Why analysts see further upside in this multibagger crypto token

economictimes.indiatimes.com:

Crypto community is in love with animals, or atleast the monikered tokens. After dog-based tokens, they have found their new love in Apes. This is evident as ApeCoin (APE) has zoomed about 1,000 per cent since its launch. In less than a week since its inception on March 17, the new sensation has delivered multibagger returns to investors. However, the token was trading at $10.6, dropping about 8 per cent in the last 24 hours. ApeCoin is an ERC-20 governance and utility token that powers the APE NFT ecosystem. Its newly launched crypto sensation is among the top 50 cryptocurrencies by market capitalization.

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The token was launched on Ethereum Blockchain, secured by its proof-of-work (POW) consensus mechanism. It is available to trade on numerous exchange platforms. In India, Giottus was the first exchange to list the token. Vikram Subburaj, CEO, Giottus Crypto Exchange said that ApeCoin has seen a quick move because of the APE ecosystem is a community with considerable following and hype in the NFT space with brands such as Bored Ape Yacht Club and Mutant Ape Yacht Club. It has raced past some major tokens including THORChain, Tezos, Helium, Flow, Aave, Stacks, PancakeSwap, Gala, Harmony, Quant, Enjin Coin and Dash. The fully diluted marketcap of ApeCoin was just shy of the $3 billion mark, with tokens worth more than $2.6 billion exchanging hands in the last 24 hours, the data from Coinmarketcap suggests. The total and maximum supply of ApeCoin is capped at 1,000,000,000 with 277,500,000 APE tokens in circulation as of now, the data suggests. The circulation will constantly increase at regular