As a seasoned researcher with a keen eye for emerging trends and a passion for all things blockchain, I find myself intrigued by the meteoric rise of ApeCoin (APE). Having closely followed the crypto market since its inception, I’ve seen my fair share of bull runs and bear markets. Yet, the energy surrounding this altcoin is palpable, reminiscent of the early days of Bitcoin.
In the current surge of the cryptocurrency market, the altcoin sector, headlined by ApeCoin (APE), has experienced significant growth. Over the last few days, this ERC-20 token has skyrocketed more than 100%, trading around $1.52 during the London session on Monday. This sudden surge in demand for APE can be attributed to the recent launch of its mainnet blockchain, known as Apechain.
Looking at the technical aspects, it seems that the price of APE could surge towards a record high again, having been stuck in a downward trend since April 2022. This mid-cap cryptocurrency, boasting a fully diluted market cap of approximately $1.5 billion, consistently sees trading volumes around $2.3 billion daily, indicating a significant interest from speculative investors.
Nevertheless, it’s important for ApeCoin traders to remain cautious about unexpected changes in its market direction due to its efforts to create an uptrend. Additionally, the APE price on the weekly chart is presently testing a significant falling logarithmic resistance line.
If the current resistance level is overcome decisively, it’s likely that the price of ApeCoin (APE) could climb towards its record high within the following months. The growth of APE aligns well with the expected altcoin season, which historically kicks off when Bitcoin‘s dominance shifts in a longer timeframe, as previously observed.
Closer Look at ApeCoin’s Apechain
In simpler terms, the upcoming launch of the mainnet chain for this NFT-centric DeFi project (APEchain), supported by Yuga Labs, aims to boost the future acceptance of Ape-related products among a wider audience. The primary goal of Apechain is to make the NFT market more accessible, with a special emphasis on the Bored Ape Yacht Club collection.
The recently introduced Apechain simplifies the process of creating and exchanging Non-Fungible Tokens (NFTs). Notably, the Ethereum network has been experiencing significant competition from other blockchains, notably Solana, due to its high transaction fees, centralization issues in layer two (L2) chains, and limited capacity.
The primary goal of the Apechain network lies in ensuring the health of the NFT marketplace, specifically by promoting secure transactions and minting. Notably, this network is intrinsically linked with the APE token and boasts superior performance speed compared to other similar systems. Above all, the Apechain will facilitate user rewards programs such as airdrops and staking.
According to Wylie Aromow, one of the founders of Yuga Labs, Apechain is packed with resources that simplify building, attract attention, and encourage creativity beyond conventional boundaries.
On top of supporting the exchange of meme tokens using funds transferred from the Ethereum network, the Apechain system further boosts the acceptance of its native APE token by the general public. This meme coin functionality aims to foster broader adoption of the APE token, serving as the governing currency within the APE Decentralized Autonomous Organization (DAO).
In essence, we can anticipate a significant surge in the use of Non-Fungible Tokens (NFTs) in the upcoming period, driven by an increasing number of institutional investments flowing into the cryptocurrency sector.
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2024-10-21 14:48