ApeCoin gains massive momentum amidst the launch of a new blockchain in its ecosystem, doubling the assets value overnight.
ApeCoin (APE), an altcoin operating on the Ethereum (ETH) network, has experienced significant gains following the launch of a new blockchain within its ecosystem.
On Monday, APE reached a value of $1.74, marking a remarkable 135% increase from its price just two days earlier.
This rally coincided with the launch of ApeChain on Sunday.
Developed by Yuga Labs, the same creators behind APE, ApeChain enables the staking of ApeCoin tokens and aims to expand the Bored Ape Yacht Club (BAYC) ecosystem.
Amid the fluctuating crypto market this year, ApeCoin has defied trends, doubling its value.
The much-anticipated launch of ApeChain has invigorated the BAYC community, propelling APE from $0.75 to an impressive peak of $1.74 within a single day.
ApeChain introduces innovative features, including a meme coin launchpad and a leverage trading simulator, all designed to enhance user experience and lower gas fees.
The crypto community is optimistic about the potential for this new chain to scale effectively without sacrificing performance.
Analyst Elena, who prefers to remain pseudonymous, noted that “ApeChain facilitates NFT minting, trading, and decentralized applications (dApps), providing users with a seamless experience.”
She also highlighted several unique benefits of ApeChain:
- Scalability: Addresses congestion issues common in other blockchains.
- Incentives: Offers token rewards, airdrops, and staking options.
- Integration: Fully compatible with the APE token.
Ahead of the launch, Wylie Aronow, co-founder of Bored Ape and known online as Gordon Goner, expressed his vision for ApeChain, stating, “I want to see ApeChain be the most creator-focused chain in crypto, equipped with tools that make it easy to build and get noticed. It shouldn’t just be for BAYC; it should be for all apes.”
As APE surged on Monday, on-chain data from the crypto analytics platform Arkham Intelligence revealed that the official ApeCoin address transferred 3.289 million APE, worth approximately $5.13 million at that time, to Wintermute’s over-the-counter trading platform.
Additionally, ApeCoin’s treasury address sent 4.6 million APE, valued at about $6.95 million, to Wintermute as well.
ApeCoin has retracted from it’s recent high and is currently trading at $1.22 at the time of this writing.
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