• APE worth reached highs final seen in April, surging greater than 15% in 24 hours to high $1.66.
• ApeCoin worth has elevated over 100% previously week amid information concerning the launch of ApeChain.

ApeCoin (APE), the governance and utility token of the ApeCoin web3 ecosystem, has additional risen to its highest worth degree since early April.

The APE token, related to the Bored Ape Yacht Membership (BAYC) ecosystem, hit an intraday excessive of $1.66, marking a rise of over 100% over the previous week. The final time ApeCoin traded close to these ranges was in April, after Bitcoin's bull run led the cryptocurrency to over $73,000.

Why is the worth of ApeCoin hovering?

APE’s rise comes after BTC surged above $69,300 over the weekend. Nevertheless, there’s one other issue that appears to have influenced the worth of ApeCoin.

That’s the launch of ApeChain, a blockchain community that gives layer 3 chaining on Arbitrum One. Yuga Labs, the developer of BAYC, introduced the debut of ApeChain on October twentieth.

Horizen Labs and OffChain Labs proposed to launch ApeChain in December 2023. The debut of a brand new blockchain community brings NFTs, buying and selling, and decentralized purposes to APE token holders.

ApeChain Bridge can also be operational, permitting holders to switch APE to ApeChain and earn staking yield. Help consists of APE, Ether (ETH), and stablecoins. In the meantime, the mixing with LayerZero on ApeChain mainnet brings the advantages of cross-chain switch and interoperability to the neighborhood.

The APE token is buying and selling at round $1.53 on the time of writing, up round 15% previously 24 hours. It reached an all-time excessive of $26.70 in April 2022, and the present worth is about 94% off its all-time excessive.

Nevertheless, APE/USD has soared over 215% since falling to a low of $0.482 on August 5, 2024, when most cryptocurrencies crashed together with BTC.

Nonetheless, a possible ascending triangle sample breakout may present new impetus to the bulls.