ApeCoin has seen an explosive rise, soaring 118% in just one day. The main reason? ApeChain. This brand new Layer-3 blockchain, built on Arbitrum Orbit, is the talk of the crypto space. But that’s not the only thing driving this excitement—there’s more to it than that. Let’s take a look at what’s going on and why ApeCoin is making such big waves in the market.
ApeChain Launch Sends ApeCoin Soaring
The launch of ApeChain had an immediate impact on the market. In just three hours, ApeChain recorded a trading volume of $5 million, according to Camelot DEX. The buzz around this new blockchain sent the price of ApeCoin soaring. Its total on-chain trading volume increased by nearly 3000%, reaching nearly $1 billion. These numbers show how quickly the market reacted, and it is clear that ApeChain has created a buzz.
Passive Income with ApeCoin?
One big feature that is gaining attention is Auto Profit Mode. With this feature, ApeCoin holders can earn rewards without having to actively stake their coins. This is a “set and forget” type feature that may appeal to more investors who like the idea of passive income. Since ApeChain launched, the number of users has skyrocketed from just 83 to over 3,000. This growth shows that people are excited about what’s to come.
What to expect next
Looking ahead, ApeCoin may have more room to grow. The token has broken out of the downtrend line that has been holding it back since June. If this momentum continues, ApeCoin could surpass $1.47 and even head towards $2. However, it is important to keep an eye on factors such as long-term holders selling and Bitcoin’s performance. Currently, ApeCoin is trading at $1.51 and the market is eager to see where it goes from here.
