$APE is on 75% rise since the beginning of the rally, but the rally is not supported by projects' fundamental growth
in the last few weeks, and the reason behind it is not tied to the market-wide recovery exclusively.
In the last 25 days, APE has gained more than 72% to its value, and while the initial momentum of the asset could have been gained thanks to the recovery of the market in general, the further acceleration is tied to the NFT industry. According to on-chain data provided by Delphi Digital and other analytical services, various NFT collections saw a surge in trading volume and the floor prices of various NFT collections.ApeCoin tends to benefit from the rise of the NFT market if we compare the fundamental metrics of the industry with the movement of APE on the market. Fundamentally, the project has not brought any news to investors that would spark a 70% rally; however, the overall rise of the NFT industry might be enough.
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