APE breaks through to six-month highs as ApeChain launched after massive anticipation.
ApeCoin’s (APE) price jumped by over 130% on October 21 from the previous four days as the community was excited about ApeChain’s launch that took place a day prior.
On October 20, APE fluctuated at about $0.80. It went past $1.75 on October 21, marking over 100% price rise in a span of 24 hours. That price point has taken it to a six-month high. The token is trading at slightly over $1.50 at the time of writing.
Source: CoinMarketCap
While ApeChain’s launch was a major catalyst for this exciting price action, other factors also exist. But, for starters, understanding the significance of the blockchain network makes the most sense. ApeChain is a layer-3 launched by the team behind ApeCoin, which is led by the well-known Yuga Labs.
Layer-3 chains separate data storage and transaction settlement requirements along layer-1 and layer-2 chains, making them incredibly fast and suitable for high execution requirements. ApeChain will also bring cross-chain bridge functionality, allowing users to move ApeCoin (APE), Wrapped Ether (WETH), Dai (DAI), USD Coin (USDC), and Tether (USDT) across ApeChain, Ethereum, and Arbitrum.
“Our commitment to bringing distribution opportunities to the community means worldwide visibility for developers and creators in the APE ecosystem,” said the ApeCoin team on X regarding the ApeChain launch. With the launch, APE’s utility has expanded, bringing increased demand to the token. Its trading volume was off the roof, going up by at least 250%–Santiment data showed.
ApeChain Has Integrated LayerZero for Interoperability
Beyond that, LayerZero’s integration into ApeChain has also brought tremendous interest to the token. With the interoperability provided by the LayerZero Omnichain Fungible Token (OFT) standard, the APE token can effortlessly move across chains to serve utility wherever it goes. For instance, it will act as the governance token for ApeCoin DAO and can be utilized to pay transaction fees on other chains in the Yuga Labs ecosystem.
“Integrated with LayerZero’s OFT standard, APE enables seamless cross-chain transfers, enhancing utility across multiple blockchains while ensuring scalable and efficient transactions,” LayerZero’s X post read. “ApeChain focuses on ecosystem discovery, unique Web3 features, and optimizing the user experience for developers and users alike.”
Regarding where APE’s price can go now, CryptoBull_360 on X mentioned, “Expecting 260% throwback towards $2.75 price zone, Demand for #Apecoin consistently rising on #NFT markets triggering the wave. Keep an eye on.”
