ApeCoin rallies 66% after ApeChain launch

ApeCoin (CRYPTO:APE), the governance token of the APE ecosystem, has surged by 66%, bringing it back into the top 100 cryptocurrencies.

The spike follows the announcement of the ApeChain launch, a Layer-3 blockchain introduced by the ApeCoin Decentralized Autonomous Organization (DAO).

APE’s price rose from $0.75 to over $1 after the news, with analysts predicting further potential growth.

ApeCoin's team announced, “Bridges are live. Bring your tokens to ApeChain now to start earning native yield on APE, ETH, and various stablecoins.”

This announcement has significantly boosted interest in ApeCoin, driving up network activity and volume.

Santiment data revealed that ApeCoin’s on-chain volume surged by nearly 3000%, approaching $1 billion.

Moreover, the number of new addresses interacting with ApeCoin jumped from 83 to 3,235, reflecting increased adoption and interest in ApeChain’s new capabilities.

The launch of ApeChain has also drawn comparisons to Solana-based Pump.fun, with growing interest from traders.

Within three hours of the announcement, Camelot DEX on Arbitrum (CRYPTO:ARB) reported that ApeChain’s volume had exceeded $5 million.

Analysts suggest that if this trend continues, ApeCoin’s price could rise to $1.47 and potentially reach $2.

“The momentum around APE is bullish,” according to the Moving Average Convergence Divergence (MACD) indicator.

However, there are concerns that profit-taking by long-term holders could cause the price to fall to $0.86.

At the time of writing, the ApeCoin price was $1.47.