ApeCoin (APE) has recorded a pump of +100% in the last seven days, thanks to the launch of the highly anticipated ApeChain blockchain. In fact, yesterday, Yuga Labs, the company behind Bored Ape Yacht Club (BAYC) and ApeCoin, gave the green light not only to ApeChain but also to the bridges that will allow staking. 

ApeCoin (APE): the price soars after the launch of the ApeChain blockchain

ApeCoin (APE) is experiencing a true bull, with the price soaring over 100% in the last seven days. The reason? Undoubtedly the launch of the highly anticipated blockchain of ApeChain, finally made public as of yesterday. 

In fact, at the time of writing, APE is worth $1.55, in a pump of +17% compared to yesterday and +106% compared to a week ago. 

APE is the ERC-20 token associated with the Bored Ape Yacht Club (BAYC) and used for governance and transactions in the ApeCoin ecosystem. Behind APE, ApeCoin, and BAYC is Yuga Labs, the company that started the dance to ApeChain. 

Along with the launch of the new blockchain, the bridges have also become operational that allow users to transfer their tokens to ApeChain. At the same time, it will be possible for users to stake on the new blockchain, automatically earning a yield on APE, ETH, and stablecoin. 

Ok degens, the official bridge is https://t.co/aC2RId37gn

For the love of god @apecoin tweet this out on it’s own and pin it somwhere

You degens are already bridging like crazy and sending shitters nonstop, this is fun, can’t even imagine tomorrow with @Toptrader_xyz live pic.twitter.com/iOWHN80ppL

— ApeCoin (@apecoin) October 19, 2024

“Ok degens, the official bridge is http://apechain.com/portal For God’s sake @apecoin tweet it yourself and pin it somewhere. You degens are already making scary bridges and sending shitter nonstop, it’s fun, I can’t even imagine tomorrow with @Toptrader_xyz live”

ApeCoin (APE): the new ApeChain blockchain also hosts Beeple

The price of ApeCoin (APE) reflects not only the enormous interest of crypto investors, but also the attraction from those who will use ApeChain. 

Among others, it emerged that the famous crypto artist of Beeple has already minted his new NFT right on ApeChain: 

Looks boring.@beeple ON APECHAIN https://t.co/u8ottxzAHk

— ApeCoin (@apecoin) October 21, 2024

To clarify the ideas, instead, the analyst with the pseudonym Elena, described on X what ApeChain is and what it is used for. Here is part of the text:

“ApeChain is the blockchain developed by @yugalabs to support NFT projects and expand the @BoredApeYC ecosystem. It facilitates the minting of NFTs, trading, and dApps, providing a seamless experience for users. As @GordonGoner said: “Apechain is full of tools that make it easy to build, get noticed, and color outside the lines.”

Not only that, the rally of the APE price could also be fueled by the launch of LayerZero on the ApeChain mainnet. The interoperability protocol allows applications to move data between blockchains. 

LayerZero is live on ApeChain mainnet as its canonical interoperability provider!

ApeChain, built on @Arbitrum, powers the ApeCoin ecosystem with APE as its native gas token. Integrated with LayerZero's OFT standard, APE enables seamless cross-chain transfers, enhancing utility… https://t.co/wlhh8PIkQn pic.twitter.com/vTm5NThjkZ

— LayerZero (@LayerZero_Core) October 20, 2024

“LayerZero is present on the ApeChain mainnet as the canonical provider of interoperability! ApeChain, built on @Arbitrum, powers the ApeCoin ecosystem with APE as the native gas token. Integrated with LayerZero’s OFT standard, APE enables seamless cross-chain transfers, enhancing utility across multiple blockchains while ensuring scalable and efficient transactions. ApeChain focuses on ecosystem discovery, the unique features of Web3, and optimizing the user experience for developers and users.”

The new price of APE had not been seen since April

The current price of APE has not been seen since last April 2024, since it decreased to reach a minimum price of $0.50 in August, then rose again but remained below $1.50. 

In reality, in the first four months of this current year, APE started from the price of $1.61, riding the bullish crypto wave and reached its peak in March, at the price of $2.40. 

After that moment, ApeCoin started to see the bearish market, especially after unlocking 15.6 million APE last March 16.

At that moment, the unlocking represented 2.55% of the circulating supply of APE with a total value of approximately 38.2 million dollars.