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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