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- ApeCoin surged 118% in 24 hours following ApeChain’s launch on the Arbitrum Orbit.
- ApeChain debut boosts ApeCoin’s trading volume to over $5M in three hours.
- ApeCoin’s network growth has exploded from 83 to 3,235 users since the launch of ApeChain.
ApeCoin, the governance token of the APE ecosystem, has experienced a remarkable 118% increase in price over the last 24 hours. CoinGecko data confirms this surge, attributing the spike to the recent launch of ApeChain, a Layer-3 blockchain on the Arbitrum Orbit. This introduction has boosted the token’s market position and catalyzed the creation of numerous meme coins within its network.
Coingecko data shows that the price of ApeCoin has soared 118% in the past 24 hours. ApeChain was launched today and a large number of memecoins have been created on ApeChain. ApeChain is an Arbitrum Orbit L3 blockchain. Through the Automatic Yield Mode, users holding ApeCoin on…
— Wu Blockchain (@WuBlockchain) October 20, 2024
Market Dynamics and Trading Volumes
Following its debut, ApeChain immediately impacted the digital currency market, witnessing over $5 million in trading volume in just three hours of operation, according to reports from Camelot DEX. This surge indicates the high trade interest that continues elevating ApeCoin’s cryptocurrency market profile. Moreover, ApeCoin’s total on-chain volume saw a nearly 3000% increase, nearing $1 billion, further underscoring the significant market movements following the blockchain’s launch.
The Automatic Yield Mode on ApeChain enhances this momentum by allowing ApeCoin holders to earn profits without the need to stake actively. This feature simplifies the process for users and attracts further investments into the APE token, potentially increasing its price due to heightened trading activity.
Future Prospects and Network Growth
The future of ApeCoin looks promising, given the network’s rapid expansion. On the day before the launch, ApeCoin’s network growth stood at 83 but has since escalated to 3,235, illustrating a massive influx of new users and developers eager to explore ApeChain’s capabilities. This growing adoption reflects a strong interest from the community, poised to leverage the new blockchain’s offerings.
Furthermore, the technical analysis suggests a bullish outlook. ApeCoin broke out from a descending trendline that dominated its price movement since June, signaling the potential for further increases. If the bullish momentum continues, ApeCoin’s price could reach new heights, possibly surpassing the $1.47 mark and approaching $2.
However, these predictions should be approached with some caution, as prices can always rearrange as more long-term holders unlock their gains. Furthermore, the general market cap, especially Bitcoin fluctuations, can significantly contribute to continuing the trending interest in ApeCoin and its newly developed project, ApeChain.