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Home»ALTCOIN NEWS»ApeCoin (APE) explodes by over 135% following the launch of a new blockchain in the ecosystem.
ALTCOIN NEWS

ApeCoin (APE) explodes by over 135% following the launch of a new blockchain in the ecosystem.

By Crypto FlexsOctober 23, 20242 Mins Read
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ApeCoin (APE) explodes by over 135% following the launch of a new blockchain in the ecosystem.
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One altcoin running on the Ethereum (ETH) network is seeing huge gains following the launch of a new blockchain in the ecosystem.

ApeCoin (APE), the digital asset associated with the Bored Ape Yacht Club (BAYC) Non-Fungible Token (NFT) collection, soared to $1.74 on Monday, a 135% surge in value form Saturday.

APE began its rally on Sunday with the launch of Apechain.

Apechain, a project led by Yuga Labs, which developed APE, allows for staking of ApeCoin tokens and expands the Bored Ape Yacht Club ecosystem.

Elena, a pseudonymous analyst, says:

“Apechain facilitates NFT mining, trading, and decentralized apps (dApps) while providing a seamless experience for users. What is unique about ApeChain? ApeChain offers several benefits:

  • Scalability: Addresses congestion issues seen in other blockchains.
  • Incentives: We offer token rewards, airdrops, and staking.
  • Integration: Fully compatible with APE tokens.”

Ahead of the launch, Bored Ape co-founder Wylie Aronow, also known online as Gordon Goner, said:

“I want to see ApeChain become the most creator-centric chain in the cryptocurrency industry. It’s packed with tools to make it easy to create, stand out, and color outside the lines. I don’t want ApeChain to be just for BAYC. I hope it is for all great apes.”

As APE rebounded on Monday, on-chain data from cryptocurrency analytics platform Arkham Intelligence showed that official ApeCoin addresses transferred 32.89 million APE, worth $5.13 million at the time, to the over-the-counter platform of algorithmic digital asset trading company Wintermute. Additionally, ApeCoin’s financial address was transferred to Wintermute 4.6 million APE, worth $6.95 million at the time.

ApeCoin has rebounded since Monday’s high. APE is trading at $1.36 at the time of this writing, down 12.5% ​​in the last 24 hours.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are entirely at your own risk and that you will be responsible for any losses you may incur. The Daily Hodl does not recommend the purchase or sale of any cryptocurrency or digital asset, and The Daily Hodl is not investment advice. The Daily Hodl engages in affiliate marketing.

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