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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.
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.
“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
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.
