ApeCoin (APE), the cryptocurrency linked to the popular Bored Ape Yacht Club NFTs, has seen a massive surge in value. The coin jumped over 135% after the launch of Apechain, a new blockchain designed to expand the Bored Ape ecosystem.
What is Apechain?
Apechain, developed by Yuga Labs (the creators of Bored Ape Yacht Club), offers a range of benefits for users:
- Scalability: Apechain aims to solve the congestion issues often seen on other blockchains.
- Incentives: Users can earn rewards through staking, airdrops, and other programs.
- Integration: Apechain is fully compatible with ApeCoin, making it easy for users to interact with the ecosystem.
A Boost for Creators
Wylie Aronow, a co-founder of Bored Ape Yacht Club, has big plans for Apechain. He envisions it as a platform that empowers creators, making it easier for them to build, promote, and innovate. He wants Apechain to be a hub for all “apes,” not just those associated with the Bored Ape Yacht Club.
Big Moves in ApeCoin
Following the launch of Apechain, ApeCoin saw a significant increase in trading activity. Large amounts of APE were transferred between the official ApeCoin address, the ApeCoin treasury, and Wintermute, a digital asset trading firm.
A Correction?
While ApeCoin saw a massive surge, it has since pulled back slightly. Despite the correction, the launch of Apechain has generated significant excitement within the ApeCoin community, and the coin is expected to continue to grow in the future.
