ApeCoin (APE) has seen a massive price surge of 130% over the past four days, driven by growing excitement surrounding the launch of the highly anticipated ApeChain blockchain network.
According to data from TradingView, APE surged from a low of $0.861 on October 20 to a six-month high of $1.75 on October 21. As of this writing, APE is trading at $1.49, up 16.5% over the previous day and 125% for the previous week.
The notable price increase comes after the ApeCoin team, led by Yuga Labs, recently launched ApeChain. On October 20, the layer-3 blockchain ApeChain became live, allowing cross-chain transactions across the Ethereum, Arbitrum, and ApeChain networks for ApeCoin (APE), Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and Dai (DAI).
The launch of ApeChain has expanded the utility of ApeCoin within the Yuga Labs ecosystem, increasing demand for APE tokens. According to data from Santiment, trading volume for APE jumped over 250% in just a short period, further contributing to the token’s rally.
A further significant factor driving APE’s growth is the incorporation of LayerZero’s Omnichain Fungible Token (OFT) standard onto the ApeChain mainnet. LayerZero, a cross-chain interoperability protocol, enables APE to function as a governance token for the ApeCoin DAO and transaction fees across several blockchains.
This integration strengthens APE’s position in the broader decentralized ecosystem, increasing investor confidence and demand. ApeCoin’s recent price surge has triggered a wave of “fear of missing out” (FOMO) among investors, as the token climbed over 130% in the past four days.
Pseudonymous trader Laxman pointed out the growing excitement, stating that real gains will be seen if APE breaks above $1.99. With ApeChain’s successful launch and the growing ecosystem surrounding ApeCoin, market sentiment appears to be increasingly bullish as the token gains traction in the crypto space.
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