ApeCoin Price Explodes 40% with Layer-3 ApeChain Launch

ApeCoin (APE), an ERC-20 governance and utility token used within the APE ecosystem, has surged 40% in the past 24 hours with the launch of ApeChain, a blockchain network built on Arbitrum technology.

Data from CoinMarketCap shows that APE has a market cap of $1.1 billion, ranking it as the 65th-largest cryptocurrency. The cryptocurrency’s trading volume reached a massive $2.2 billion, jumping 366.56% in the past 24 hours. APE also climbed 94.99% in the past week and 84.75% in the last 30 days.

ApeChain: A Layer-3 Solution for the APE Ecosystem

ApeChain serves as the foundation of the APE ecosystem, with APE as its native digital asset. APE uses LayerZero’s OFT standard, which provides “seamless cross-chain transfers, improving utility across multiple blockchains while providing scalable and efficient transactions,” LayerZero stated in an X post.

Developed by Yuga Labs, the creators of the Bored Ape Yacht Club (BAYC) NFT collection, ApeChain is a Layer-3 solution that has sparked a surge in activity within the APE token ecosystem. Developers are embracing the platform’s low fees and faster transaction settlements.

APE is being developed by Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC) NFT collection, and the launch of ApeChain, a Layer 3 solution, has resulted in a surge in activity within the APE token ecosystem and developers are already flocking to take advantage of the low fee and faster transaction settlements.

APE Price Analysis

Currently, APE is trading at a 96.14% discount from its all-time high of $39.40, set in March 2022. Since October 2023, the altcoin has risen by 33.34% and appears poised to reach the resistance zone between $1.7 and $2. The last time APE traded above $2 was in March of this year. As of this writing, APE is trading at $1.47.

Read also: Mint Blockchain Secures $1.35M Optimism Grant to Boost NFT Ecosystem

The Relative Strength Index (RSI) sits at 85.66, which means that the bulls are in control and buying pressure is extremely high for the APE token. The gradient of the line indicates that a cool-off period might be coming soon.