ApeCoin Price Rises 50% Following ApeChain Launch
The post ApeCoin Price Rises 50% Following ApeChain Launch appeared on BitcoinEthereumNews.com.
TLDR ApeCoin (APE) price surged 50% in 24 hours, reaching $1.53 ApeChain Layer-3 blockchain and cross-chain bridge launched APE now used for yield farming and as gas token on ApeChain APE market cap surpassed $1.1 billion Major liquidation event possible if price reaches $1.548 ApeCoin (APE), the governance token of the APE ecosystem, has experienced a significant price increase of 50% over the past 24 hours. The token’s value rose from $1.21 to $1.53, marking its highest point in six months. This surge has pushed APE’s market capitalization above the $1.1 billion threshold. The primary catalyst for this price rally appears to be the launch of ApeChain, a new Layer-3 blockchain within the APE ecosystem. Alongside ApeChain, a cross-chain bridge was introduced, enabling smooth transfers of APE and other popular cryptocurrencies like Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and Dai (DAI) between the ApeChain, Ethereum (ETH), and Arbitrum (ARB) networks. ApeCoin Price on CoinGecko This development has expanded APE’s utility within the Yuga Labs ecosystem, the company behind well-known NFT collections such as the Bored Ape Yacht Club. APE token holders can now participate in yield farming, allowing them to generate automatic returns on APE, ETH, and various stablecoins. This added functionality has increased the token’s appeal to investors and users alike. APE has taken on a central role in the newly launched ApeChain. It serves as the native gas token for the network, meaning it is used to pay transaction fees. Additionally, APE continues to be used for voting within the ApeCoin DAO and as a payment method for Yuga Labs’ products and real-world purchases. ApeCoin recently implemented a smart contract update. This update integrated the LayerZero Omnichain Fungible Token (OFT) standard, allowing APE to function as a governance token for ApeCoin DAO across multiple blockchain networks.…
Filed under: News - @ October 21, 2024 8:28 am