ApeCoin (APE) Doubles in Value, Reaching $1.50 as Yuga Labs Launches ApeChain Network

Investing.com - ApeCoin (APE), the cryptocurrency tied to the popular Bored Ape Yacht Club (BAYC), had an impressive weekend, doubling in value and

ApeCoin (APE) enjoyed a remarkable weekend, with its value doubling and reaching $1.50 for the first time since April. This price surge coincided with a major development from Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC), as they launched their new blockchain network, ApeChain, on Sunday.

ApeCoin, which is closely linked to the Bored Ape Yacht Club, had an impressive weekend as its price surged and reached $1.50 for the first time since April. This price increase comes as the Bored Ape Yacht Club expands its presence in the crypto market with the launch of ApeChain.

The ApeChain network, which was approved by ApeCoin’s DAO in January, is a Layer 3 network that's built on the Arbitrum One platform. This network is designed to be compatible with the APE token and make it easier for users to mint NFTs, trade digital assets, and interact with decentralized applications.

The ApeCoin DAO isn't fully decentralized and has specific roles within its structure to keep the governance running. According to the ApeCoin website, the Ape Foundation handles governance by taking care of everyday tasks like administration, bookkeeping, project management, and other responsibilities.

Bridges for ApeChain also went live on Sunday, allowing users to transfer their tokens and automatically earn staking yields on APE, ETH, and stablecoins. Staking, in simple terms, involves locking up assets on the blockchain in exchange for rewards, much like investing in a fixed-income product.

This new staking option appears to have boosted ApeCoin’s value significantly. Trailblaze, a fundraising platform offering investments of various types and stages, is currently integrating ApeChain into its launchpad.

“The seamless onboarding via Yuga ID, cross-chain interoperability through Ape Portal, and gas-sponsored transactions are game-changers. These features significantly lower barriers to entry and enhance user experience, paving the way for a new wave of Web3 products. The market reflects the tech's transformative potential of onboarding and usage,” Boris, CTO at Trailblaze, told Investing.com.

The staking feature is part of a broader strategy within the ApeCoin ecosystem to expand token utility by engaging users in activities like games and staking pools. The platform also plans to support other yield-generating cryptocurrencies to attract a wider audience.

Another key development that contributed to APE's price surge is the launch of LayerZero on the ApeChain mainnet. This interoperability protocol enables applications to share data across multiple blockchains.

With the increasing popularity of crypto gaming in 2024, these games not only introduce users to the broader crypto ecosystem but also offer rewards in crypto for engaging with their platforms.