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ApeCoin Price Skyrockets After Apechain Launch, Then Pulls Back

23.10.2024 14:00 1 min. read Kosta Gushterov
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ApeCoin Price Skyrockets After Apechain Launch, Then Pulls Back

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.

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.

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