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ApeChain Launch Sends APE Price 100% Higher

One of the reasons for the sharp rise in APE price was the launch of Layer-3 of the ApeChain network developed by ApeCoin DAO called Arbitrum Orbital Chain. As a result, the token has returned to the top 100 cryptocurrencies by market cap.

ApeCoin Surge 100% After Yuga Labs Unveils ApeChain

“ApeCoin has introduced an automatic yield mode, allowing users to passively earn profits by staking their APE tokens.”

ApeChain was launched on Sunday, providing APE holders with the opportunity to earn staking income.

APE , an ERC-20 token associated with the Bored APE Yacht Club (BAYC) used for governance and transactions in the ApeCoin ecosystem, doubled over the weekend, surpassing the $1.50 mark for the first time since April.

The rally comes after the ApeCoin team, led by Yuga Labs, the company behind BAYC, debuted the long-awaited ApeChain blockchain network on Sunday. The ApeCoin DAO voted to create the same in January this year.

The new proposal, a layer-3 network built on ARBITRUM ONE, is fully compatible with the APE token and facilitates the issuance of non-fungible tokens (NFTs)