- Bored Ape (BAYC) Community Meme Coin ApeCoin Surpasses $1 Billion.
- APE Coin hit its highest price since April, the day after ApeChain fell.
- Layer-3 volume reaches $2.5 billion in native staking, gaming, and meme trends.
ApeCoin (APE), originally issued by Yuga Labs, is up 107% since ApeChain launched on Sunday. This opens up a new utility APE that can now be staked live on-chain in auto-yield mode. A surge in activity on October 20, 2024 contributed to ApeCoin printing massive green candles each day.
Yesterday, ApeCoin closed at $1.49, a 71% gain from its opening price of $0.87. On Monday, APE continued its upward trend, trading at $1.71 at press time, according to CoinGecko. ApeCoin, which achieved its highest price since April 2024, recorded a massive trading volume of $2,470,521,077.
APE’s 24-hour trading volume in the spot market exceeds all but the top five major altcoins by global market capitalization. At $2.5 billion, ApeCoin’s trading volume is greater than Ripple (XRP) and Cardano (ADA) combined. Dogecoin (DOGE) took second place with $2.07 billion. ApeCoin remains the top gainer among mid-cap altcoins on Monday, posting a 25% consecutive gain in 24 hours.
How does ApeChain affect ApeCoin’s tables?
The Layer 3 chain, supported by Yuga Labs, was selected to be deployed on Arbitrum as a Layer 3 solution in January 2024. The ApeCoin Decentralized Autonomous Organization (DAO) voted to begin operations on the chain, initially choosing between Arbitrum and Polygon.
ApeChain’s automatic staking return mode surpasses APE, including Ethereum (ETH) and top stablecoins through the ApeChain bridge. Another innovation of this new blockchain is its integration with the LayerZero omnichannel fungible token protocol, which facilitates the movement of in-app data between blockchains.
Additionally, numerous blockchain games, decentralized applications (dApps), and meme coins are already seeing the light of day on Yuga Labs’ Layer-3 chain. On the chain, meme coins such as CURTIS and BORED surpassed $10 million on the first day, while Yuga’s Dookey Dash game-themed token rose 59.29% in 24 hours, reaching a market capitalization of $4 million.
On the flipside
- Some of the billions in trading volume comes from large investors depositing ApeCoin on centralized exchanges in preparation for a potential APE sale.
- According to SpotOnChain, the giant whale started We made a profit today, unstaking 7.767 million ApeCoin tokens and earning nearly $12 million in the process.
Why This Matters
With a loyal community and an expanded utility case, Meme Coin stands out from the crowd as it is positioned to challenge common altcoins.
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