[The reason behind ApeCoin (APE)’s daily surge of 66%]
Since the NFT market crashed, ApeCoin has been one of the most affected projects, almost disappearing from the radar of most cryptocurrency users. However, hours ago the protocol made a major announcement that sent the native token APE on a massive rally, with the price crossing the $1 mark.
This announcement is mainly about the official launch of the project's cross-chain function, which is similar to other cryptocurrency bridges and allows users to connect wallets and exchange digital assets. Currently supported networks include ApeChain, Ethereum and Arbitrum.
After this function is launched, investors can obtain native returns on a variety of altcoins, including APE, Ethereum (ETH) and some stablecoins. In addition, the team promised to launch a core user incentive plan, which is expected to be unveiled before Sunday.
The news sparked widespread concern among X’s crypto community. As a result, the price of APE soared by more than 66%, from $0.75 to $1.25, reaching a four-month high. The market value also exceeded $900 million, returning to the top 100 cryptocurrencies by market capitalization.
