Originally published on: October 21, 2024
The price of ApeCoin (APE) skyrocketed by 130% over the past few days following the highly-anticipated launch of the ApeChain blockchain network. Trading activity on Oct. 21 saw APE reach a new high of $1.75, marking a significant jump from its previous low of $0.861 on Oct. 20.
One of the driving forces behind ApeCoin’s impressive bullish run is the successful launch of the ApeChain platform by Yuga Labs. This cross-chain bridge network allows users to seamlessly transfer APE tokens, Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and Dai (DAI) between Ethereum and Arbitrum networks, expanding APE’s utility within the Yuga Labs ecosystem.
Moreover, the integration of LayerZero’s Omnichain Fungible Token (OFT) standard into the ApeChain mainnet has further propelled APE’s price surge. This interoperability protocol enhances APE’s functionality as a governance token for ApeCoin DAO and facilitates transaction fees across multiple chains.
With increasing demand for ApeCoin tokens and rising trading volumes, investors are eagerly jumping on the APE bandwagon to capitalize on potential gains. The recent price surge has sparked a sense of “fear of missing out” among traders, with many anticipating further upside momentum for APE in the near future.
Despite overbought conditions and the likelihood of a correction, APE has shown strong support levels and resistance points, indicating a positive outlook for its price trajectory. The path of least resistance for APE remains upward, with key levels to watch for potential liquidations and price movements.
As with any investment opportunity, it’s essential for readers to conduct their own research and due diligence before making any financial decisions. Stay informed and subscribe to our newsletter for more insights and market updates every Monday.
