One altcoin running on the Ethereum (ETH) network is seeing massive gains after a new blockchain launched in its ecosystem.
ApeCoin (APE), the digital asset associated with the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, soared to $1.74 on Monday, a 135% jump in value form Saturday.
APE began to rally as Apechain launched on Sunday.
Apechain, a project led by Yuga Labs, which also developed APE, allows staking of ApeCoin tokens and expands the Bored Ape Yacht Club ecosystem.
Says pseudonymous analyst Elena,
“Apechain facilitates NFT minting, trading and dApps (decentralized apps) while providing a seamless experience for users. What is unique about ApeChain? ApeChain offers several benefits:
Scalability: addresses congestion issues seen in other blockchains.
Incentives: offers token rewards, airdrops, and staking.
Integration: fully compatible with the APE token.”
Ahead of the launch, Bored Ape co-founder Wylie Aronow, also known as Gordon Goner online, said,
“I want to see ApeChain be the most insanely creator focused chain in crypto. Filled with tools that makes it easy to build, get noticed, and color outside the lines. I don’t want ApeChain to be just for BAYC. I want it to be for all apes.”
As APE rallied Monday, on-chain data from crypto analytics platform Arkham Intelligence shows that the official ApeCoin address transferred 3.289 million APE worth $5.13 million at the time to the algorithmic digital asset trading firm Wintermute’s over the counter platform. Also, ApeCoin’s treasury address sent to Wintermute 4.6 million APE worth $6.95 million at the time.
ApeCoin has retraced since Monday’s high. APE is trading for $1.36 at time of writing, down 12.5% in the last 24 hours.
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