ApeCoin Price Skyrockets After Apechain Launch, Then Pulls Back

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Cryptodnes2024/10/23 11:03

By:Cryptodnes

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.

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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.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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