Top 3 Trending Coins: APE Hits Multi-Month Highs and UNI Rallies as Solana Wallet Hack Hits SOL

Key Points

• ApeCoin hit its highest since late May and is outperforming on Wednesday after Gucci announced it will accept APE payments.
• Uniswap is also fairing well and is the best performer in the crypto top 20.
• Solana is the worst performing top 20 crypto, weighed following news that Solana wallets were hacked.

ApeCoin (APE)

ApeCoin broke out to its highest levels since late May on Wednesday above $7.40 per token and was last trading in the $7.30s and with gains of over 10% on the day. According to CoinMarketCap, APE has gained over 15% in the last 24 hours, making it the best performing cryptocurrency in the top 50 by market capitalization.

APE/USD has arguably been in a technical uptrend since mid-June, with the 21-Day Moving Average (currently at $6.13) also offering support more recently. The cryptocurrency is now probing an area of support turned resistance from May in the $7.50 region. If it can get above this, a challenge of $8.0 seems likely.

Gucci to Accept ApeCoin Payments

Iconic high-end luxury fashion brand Gucci announced on Tuesday that it will now accept in-store purchases in ApeCoin through its payment service provider BitPay, news which likely gave APE a boost. Gucci’s move to accept ApeCoin comes after it began accepting payments in Bitcoin, Ethereum, Dogecoin and various USD-pegged stablecoins back in May. Gucci competitors such as Balenciaga and Farfetch also began accepting crypto payments this year.

Uniswap (UNI)

UNI, the native token that power’s the predominantly Ethereum-based decentralized exchange (DEX) Uniswap, was last trading higher by close to 8% on Wednesday. The cryptocurrency found significant demand when it retested its 200-Day Moving Average just under $8.20 earlier in the session and, aided by a broader bounce in crypto prices on Wednesday, has rallied to just under $9.0 per token.

UNI bulls will be eyeing a test of the near-$10 highs that the token printed last week and the cryptocurrency’s technical outlook looks positive. UNI has been in an uptrend since mid-June and a break above the $10 resistance area could open the door to a swift rally towards the next area of resistance around $12.50.

Uniswap Expensive Compared to Other Exchanges, According to Market Cap/Revenue Ratio

According to the anonymous host of InvestAnswers, UNI is expensive in comparison to the share price of leading US crypto exchange Coinbase Global and versus the share prices of the NYSE and Nasdaq stock exchanges. The host said that Uniswap has a market cap to revenue ratio of 6.7 ($6.7 billion in market cap versus $1 billion in annual revenue). This is nearly twice as high as the NYSE’s ratio and significantly above Coinbase’s 2:1 ratio.

Still, the host remains positive on UNI, noting that “considering the growth of DEXs and their popularity and how they’ve survived and thrived during this bear [market] winter, I think the future is very bright for Uniswap”. “The question is, could Uniswap do a 3x from here? I say, yes it could,” they added.

Solana (SOL)

Solana is the worst performing cryptocurrency in the top 20 by market cap on Wednesday, weighed by news that thousands of Solana wallets were hacked. SOL, the native token that powers the Solana blockchain, was last about 1.0% lower on the day and trading in the mid-$39s per token.

Despite the news of the hack, the slightly better tone to broader cryptocurrency market conditions is keeping SOL above its 50-Day Moving Average in the mid-$37.00s for now. Technicians are also eyeing a potential test of an uptrend that has been supporting the price action since mid-June. So long as SOL can stay above this uptrend, it arguably still has a modestly positive near-term technical bias.

Solana Wallets Hit in Multimillion Dollar Hack

Late on Tuesday, the Solana blockchain’s crypto ecosystem came under attack. As of early Wednesday morning, at least $8 million worth of crypto has been drained from more than 8,000 different “hot” wallets, including Phantom, Slope and TrustWallet. “Hot” wallets are those that stay connected to the internet at all times to provide users with convenience when sending, receiving or storing digital assets.

Twitter users speculated that the hackers might have access to users’ private keys, thus giving them wallet access. But the exact cause of the attack remains unknown. A spokesperson from Phantom, the developer of the most widely used Solana wallet, told the crypto media that “we are evaluating the incident impacting Solana wallets and are working closely with other teams in the ecosystem to get to the bottom of this”. “The team doesn’t believe this is a Phantom-specific issue at this time,” they added.