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MemecoinsBeginner
2024-10-25
Apechain mainnet launch and LayerZero's integration have been translated into a stunning price upside for APE in the past few weeks.
ApeCoin (APE)
The price of ApeCoin (APE) went up on Oct 21, gaining more than 100% over the past week amid excitement over the launch of the much-anticipated blockchain network, ApeChain.
Data from TradingView shows APE rose from a low of around $0.8 on Oct 20, climbing as much as 100% to a six-month high of over $1.7 two days later. As of this writing, the ERC-20 governance token trades at around $1.2.
Several factors behind ApeCoin’s bullishness include developments surrounding the recently launched ApeChain and a strengthening crypto market structure.
Launch of layer-3 ApeChain boosts APE price
ApeCoin’s price this week came after the launch of the much-awaited blockchain network ApeChain by the ApeCoin team led by Yuga Labs.
The layer-3 blockchain, which went live on Sunday, is a cross-chain bridge that enables users to transfer APE tokens, Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT) and Dai between ApeChain, Ethereum and Arbitrum networks.
ApeChain’s launch has expanded APE’s utility within the Yuga Labs ecosystem, possibly increasing demand for ApeCoin tokens. As a result, APE’s trading volume has increased significantly, spiking over 200%, according to CoinGlass.
Another factor fueling APE’s rally is the recent integration of LayerZero’s Omnichain Fungible Token standard into the ApeChain mainnet.
The introduction of LayerZero, an interoperability protocol that enables applications to move data across blockchains, allows APE to function as a governance token for ApeCoin DAO and is used for transaction fees across multiple chains.
Can the price of ApeCoin keep momentum?
ApeCoin’s recent surge has sparked interest among investors, who are increasingly buying the token amid “fear of missing out” on potential gains.
“So many people must be in FOMO watching this pump like a beast,” a well-known crypto trader said in an X post, responding to APE’s latest price action.
The trader said that the “real” gains would be attained once APE’s price produces a monthly candlestick close to around $1.9.
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