ApeCoin Price Skyrockets After Apechain Launch, Then Pulls Back
23.10.2024 14:00 1 min. read Kosta Gushterov
ApeCoin (APE), a token linked to the Bored Ape Yacht Club (BAYC) NFT collection, surged 135% to $1.74 on Monday following the launch of Apechain, a new blockchain in its ecosystem.
Created by Yuga Labs, Apechain supports ApeCoin staking and broadens BAYC’s reach.
A pseudonymous analyst highlighted Apechain’s unique features: scalability to reduce congestion, rewards and incentives like token staking and airdrops, and full integration with APE.
Before the launch, BAYC co-founder Wylie Aronow expressed his vision for ApeChain as a creator-focused platform beyond just BAYC.
On Monday, Arkham Intelligence reported significant transfers of APE, with 3.289 million tokens (worth $5.13 million) sent to Wintermute’s trading platform, followed by a treasury transfer of 4.6 million APE ($6.95 million).
Since Monday’s peak, ApeCoin has fallen to $1.23, a 16.4% drop over 24 hours.
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