ApeCoin Soars 66% to Reenter Top 100 Cryptocurrencies
Date: 2024-10-21 Author: Oliver Abernathy Categories: CRYPTO PAYMENTS
ApeChain Launch Stimulates Interest in ApeCoin
One of the key factors in ApeCoin’s growth was the launch of the new ApeChain network developed by DAO ApeCoin. The Layer-3 network called Arbitrum Orbital Chain attracted the attention of the community and returned APE to the list of the top 100 cryptocurrencies by market capitalization. In official announcements on social media, the project confirmed the activation of bridges through which users can transfer their tokens to the new network.
“Bridges have been activated. Start transferring tokens to ApeChain to earn on APE, ETH, and other stablecoins,” ApeCoin representatives said.
In the first few hours after its launch, the Camelot DEX, powered by Arbitrum, recorded over $5 million in transaction volume, further evidence of growing interest in ApeCoin. At the same time, the token’s on-chain volume has increased by 3,000% in 24 hours, approaching the $1 billion mark, according to data from the Santiment platform. If the current trend continues, the price of ApeCoin could reach $1.25 in the coming days.
Increasing Number of Active Addresses
Another indicator of growing interest in ApeCoin is the increase in the number of new users starting to interact with the protocol. As of October 18, there were 83, but by the time of writing, this figure has increased to 3,235. This indicates that more and more users are starting to use the APE token, which in the long term could create additional demand for the asset and support its price growth.
ApeCoin Price Prediction: $2 Possible
Technically, ApeCoin has managed to break out of the downward trend that has been going on since June. For several months, the token price has fluctuated between $0.55 and $0.85. Currently, the MACD indicator shows positive values, which indicates an upward momentum in the market.
If investor interest in ApeCoin continues, we can expect the price to rise to $1.47, and if positive trends continue, to $2. However, if some token holders decide to take profits, a price correction to $0.86 is possible.
