With the launch of ApeChain this weekend, the price of ApeCoin (APE) has soared. What is this new network?
APE Soars After ApeChain Launch
SATURDAY, the ApeChain mainnet has been officially launchedthus enriching the ecosystem built around the collection of non-fungible tokens (NFT) of the Bored Ape Yatch Club (BAYC). After this announcement, the price of the APE token more than doubled, going from 0.74 dollars to more than 1.7 dollars at the time of writing, in just over 48 hours:
Price of the APE token in daily data
đĄ What is ApeCoin (APE)?
Although this increase is spectacular, current prices remain well below the all-time high of April 29, 2022, namely $27.67 per unit. Despite everything, this is a significant increase in energy, after a low of $0.48 on August 5.
Binance: the benchmark crypto exchange platform
Built on Arbitrum technology
Thus, this launch of ApeChain is the realization of a project lasting several months. This is a layer 3 network, built using the Arbitrum Nitro technology stack and thus allowing you to join the Arbitrum Orbit networks. With this network, a functionality in its fee system would reduce the quantity of APE in circulation thanks to burn:
With the Timeboost upgrade, a priority lane will be built for people who want to pay a premium to prioritize their transaction. Half of the priority lane fees will be donated to the DAO and the other half will be burned. So, the stronger the demand for ApeChain, the more deflation there will be on ApeCoin.
Since the launch, LayerZero confirmed its arrival on the network for bridge functionalities, and several applications are already functional. We can notably cite the game Dookey Dash, which has been part of the ApeCoin ecosystem for several years, or Top Trader, the latest release consisting of a virtual trading simulator:
Ok degens, the official bridge is https://t.co/aC2RId37gn
For the love of god @apecoin tweet this out on it's own and pin it somwhere đ«Ą
You degens are already bridging like crazy and sending shitters nonstop, this is fun, can't even imagine tomorrow with @Toptrader_xyz live đ pic.twitter.com/iOWHN80ppL
â ApeCoin (@apecoin) October 19, 2024
đ Also in the news â Bitcoin hits a record $40 billion in open interest, the start of a new bull run?
With the surge of new networks launched this year, it will be interesting to observe in the future which ones find their audience and which ones fall into obscurity. After 2 difficult years for the APE, we will also see if the ApeChain allows the asset to revive, or if this increase is only short-lived.
Cryptoast Academy: Donât waste this bull run, surround yourself with experts
Source: ApeChain
The #1 Crypto Newsletter đ
Receive a summary of crypto news every day by email đ
What you need to know about affiliate links. This page may feature investment-related assets, products or services. Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no harm to you and you can even get a bonus using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.