ApeCoin’s 66% Surge Explained: Key Announcement Details

After the NFT market downturn a couple of years ago, ApeCoin experienced significant challenges and seemingly faded from the attention of many crypto enthusiasts.

Yet, the protocol just made a substantial announcement that triggered an incredible surge for the native token, propelling its price past the critical $1 mark.

$APE || Brace yourselves for the start of NFT season!

With $APE rising, NFT season is right around the corner.

Watch out for NFTs; billions are about to flow in.

Just like $ALTS, #NFTs will reward those who are patient with substantial wealth! @apecoin pic.twitter.com/RoH9yYgDTe

— Crypto Catalysts (@Crypt0Catalysts) October 20, 2024

ApeCoin’s Major Announcement

The team’s recent communication emphasized the official launch of the project’s bridge, functioning like other crypto bridges, enabling users to connect their wallets and exchange specific digital assets. At the time of writing, the bridge supports networks such as ApeChain, Ethereum, and Arbitrum.

With the launch, this new protocol feature will enable investors to start accumulating native yield across several altcoins, including the APE token, Ethereum (ETH), and various stablecoins.

The team also mentioned the upcoming introduction of a core user incentive program, expected to debut by the end of Sunday.

The bridges are now live.

Transfer your tokens to ApeChain today to begin earning native yield on APE, ETH, and a variety of stablecoins.

You can access our official bridge on the newly updated ApeChain site, featuring many of our partners and apps already available ON APECHAIN.

— ApeCoin (@apecoin) October 19, 2024

APE’s Price Increase

The announcement regarding the bridge led to significant excitement within the cryptocurrency community on X. This may have contributed to a remarkable price rally for the native token.

After hovering around $0.75 for several weeks, APE soared by over 66% following the buzz on X. It successfully reclaimed the $1 threshold and has surged to a four-month high of $1.25 at present.

APE’s market capitalization has increased to just over $900 million, allowing the asset to re-enter the ranks of the top 100 largest cryptocurrencies.