The post What’s Behind ApeCoin Price 66% Surge, Top 100 Return? appeared on BitcoinEthereumNews.com.

ApeCoin (APE), the governance token of the APE ecosystem, has seen its price increase by a staggering  66% in the last 24 hours. During the intra-day trading session on October 19, the price of ApeCoin was $0.75. As of this writing, the cryptocurrency’s value has surpassed the $1 mark and could be looking at going higher. But why is APE suddenly making such a big move? This analysis reveals the reason and highlights what could be next for the token. ApeChain Launch Sends ApeCoin Volume Higher BeInCrypto’s finding revealed that APE’s price climbed due to the release of ApeChain. The. chain is a new Layer-3 blockchain developed as an Arbitrum Orbital Chain by the ApeCoin Decentralized Autonomous Organization (DAO). As a result, it returned as a top 100 cryptocurrency, according to CoinGecko data. On X (formerly Twitter), ApeCoin disclosed that bridges were live, and users can now access the chain.  “Bridges are live. Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins.” ApeCoin announced. Since its launch, market observers have drawn comparisons between ApeChain and Solana-based Pump.fun, as trader interest continues to grow. Within three hours of going live, Arbitrum-based Camelot DEX reported that ApeChain’s volume had exceeded $5 million. This trend was further supported by ApeCoin’s total on-chain volume. According to Santiment data, the volume surged nearly 3000% in the past 24 hours and is approaching the $1 billion mark. If the volume continues to climb alongside the price, the altcoin’s value could surpass $1.25 in the coming days. Read more: ApeCoin (APE): Everything You Need To Know Apecoin Volume. Source: Santiment Another notable surge in APE is its network growth, which tracks the number of new addresses interacting with a protocol. As of October 18, ApeCoin’s network growth was 83.  However,…

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Filed under: News - @ October 20, 2024 10:03 am