30s Summary

ApeCoin (APE) recently saw 130% growth over four days, reaching a six-month high of $1.75 on 21 October. This jump in price happened after the launch of ApeChain, a blockchain network developed by Yuga Labs that facilitates trade between APE, Wrapped Ethereum, USD Coin, Tether, and Dai across different blockchain networks. Increased usage within the Yuga Labs community and a trade volume boost of 250% are thought to have increased demand for ApeCoin. The coin’s value has also been boosted by the implementation of LayerZero’s Omnichain Fungible Token (OFT) standard.

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Yo, on the 21st of October, the ApeCoin (APE) went sky high, hitting 130% growth over four straight days. People are getting pretty stoked over this thing called ApeChain, a new blockchain network that’s about to launch.

According to the latest data on Cointelegraph Markets Pro and TradingView, APE jumped from $0.861 on the 20th to a massive 104% increase, hitting a six-month high of $1.75 on the 21st. It’s now trading at $1.53, notching up a cool 16.5% gain in just 24 hours and a whopping 125% increase in the past week.

So, why is ApeCoin so darn hot right now? Well, a couple of things. Everyone’s buzzing about the recent launch of ApeChain. Plus, the market’s looking hella strong.

The jump in the price of ApeCoin on the 21st happened just after the ApeChain network hit the scene. The crew behind ApeCoin, led by Yuga Labs, are the brains behind it. ApeChain, which launched on the 20th, allows peeps to switch APE tokens, Wrapped Ethereum, USD Coin, Tether, and Dai between different blockchain networks.

This launch has given apeCoin even more ways to be used within the Yuga Labs community, which could mean more people want to get their hands on it. Fact is, the trade volume of apeCoin has soared, zipping up over 250% in no time at all, reports Santiment.

Another reason APE’s on fire is because of the recent addition of LayerZero’s Omnichain Fungible Token (OFT) standard to the ApeChain mainnet. LayerZero is like a blockchain traffic controller that lets apps move data between different blockchains. This lets APE work as a governance token for ApeCoin DAO and you can use it instead of cash for transaction fees across different chains.

The big question now is, can ApeCoin keep this hot streak going? Investors are falling over themselves to snap up the token, worried they’ll miss out on some sweet gains. One crypto trader, Laxman, reckons the “real” money could be made if the price of APE can stay strong above $1.99. Another trader, CryptoBull_360, is predicting a serious breakout for APE, with a price zone hitting a potential $2.75.

But watch out! While APE’s price looks good now, it could be overbought and might have to adjust. That said, data shows APE is pretty solid and likely to keep rising. But as always, remember to do your research – this isn’t investment advice. Happy trading!

Source: Cointelegraph