ApeCoin (APE), ERC-20 token for the Bored Ape Yacht Club NFT, has surged above 10% in the last 24 hours, with the current price trading near $12 at 8 AM UTC. In the last 24-hour, the APE price rose to a high of $12.79 after Yuga Labs secured $450 million in a funding round led by venture capital firm Andreessen Horowitz.
APE price rally was also backed by buying from the top 100 ETH whales, with APE becoming the most traded Ethereum token in the last 24 hours.
Yuga Labs $450 M Funding Shoots ApeCoin (APE) Above 10%
Yuga Labs, on Tuesday, announced its valuation at $4 billion after the $450 million funding round led by a16z crypto, Andreessen Horowitz’s crypto fund. Other investors involved in the funding round include Animoca Brands, FTX, MoonPay, The Sandbox, LionTree, Sound Ventures, and Thrive Capital.
The funds raised will be used to hire more employees across its creative, engineering, and operations functions. Moreover, the remaining funds will be used for planned joint venture
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