- APE worth reached highs final seen in April, leaping greater than 15% in 24 hours to $1.66.
- ApeCoin worth elevated by over 100% final week amid information relating to the launch of ApeChain.
ApeCoin (APE), the governance and utility token of the ApeCoin web3 ecosystem, has reached its highest worth degree since early April.
The APE token, linked to the Bored Ape Yacht Membership (BAYC) ecosystem, hit an intraday excessive of $1.66 to see its good points over the previous week surpass 100%. ApeCoin final traded round these ranges in April after Bitcoin led the cryptocurrencies greater above $73,000.
Why is the value of ApeCoin growing?
APE's good points got here as BTC climbed above $69,300 over the weekend. Nonetheless, it seems that one other catalyst performed a task within the ApeCoin worth.
That is the launch of ApeChain, a blockchain community providing a layer 3 chain on Arbitrum One. Yuga Labs, the developer of BAYC, introduced the debut of ApeChain on October 20.
Horizen Labs and OffChain Labs have proposed the launch of ApeChain in December 2023. The debut of the brand new blockchain community brings NFTs, exchanges and decentralized functions to APE token holders.
The ApeChain bridge can be dwell, that means holders can switch APE to ApeChain to earn staking yield. Assist contains APE, Ether (ETH), and stablecoins. In the meantime, the mixing with LayerZero on the ApeChain mainnet brings the advantages of cross-chain transfers and interoperability to the group.
The APE token was buying and selling round $1.53 on the time of writing, up about 15% within the final 24 hours. It reached its all-time excessive of $26.70 in April 2022, placing the present worth roughly 94% off the all-time excessive.
Nonetheless, APE/USD has surged over 215% since falling to $0.482 on August 5, 2024, when most cryptocurrencies crashed alongside BTC.
The potential breakout of an ascending triangle may however present additional momentum to the bulls.
