An altcoin running on the Ethereum (ETH) network is seeing massive gains after launching a new blockchain in its ecosystem.
ApeCoin (APE), the digital asset associated with the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, climbed to $1.74 on Monday, up 135% in value from Saturday .
APE started to recover with the launch of Apechain on Sunday.
Apechain, a project led by Yuga Labs, which also developed APE, allows staking of ApeCoin tokens and expands the Bored Ape Yacht Club ecosystem.
According to the pseudonymous analyst Elena,
“Apechain facilitates NFT minting, trading, and dApps (decentralized applications) while providing a seamless experience for users. What makes ApeChain unique? ApeChain offers several advantages:
- Scalability: Addresses congestion issues seen in other blockchains.
- Incentives: Offers token rewards, airdrops and staking.
- Integration: fully compatible with the APE token.
Ahead of the launch, Wylie Aronow, co-founder of Bored Ape, also known as Gordon Goner online, said:
“I want to see ApeChain be the most incredibly creator-focused crypto chain. Filled with tools that make it easy to build, get noticed, and color outside the lines. I don’t want ApeChain to be just for BAYC. I want it to be for all monkeys.
As APE gathered on Monday, on-chain data from crypto analytics platform Arkham Intelligence shows that ApeCoin’s official address transferred 3.289 million APE worth 5.13 million dollars at the time to digital asset algorithmic trading company Wintermute’s over-the-counter platform. Additionally, ApeCoin’s treasury address sent Wintermute 4.6 million APE worth $6.95 million at the time.
ApeCoin has retraced from Monday’s high. APE is trading at $1.36 at the time of writing, down 12.5% in the last 24 hours.
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