ApeCoin (APE) has entered a significant rally, riding the wave of the ongoing memecoin frenzy. Once a prominent altcoin, APE has seen a resurgence thanks to the launch of ApeChain, which has made a substantial impact on the crypto market.
In a remarkable debut, ApeChain recorded a trading volume of $5 million within just three hours of its launch. This surge in activity reflects the enthusiasm surrounding memecoins on the new platform. As a result, ApeCoin’s trading volume on ApeChain skyrocketed by nearly 3000%, approaching an impressive $1 billion. These developments underscore how quickly the market has embraced ApeChain, marking a pivotal moment for the ecosystem.
The announcement of ApeChain took place during the ApeFest 2024 NFT event in Lisbon, where the ApeCoin team highlighted its role as a private network designed to support decentralized applications (dApps). APE will serve as the primary currency for transactions on this network, providing a vital utility within the growing ecosystem. Developers will have the opportunity to build applications that seamlessly integrate with the $APE framework, enhancing its overall functionality.
The memecoin community has responded enthusiastically to the launch of ApeChain, which has positioned itself as a focal point amid the recent surge in memecoin popularity. Following ApeChain's debut and with Bitcoin exceeding $69,000, APE surged by 140% within a mere two days, climbing from $0.75 to a high of $1.80. However, the price faced selling pressure at the $1.80 mark and has since stabilized around $1.60.
Looking ahead, if the momentum around ApeChain continues, and if Bitcoin manages to break through the $70,000 barrier while BTC dominance shifts, there’s a possibility for ApeCoin to target $2. The current market dynamics indicate that ApeCoin's revival could be just the beginning, fueled by both its utility within the ApeChain ecosystem and the broader trends in the cryptocurrency landscape.