A recent wave of attention was directed towards ApeCoin (APE) due to its drastic and unusual 2,000% price hike on Korean cryptocurrency exchange Upbit. This sudden surge in value caused many investors and analysts to question the background of this abnormally high crypto-madness. According to the speculations, it is APE that Korean investors have been pumping up in times of withdrawal and deposit suspensions by Upbit, leading to a trading volume of $100 million on the Korean exchange, that is, double that of Binance.

As noted in the warning that appeared on Upbit's coinmarketcap page, it is possible that APE's recent trade could be of an artificial nature. On Upbit, the APE/BTC pair reached its peak of 0.003BTC which translates to around $90. Whereas, APE is currently trading at around $30 in Upbit, this is significantly different than the token's value of $4.44 on Binance. However, due to the suspension of transactions involving ERC-20 tokens ahead of the Shanghai hard fork, arbitrage of this currency is impossible.

It is also important to note that APE has not had other pairs apart from BTC. This signifies the fact that even with the recent remarkable price surge, APE continues to be largely undocumented, raising further questions about its nature and recent developments. The cryptocurrency industry, as well as the public, are yet to figure out what caused this sudden price surge and if it is the start of something more to come.



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