ApeCoin (APE) Surges 66%, Reclaims Spot in Top 100: ApeChain Launch Boosts ApeCoin Volume

ApeCoin (APE), the governance token of the APE ecosystem, has skyrocketed by 66% in the last 24 hours, pushing its value back above $1. After trading at $0.75 during the October 19 session, APE is now eyeing further gains.

The price spike is largely fueled by the launch of ApeChain, a new Layer-3 blockchain developed by the ApeCoin DAO as part of the Arbitrum Orbital Chain. With bridges live and yield-earning opportunities for APE, ETH, and stablecoins, traders have flocked to ApeChain. Within just hours of launch, ApeChain saw trading volume on Camelot DEX surpass $5 million.

On-chain data shows ApeCoin’s total trading volume surged nearly 3,000% in the last 24 hours, approaching $1 billion. If this momentum holds, APE could soon climb past $1.25.

ApeCoin’s network growth has also exploded, with new addresses interacting with the protocol jumping from 83 to over 3,200 in just a day. This rapid adoption signals strong interest in ApeChain and could further boost demand for APE, potentially driving its price even higher.

From a technical standpoint, ApeCoin has broken out of a months-long descending trendline, signaling strong bullish momentum. The Moving Average Convergence Divergence (MACD) indicator has flipped positive, suggesting further gains ahead. If the current rally continues, APE could climb to $1.47 and potentially hit $2.

However, profit-taking by long-time holders could push the price back to $0.86 if momentum slows. Will APE continue its impressive rally, or will profit-takers step in?
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