By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
KriptotekaKriptoteka
  • Home
  • News
    • Web3
    • Crypto News
    • Market Analysis
  • Market
    • AI
    • Altcoins
    • Bitcoin
    • Blockchain
    • CEX
    • Defi
    • DePIN
    • DEX
    • ETFs
    • Ethereum
    • Gaming
    • ICO/IDO
    • Institutions
    • L1&L2
    • Meme
    • NFT tech
    • RWA
    • Stable coins
  • Data
  • Events
  • Learn
  • Reports
  • Podcasts
  • Pro membership
Reading: ApeCoin Price Soars 66%: Reasons Behind Its Top 100 Comeback
Share
Notification Show More
Font ResizerAa
Font ResizerAa
KriptotekaKriptoteka
  • Home
  • News
  • Market
  • Data
  • Events
  • Learn
  • Reports
  • Podcasts
  • Pro membership
  • Home
  • News
    • Web3
    • Crypto News
    • Market Analysis
  • Market
    • AI
    • Altcoins
    • Bitcoin
    • Blockchain
    • CEX
    • Defi
    • DePIN
    • DEX
    • ETFs
    • Ethereum
    • Gaming
    • ICO/IDO
    • Institutions
    • L1&L2
    • Meme
    • NFT tech
    • RWA
    • Stable coins
  • Data
  • Events
  • Learn
  • Reports
  • Podcasts
  • Pro membership
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Kriptoteka > Market > DEX > ApeCoin Price Soars 66%: Reasons Behind Its Top 100 Comeback
DEX

ApeCoin Price Soars 66%: Reasons Behind Its Top 100 Comeback

marcel.mihalic@gmail.com
Last updated: October 20, 2024 11:09 am
By marcel.mihalic@gmail.com 5 Min Read
Share
SHARE

ApeCoin (APE), the governance token within the APE ecosystem, has experienced a remarkable price surge of 66% over the last 24 hours. As of the trading session on October 19, ApeCoin was valued at $0.75.

At present, the cryptocurrency’s value has exceeded the $1 threshold and appears poised for further increases. But what has triggered this sudden spike in APE’s price? This analysis explores the underlying reasons and what may lie ahead for the token.

ApeChain Launch Increases ApeCoin Volume

According to findings from BeInCrypto, the surge in APE’s price can be attributed to the launch of ApeChain. This new Layer-3 blockchain, developed as an Arbitrum Orbital Chain by the ApeCoin Decentralized Autonomous Organization (DAO), is driving significant interest.

Consequently, APE has re-entered the top 100 cryptocurrencies, as per CoinGecko data. On X (formerly Twitter), ApeCoin announced the launch of bridges, allowing users to access the new chain.

“Bridges are live. Bring your tokens over to ApeChain now to start earning native yield on APE, ETH, and assorted stablecoins.” ApeCoin shared.

Since its inception, many market observers have drawn parallels between ApeChain and Solana-based Pump.fun, as trader enthusiasm continues to rise. Within just three hours of its launch, the Arbitrum-based Camelot DEX reported that ApeChain’s trading volume had surpassed $5 million.

This positive trend has further been substantiated by a significant increase in ApeCoin’s total on-chain volume. Data from Santiment shows that this volume has skyrocketed nearly 3000% in the past 24 hours, nearing the $1 billion mark. Should the volume keep rising in tandem with the price, the altcoin’s value might exceed $1.25 in the days ahead.

Read more: ApeCoin (APE): Everything You Need To Know

ApeCoin Volume
ApeCoin Volume. Source: Santiment

Another significant factor contributing to APE’s rally is its network growth, which measures the number of new addresses interacting with the protocol. On October 18, ApeCoin’s network growth stood at 83.

However, at the time of writing, it has surged to 3235. This uptick suggests a considerable increase in new participants adopting the APE token, reflecting robust interest from developers and projects eager to utilize the features of ApeChain.

If this trend persists in the upcoming days, demand for APE may rise, potentially exerting upward pressure on the altcoin’s value.

Addresses on ApeCoin increases
ApeCoin Network Growth. Source: Santiment

APE Price Prediction: Path to $2 Ahead

From a technical standpoint, ApeCoin’s price has seen significant growth after breaking free from a descending trendline that had been in place since June. This trendline previously constrained the altcoin’s ability to break above the $0.55 to $0.85 range.

Currently, the Moving Average Convergence Divergence (MACD) has reached a notably positive value for the first time in nearly a month. The MACD assesses momentum, where negative values indicate bearish momentum and positive ones reveal bullish trends.

As a result, the current momentum surrounding APE is bullish, suggesting that the token’s price could continue to rise. If this trend endures, ApeCoin could see its price reach $1.47, possibly even moving toward $2.

Read more: 7 Best Crypto Contract Trading Platforms in 2024

ApeCoin price analysis
ApeCoin Price Analysis. Source: TradingView

Nonetheless, the token may fail to reach these targets if APE holders, who have endured the downturn, choose to take profits. In such an event, the price could retract to $0.86.

Disclaimer

In accordance with the Trust Project guidelines, this price analysis article serves informational purposes only and should not be interpreted as financial or investment advice. BeInCrypto aims for accurate and unbiased reporting, but market conditions can change without notice. Always conduct your own research and consult with a qualified professional before making any financial moves. Please be aware that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

You Might Also Like

Cryptos Battle for the $1 Mark: Cardano, Dogecoin, Cutoshi

Tron Eyes Major Price Shift as Justin Sun Forecasts Growth

KOKO Drops 19% Amid Soaring PEPE 2.0 ICO Performance[embed]https://www.youtube.com/watch?v=ELipKw6aZMo[/embed]

Shiba Inu Investors Bearish as $0.000018 Sell-Offs Hit

Analyst Says Lunex Network Will Surpass DOGE and SHIB This Cycle

Share This Article
Facebook Twitter Email Print
Previous Article Upgrade to Altair: Essential Action Before Oct 27 Deadline!
Next Article Binance Achieves $100 Trillion Volume: What’s Next for BNB?
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

FacebookLike
TwitterFollow
YoutubeSubscribe
TelegramFollow
- Advertisement -
Ad image

Latest News

4 Cryptos to Challenge Solana: Potential Growth for Investors
Defi
Bitcoin ETF Inflows Exceed $3B, Demand Reaches 6-Month Peak
ETFs
Japan’s Push for Bitcoin and Ethereum ETFs Gains Momentum
Institutions
Ripple Appeals Court Ruling on XRP’s Institutional Sales
Meme
//

We influence millions of users and is the number one Crypto and Web3 news network on the planet

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
nl Dutchen Englishfr Frenchde Germanel Greekit Italianpt Portugueseru Russianes Spanish
en en
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?