Causes Behind ApeCoin’s Over 100% Price Surge

APE coin has increased by more than 100% in the past 7 days, becoming the coin in the top 100 with the strongest price increase in the market.

Azcnews Causes Behind Apecoin's Over 100% Price Surge

ApeCoin (APE), the governance token of the APE ecosystem, has seen a massive price increase of more than 100% in just the past 7 days.

At the time of writing, the cryptocurrency has surpassed $1.50 and is likely to continue growing. However, what caused APE to suddenly increase so much? This analysis will explain the reasons and predict the next steps of this token.

Apecoin Chart
Apecoin Chart

ApeChain drives APE’s momentum

The launch of ApeChain has driven a surge in ApeCoin’s trading volume The main reason for the sharp increase in APE’s price may be the launch of ApeChain. This is a new Layer-3 blockchain, developed based on the Arbitrum Orbit platform by the ApeCoin decentralized autonomous organization (DAO).

As a result, ApeCoin has returned to the top 100 cryptocurrencies, according to statistics from CoinGecko. On social network X (formerly Twitter), ApeCoin announced that bridges are now live, allowing users to access the chain.

Apechain
Apechain

“Bridges are live. Transfer your tokens to ApeChain now to start earning profits directly on APE, ETH and other stablecoins,” ApeCoin announced.

Since its launch, ApeChain has attracted market attention, with many observers comparing it to Pump.fun, a Solana-based platform, due to the growing interest from traders. Within just three hours of its launch, Camelot DEX, a decentralized exchange on Arbitrum, reported that ApeChain’s trading volume had surpassed $5 million.

Surge in Trading Volume

Ape Volume
Ape Volume

This trend is further reinforced by a significant increase in ApeCoin’s total trading volume. According to data from Santiment, the trading volume has increased by nearly 3000% in the past 24 hours, reaching nearly $1 billion. Another notable indicator is the network growth, which reflects the number of new addresses interacting with the protocol.

As of October 18, ApeCoin’s network growth was 83 new addresses. However, as of now, this number has skyrocketed to 3235, indicating that a large number of new users have begun to accept and use the APE token. This level of adoption reflects strong interest from developers and projects looking to capitalize on ApeChain’s potential. If this trend continues in the coming days, the demand for APE could increase, putting pressure on the altcoin’s value to continue growing.

(1 vote)

5.0/5

(1 vote)

Latest

Trump Announces Congressional Breakthrough On Genius Act

News | Editor Choice | Policy & Regulations

Trump Announces Congressional Breakthrough on GENIUS Act

President Donald Trump announced that the GENIUS Act — the first federal framework for stablecoins — has gained key congressional support and will head to a vote, marking a surprising legislative turnaround.

Should You Dca Bitcoin At This Time

Bitcoin | Editor Choice

Should You DCA Bitcoin at This Time?

After Bitcoin reached an all-time high of over $120,000, many investors are questioning whether they should dollar-cost average (DCA) at this time.

Bitcoin Sees Sharp Correction Amid U.s. Inflation Concerns

News | Bitcoin | Editor Choice

Bitcoin Sees Sharp Correction Amid U.S. Inflation Concerns

After reaching a new high of $123,000, Bitcoin has pulled back to $116,800 as the market cools down and retail investors remain largely absent.

Whale Holding 80,000 Bitcoin Is Taking Profits

Bitcoin | Editor Choice

Whale Holding 80,000 Bitcoin is Taking Profits

A "Satoshi-era" whale address holding over 80,000 Bitcoin is showing signs of profit-taking by transferring 16,843 BTC to Galaxy Digital, which was then deposited onto exchanges.

Pi Coin Price Plunges Amid Crypto Boom

News | Editor Choice | Pi Network

Pi Coin Price Plunges Amid Crypto Boom

While Bitcoin and many altcoins are soaring with double-digit gains, Pi Coin is being left behind. Its price has dropped more than 11% from this month’s peak, despite the broader crypto market rally. However, some technical indicators suggest a potential turnaround may be approaching.