One cryptocurrency operating on the Ethereum (ETH) network is experiencing significant growth following the launch of a new blockchain within its ecosystem.
ApeCoin (APE), the digital currency associated with the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, surged to $1.74 on Monday, marking a 135% increase in value from Saturday.
The rally of APE coincided with the launch of Apechain on Sunday.
Apechain, a project developed by Yuga Labs, the same team behind APE, enables the staking of ApeCoin tokens and expands the Bored Ape Yacht Club ecosystem.
According to pseudonymous analyst Elena,
“Apechain facilitates NFT minting, trading, and dApps (decentralized apps) while offering a seamless user experience. What sets ApeChain apart? ApeChain provides several advantages:
- Scalability: addresses scalability issues present in other blockchains.
- Incentives: offers token rewards, airdrops, and staking.
- Integration: fully compatible with the APE token.
Prior to the launch, Bored Ape co-founder Wylie Aronow, also known as Gordon Goner online, expressed,
“I envision ApeChain to be the most creator-focused chain in the crypto space. Equipped with tools that simplify creation, visibility, and innovation. I don’t want ApeChain to be exclusive to BAYC. I want it to encompass all apes.”
Following Monday’s surge, on-chain data from crypto analytics platform Arkham Intelligence reveals that the official ApeCoin address transferred 3.289 million APE valued at $5.13 million to Wintermute’s over-the-counter platform. Additionally, ApeCoin’s treasury address sent 4.6 million APE worth $6.95 million to Wintermute.
ApeCoin has retraced from its peak on Monday. APE is currently trading at $1.36, representing a 12.5% decrease in the past 24 hours.
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Image Credit: Midjourney