ApeCoin (APE) has captured attention with a 40% surge, driven by the launch of ApeChain. Built on Arbitrum technology, ApeChain offers speed and low costs, attracting developers to the APE ecosystem.
ApeCoin’s Impressive Rise
ApeCoin (APE) has seen a significant rise in the crypto market, powered by the launch of ApeChain, which is developed by Yuga Labs, the team behind the Bored Ape Yacht Club (BAYC) NFT collection. According to CoinGecko, APE has now climbed to the 65th spot in the cryptocurrency rankings, with a market cap of $1.1 billion. Additionally, APE recorded a daily trading volume of $2.2 billion, marking an incredible 366.56% increase.
ApeChain Strengthens the Ecosystem
ApeChain stands out as a Layer-3 solution at the core of the APE ecosystem. Using LayerZero’s OFT standard, ApeChain enables seamless transfers between multiple blockchains, expanding ApeCoin’s use cases and facilitating faster and cheaper transactions. Developers are showing great interest in ApeChain, thanks to its low transaction fees and quick transaction confirmation times.
Currently, ApeCoin is trading at $1.47, having dropped 96.14% from its all-time high of $39.40 in March 2022. Since October 2023, APE has climbed 33.34%, with the potential to test resistance levels between $1.7 and $2. The Relative Strength Index (RSI) sits at 85.66, signaling strong buying pressure on APE. However, such a high RSI could indicate a cooling-off period in the near future.
As reported by Turkish NY Radio, ApeCoin’s recent gains highlight its growing influence in the market, with the ApeChain launch driving further interest from both developers and investors.
