ApeCoin (APE), originally issued by Yuga Labs, has jumped 107% since ApeChain launched on Sunday. This opens up a new utility APE, which can now be staked live on-chain in an automatic yield mode. The surge in activity on October 20, 2024, has contributed to ApeCoin printing a massive daily green candle.

Yesterday, ApeCoin closed at $1.49, picking up 71% gains from an opening price of $0.87. On Monday, according to CoinGecko, APE continued its upward journey to trade at $1.71 as of press time. Securing its highest price since April 2024, ApeCoin saw a massive trade volume of $2,470,521,077.

APE’s 24-hour trading volume on Spot markets exceeds all major altcoins outside the TOP 5 by global market cap. Approaching $2.5 billion, ApeCoin’s trading volume exceeds Ripple (XRP) and Cardano (ADA) combined. Dogecoin (DOGE) comes second with $2.07 billion. ApeCoin remains the top gainer amid mid-cap altcoin on Monday with a hot streak of 25% gains in 24 hours.

What ApeChain Brings to ApeCoin’s Table?

The Yuga Labs-backed Layer-3 chain was chosen to be built on Arbitrum as a Layer-3 solution back in January 2024. The ApeCoin decentralized autonomous organization (DAO) voted to initiate works on the chain, initially choosing between Arbitrum and Polygon.

ApeChain’s automatic staking yield mode goes beyond APE, including Ethereum (ETH) and top stablecoins via the ApeChain bridges. Another innovation in this brand-new blockchain is integration with the LayerZero omnichannel fungible token protocol, which facilitates moving in-app data between blockchains.

In addition, a flurry of blockchain games, decentralized applications (dApps), and meme coins are already seeing the light of day on Yuga Labs’ Layer-3 chain. The chain saw meme coins like CURTIS and BORED breach past $10 million on day one, while Yuga’s Dookey Dash game-themed token garnered 59,29% in a 24-hour upswing to a $4 million market cap.

On the Flipside

Some of the multi-billion trading volume is due to large investors depositing ApeCoins to centralized exchanges, potentially in preparation for APE sell-offs.

According to SpotOnChain, a massive whale started taking profits today, unstaking 7.767M ApeCoin tokens and netting nearly $12 million in the process.

Why This Matters

Meme coins with a loyal community and an expanded range of utility cases stand out from the crowd, positioned to challenge the regular altcoins.

Source : DailyCoin - Oct 21, 2024