- ApeCoin (APE) has risen 103% to US$1.57, reversing a decline from its high of US$39.40 in March 2022.
- The spike comes after ApeChain, linked to the Bored Ape Yacht Club, went live.
- Staking features on ApeChain have significantly driven up APE’s price, according to Markus Thielen from 10x Research.
- The revival of APE’s popularity is partly due to its enhanced utility in the broader ApeCoin ecosystem through games, staking pools, and planned support for other cryptocurrencies.
ApeCoin (APE) price has soared 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, which has seen steady decline since an all-time high of US$39.40 (AU$59.22) in March 2022.
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The coin went up by 130% at one point, to US$1.73 (AU$2.60), and after a minor correction, is since continuing its upward trend.
The rally comes as the long-awaited ApeChain blockchain went live on 20 October.
ApeCoin (APE) is linked to the Bored Ape Yacht Club, a highly popular NFT collection built on Ethereum with 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.
As per CoinDesk, Markus Thielen, Head of 10x Research, believes the staking feature has significantly contributed to reviving APE’s popularity and boosting its price.
This new feature reinvests rewards automatically, maximizing yield over time. The system is part of the broader ApeCoin ecosystem, which aims to enhance token utility by encouraging users to engage more actively with the token through games, staking pools, and other activities. The platform also plans to extend support to other yield-generating cryptocurrencies to attract a larger user base.
Markus Thielen, 10x ResearchWill ApeChain Launch Cause NFT Revival?
NFTs, or nonfungible tokens, were all the craze during the last bull run, but have since seen considerable decline in interest. The total market cap for the NFT market has gone from US$304 billion (AU$456 billion) in August 2022, to currently just US$24.6 million (AU$36.9 million).
So, understandably, many question whether NFTs will ever rise again or if the market has had its turn.
Well, according to former Goldman Sachs man Raoul Pal, “NFTs aren’t dead”.
Pal believes the NFT tech is “profound” and will make a comeback in several ways. Taking to platform X, Pal said:
Art being the first true PMF (product market fit) but many more will follow. An over-the-counter derivative or private loan for example are perfect use cases for NFTs, as are tickets, amongst a few examples.
Raoul PalPal believes 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.
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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.
That trend will create the largest, fastest accumulation of new wealth in all human history. This is THE big Game. You probably only have around 6 years before everything changes. Don’t f*** this Up.
Raoul PalCredit: Source link
