ApeCoin (APE) Price Soars 103% Following the ApeChain Release

APE is up 103% from where it was last week, currently trading at US$1.57 (AU$2.35). The impressive rally goes against a downtrend for APE.

ApeCoin (APE) price has seen a substantial increase following the launch of ApeChain. APE is up 103% from last week, currently trading at US$1.57 (AU$2.35). The impressive rally comes as APE has seen a steady decline since reaching an all-time high of US$39.40 (AU$59.22) in March 2022.

The coin went up by 130% at one point, reaching US$1.73 (AU$2.60), and after a minor correction, has continued its upward trend.

The rally comes as the highly anticipated ApeChain blockchain went live on 20 October.

The lights are on. pic.twitter.com/0JV9ImmkDA

ApeCoin (APE) is connected to the Bored Ape Yacht Club, a popular NFT collection built on Ethereum using the ERC-20 standard.

Developed on Arbitrum One as a Layer 3 network, ApeChain supports NFT minting, trading, and decentralised apps. It also introduced bridges for token transfers and staking options for APE, ETH, and stablecoins, enhancing user engagement and rewards.

According to CoinDesk, Markus Thielen, Head of 10x Research, believes the staking feature has played a major role in boosting APE’s price and popularity.

NFTs, or non-fungible tokens, were a hot topic during the last bull run, but have since seen a significant decline in interest. The total market cap for the NFT market has dropped from US$304 billion (AU$456 billion) in August 2022 to US$24.6 million (AU$36.9 million) at the moment.

As a result, many people are wondering if NFTs will ever recover or if the market has reached its peak.

Well, according to former Goldman Sachs man Raoul Pal, “NFTs aren’t dead”.

Pal believes the NFT tech is “profound” and will come back in several ways. Taking to platform X, Pal said:

Pal thinks that with crypto and AI, we’re at a pivotal time, reshaping how the world – especially the financial world – works, and that tokenisation and NFTs will play an important role.

He believes the crypto economy as a whole will go from US$2.5 trillion (AU$3.75 trillion) to possibly US$100 trillion (AU$150 trillion) by 2034.