ApeCoin Rockets Up 100% as New Project Raises $21M – Could It Be the Next Big Play?
Sam is a financial journalist with a focus on cryptocurrency market news, based in London. With a Master’s Degree in Development Management from the London School of Economics, Sam’s passion for...
ApeCoin price soared over the weekend, doubling in value as the launch of the Apechain bridge reversed a year of decline.
But what does 2024 hold for APE crypto? Are there better investment opportunities than BAYC?
The BAYC community has faced challenging times, with floor prices dropping significantly since 2021 and the BAYC-linked Apecoin disappointing holders for much of the past year.
Yet, in a seismic shift over the weekend, following months of development, the Yuga Labs team announced the launch of its highly anticipated “Bridge,” which also came with the activation of ApeChain.
I have said for 3 years, the NFT bull run ended with @OthersideMeta mint. The next run starts with BAYC. $APE is up 100% and 100 BAYC swept last 24 hours. @BoredApeYC will always be number 1. Apes on Solana as a derivative will always have its place. Bullish on BASC and BAYC. pic.twitter.com/3MrPAEHNof
ApeChain is a new layer-2 scaling solution launched amid a trend for bespoke Layer-2s. It specifically focuses on facilitating NFT development, minting, trading, and dApps.
While the bridge is nothing technically special, it opens the gates to transferring assets—including meme coins—onto the much-hyped Apechain. The bridge will initially connect ApeChain with Ethereum and Arbitrum.
But perhaps the most exciting for development is the launch of native yields for APE staking, paid out in Apecoin, which provides a much-needed measure to reduce sell-press in the chart.
This also finally gives APE a much-needed utility: validating the Ethereum-compatible
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