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ApeCoin has witnessed a significant price increase of 50% in the last 24 hours, following the launch of its cross-network bridge and other ecosystem developments.
Recent Price Surge
ApeCoin, the governance token of the APE ecosystem, surged from $1.21 to $1.53, reaching its six-month high. The market cap also surpassed the $1.1 billion mark.
Launch of ApeChain
The recent price rally can primarily be attributed to the launch of ApeChain, a new Layer-3 blockchain. This cross-chain bridge enables seamless transfers of APE, Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and Dai (DAI) between ApeChain, Ethereum (ETH), and Arbitrum (ARB) networks.
Utility Expansion
Following its launch, APE’s utility has expanded within the Yuga Labs ecosystem, the firm behind popular NFT collections like the Bored Ape Yacht Club. The new bridge allows APE tokens to be used for yield farming, enabling holders to automatically generate returns on APE, ETH, and stablecoins, thereby enhancing the token’s utility.
Role of APE
As the native gas token of ApeChain, APE plays a central role in paying transaction fees, voting within ApeCoin DAO, and serving as a payment method in Yuga Labs’ titles and real-world purchases.
Recent Developments
ApeCoin recently introduced a smart contract update, integrating the LayerZero Omnichain Fungible Token (OFT) standard. This allows APE to function as a governance token for ApeCoin DAO and facilitates transaction fees across multiple chains.
Several commentators noted the recent surge in APE as investors increasingly bought the token amid the fear of missing out on significant gains.
Typically, whenever a meme coin crosses the $1 billion mark, investors expect a parabolic rise in its price driven by increasing belief in the token as it becomes less likely to be manipulated or rug pulled.
Market Analysis
The Relative Strength Index (RSI) and Stochastic RSI for APE were both above overbought levels, which generally indicates a potential correction. However, sustained interest from traders can push prices higher, as seen with several of ApeCoin’s contenders.
Currently, the key liquidation levels for APE are $1.548 on the upside, with most intraday traders leveraging around this level. If APE rises to $1.548, this could lead to the liquidation of about $2.59 million in short positions.
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