ApeCoin, the NFT-focused DeFi project supported by Yuga Labs, has officially launched its mainnet chain, dubbed Apechain, sparking significant gains for its native token, APE. Following the mainnet’s debut, ApeCoin surged over 100% in recent days, trading at approximately $1.52 on Monday during the London session.
Apechain’s launch marks a pivotal moment for ApeCoin, aiming to ensure sustainable growth and wider adoption within the NFT ecosystem. The ERC-20 token has seen a notable increase in demand, driving a daily average trading volume of around $2.3 billion and positioning the APE token for a potential rally toward new all-time highs.
While ApeCoin’s price action appears promising, crypto traders are advised to be cautious of possible market reversals as the altcoin continues to navigate critical resistance levels. A breakout could lead to sustained upward momentum, aligning with the anticipated altseason fueled by a decline in Bitcoin’s dominance.
Apechain focuses on enhancing the NFT market by streamlining minting and trading processes. It offers higher throughput and improved transaction efficiency compared to other blockchains like Ethereum and Solana. Integrated directly with the APE token, Apechain supports user incentives like token airdrops and staking, boosting its utility and community engagement.
“Apechain is filled with tools that make it easy to build, get noticed, and color outside the lines,” said Wylie Aromow, co-founder of Yuga Labs.
The Apechain network also bridges meme coin trading from Ethereum, further driving mainstream adoption of the APE token as the governance token of the APE DAO.