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The NFT-focused DeFi project announced the launch of its mainnet dubbed Apechain to ensure sustainable future growth of ApeCoin.
Key Notes
Apecoin price has rebounded from a crucial support level of around 54 cents since the August 5 crypto crash.The Apechain will enhance NFT minting and trading primarily focused on the Bored Ape Yacht Club project.Amid the ongoing crypto bullish awakening, the altcoin space – led by ERC-20 token ApeCoin APE $1.72 24h volatility: 26.4% Market cap: $1.24 B Vol. 24h: $2.59 B has registered palpable gains in the recent past. The NFT-based altcoin pumped over 100 percent in the past few days to trade at about $1.52 on Monday during the London session. The notable demand for APE suddenly spiked in the recent past following the launch of its mainnet blockchain dubbed Apechain.
From a technical standpoint, APE price is well positioned to rally towards a new all-time high after being trapped in a falling trend since April 2022. The mid-cap altcoin, with a fully diluted valuation of about $1.5 billion, registered a daily average traded volume of around $2.3 billion, thus suggesting a huge demand from speculative investors.
However, crypto traders should be wary of sudden market reversals in APE price action as the altcoin attempts to establish a rising trend. Moreover, the APE price in the weekly time frame is currently retesting the crucial falling logarithmic resistance level.
A successful breakout from the current resistance could propel the APE price toward its all-time high in the subsequent months. The rise of APE is largely in line with the highly anticipated altseason, which will be triggered by the reversal of the Bitcoin dominance in the higher time frame, as observed in the past,
Closer Look at ApeCoin’s Apechain
As an NFT-focused DeFi project, the launch of a mainnet chain will heavily benefit the mainstream adoption of APE-based products in the future. Backed by Yuga Labs, the Apechain will focus on democratizing the NFT market with more attention to the Bored Ape Yacht Club.
The newly launched Apechain will facilitate seamless minting and trading of NFTs. The Ethereum network has faced immense competition from other blockchains led by Solana SOL $166.5 24h volatility: 4.8% Market cap: $78.27 B Vol. 24h: $4.35 B , primarily due to its high transaction cost, centralization of its layer two (L2) chains, and low throughput.
The Apechain network will mainly focus on the wellness of the NFT ecosystem, including secure trading and minting. Moreover, the Apechain network is directly integrated with the APE token and offers higher throughput compared to its competitors. Most importantly, the Apechain will enable user incentive programs including token airdrops and staking.
“Apechain is filled with tools that make it easy to build, get noticed, and color outside the lines,” Wylie Aromow, a co-founder of Yuga Labs, noted.
The Apechain network also facilitates the trading of meme coins through bridging funds from the Ethereum network. The meme coin feature will enable the mainstream adoption of the APE token, which is the governance token of the APE DAO.
Ultimately, the adoption of NFT will continue to grow exponentially in the near future as more institutional funds enter the crypto industry.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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