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Coinbase International Exchange has announced that it will add support for ApeCoin perpetual futures (APE-PERP) on its International Exchange and Coinbase Advanced platform. The new market is set to open on or after 9:30 AM UTC, October 31, 2024. Following the announcement, ApeCoin (APE) surged by 6% within an hour, with the price reaching $1.16 at the time of writing.
The listing of APE perpetual futures on a major exchange like Coinbase has boosted market sentiment around the token. This follows APE price’s impressive rally earlier this week, which saw the token rise by 118% on October 20. The surge was primarily driven by the launch of ApeChain, a Layer-3 blockchain built on the Arbitrum Orbit ecosystem.
@CoinbaseIntExch will add support for ApeCoin perpetual futures on Coinbase International Exchange and Coinbase Advanced. The opening of our APE-PERP market will begin on or after 9:30 am UTC 31 OCT 2024. $APE pic.twitter.com/oNndXIxaT7
— Coinbase International Exchange 🛡️ (@CoinbaseIntExch) October 24, 2024
ApeChain Launch Spurs ApeCoin Growth
ApeChain’s debut has caught the attention of crypto enthusiasts and investors, further boosting ApeCoin’s market performance. In just three hours after the launch, ApeChain recorded $5 million in trading volume, according to data from Camelot DEX. This surge in activity led to a 3000% increase in APE’s total on-chain volume, which neared $1 billion shortly after the blockchain’s introduction.
ApeChain has introduced several key features that have attracted users, one of the most notable being its Automatic Yield Mode. This feature allows APE holders to earn passive rewards without the need for active staking, simplifying the process of earning returns. The launch of this feature saw ApeChain’s user base grow from just 83 users to over 3,000 in a short time frame.
Cross-Network Bridge and Increased Utility
Another major factor contributing to ApeCoin’s recent rally is the introduction of a cross-network bridge, which allows for seamless transfers of ApeCoin, Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and Dai (DAI) between ApeChain, Ethereum, and Arbitrum networks. This has significantly increased the utility of ApeCoin within Yuga Labs’ ecosystem, which is best known for its Bored Ape Yacht Club NFT collection.
As ApeChain’s native gas token, APE now serves several roles, including paying transaction fees, voting in the ApeCoin DAO, and acting as a payment method in Yuga Labs’ offerings. Moreover, a recent smart contract update has also introduced the LayerZero Omnichain Fungible Token (OFT) standard.
With the combination of the ApeChain launch and the upcoming listing of ApeCoin futures on Coinbase, APE price is positioned for further market momentum. However, in the 24-hour frame, the altcoin is down by nearly 3.5%.