPTO: SOL) is down 5.1%.
The ApeCoin move is continued speculation on the token's value ahead of staking. Investors learned late last week that staking would soon be available for holders, but will be "geo-fenced," or blocked, in the U.S., Canada, North Korea, Syria, Iran, Cuba, and Russia. The developers are facing an uncertain regulatory environment in these countries and that's what has held back staking, which could provide utility and benefits that the Securities and Exchange Commission (SEC) feels make the token a security.
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Why ApeCoin Is Popping While Solana and Binance Coin Are Dropping