ApeChain Launch Ignites 100% Surge in ApeCoin (APE) Price

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ApeCoin, a decentralized autonomous organization (DAO) associated with the digital asset company Yuga Labs, was created to manage the Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs, as well as the broader ApeCoin ecosystem. After months of development, it has officially unveiled its eagerly awaited blockchain network, ApeChain, and is enabling ApeCoin holders to transfer their digital assets to this new platform.

ApeChain Blockchain Network Launches

On October 20, the ApeCoin team, comprised of Yuga Labs co-founders Wylie Aronow and Greg Solano, announced the launch of their long-awaited blockchain network, ApeChain. Earlier in the year, the ApeCoin team kickstarted the incubation of this network, and after ten months of work, they have brought this project to fruition. This milestone significantly enhances ApeCoin’s blockchain capabilities.

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Founded in 2021, Yuga Labs is a prominent digital asset incubation studio that aims to shape web3 through storytelling, experiences, and community interaction. The company is behind several non-fungible token collections, including the Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Kodamara, Voyager, and the Twelvefold NFT collection.

Additionally, Yuga Labs oversees other NFT collections, such as Otherdeed for Otherside, CryptoPunks, and Meebits. Earlier this year, the firm acquired Proof Collective, which includes a range of NFT initiatives like Moonbirds, Oddities, and Grails. Yuga Labs has established itself as a significant and influential player in the industry.

Understanding the ApeChain Blockchain Network

The Yuga Labs team began the incubation of its blockchain network in 2022. During this period, they launched ApeCoin, a decentralized autonomous organization designed to manage the Bored Ape Yacht Club and Mutant Ape Yacht Club ecosystems. Shortly after, they introduced ApeCoin ($APE), a governance token allocated to holders of the Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs.

ApeCoin ($APE) is defined as an ERC-20 governance and utility cryptocurrency aimed at empowering the Bored Ape community, which is actively engaging in the Web3 landscape. In January 2024, the ApeCoin DAO voted to develop a gaming-focused blockchain network known as ApeChain. This network operates as a Layer 3 framework, built on Arbitrum Orbit, which facilitates the establishment of tailored Layer 3 application chains atop Arbitrum’s Nova Layer 2 infrastructure.

After nearly ten months’ worth of development, the ApeCoin DAO successfully launched the ApeChain project. The team unveiled their creation on October 19 during the ApeFest2024 annual NFT event in Lisbon, Portugal. This event, which began on October 18, included a diverse array of events led by BAYC and the community, offering three days and two nights of networking, sightseeing, and entertainment with BAYC team members and notable guests.

Following the launch of the ApeChain network, the ApeCoin ($APE) token responded positively. According to coinmarketcap.com, a leading on-chain cryptocurrency market data aggregator, the $APE token surged over 100% shortly after the new network’s activation, climbing from $0.88 to $1.62 in less than six hours on October 20.

APE_1D_graph_coinmarketcap

As of this writing, $APE is trading at approximately $1.40, with a trading volume of $2.12 billion in the last 24 hours, which marks an 800% increase from the previous day. The market cap for ApeCoin has risen as well, reaching $1.11 billion, up 62% in the last day, though $APE remains 95% lower than its all-time high of $39.

The Most Searched Crypto Launch – Pepe Unchained