- The worth of APE hit a excessive final seen in April, rising greater than 15% in 24 hours to interrupt by way of to $1.66.
- The worth of ApeCoin has elevated by greater than 100% within the final week because of the information of the launch of ApeChain.
ApeCoin (APE), the governing and utility token of the ApeCoin web3 ecosystem, rose larger to its highest value stage since early April.
The Bored Ape Yacht Membership (BAYC) ecosystem-related token APE hit an intraday excessive of $1.66, and its positive factors have topped 100% over the previous week. ApeCoin final traded round these ranges in April, after Bitcoin led the cryptocurrencies larger in a rally to surpass $73K.
Why is the value of ApeCoin rising?
APE's positive factors got here as BTC climbed above $69,300 over the weekend. Nonetheless, there may be one other catalyst that seems to have performed into the value of ApeCoin.
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 twentieth.
Horizen Labs and OffChain Labs have proposed the launch of ApeChain in December 2023. The debut of the brand new blockchain community brings NFT, buying and selling and decentralized functions to APE token holders.
The ApeChain bridge can also be lively, which suggests holders can convert APE to ApeChain to get staking income. Assist consists of APE, Ether (ETH) and stablecoins. In the meantime, the combination with LayerZero on the ApeChain mainnet brings the advantages of cross-chain transfers and interoperability to the neighborhood.
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, which suggests the present value is about 94% under its all-time excessive.
Nonetheless, APE/USD has rallied greater than 215% since falling to a low of $0.482 on August 5, 2024, when most cryptocurrencies collapsed alongside BTC.
Nonetheless, a possible breakout of the ascending triangle sample may present new impetus for the bulls.
