Bored Ape NFT DAO’s ApeChain Goes Live – ApeCoin (APE) Price Skyrockets +100%

On Oct 21, 2024

Join Our Telegram channel to stay up to date on breaking news coverage

ApeCoin, a decentralized autonomous organization (DAO) from the digital asset firm Yuga Labs created to govern the Bored Ape Yacht Club, Mutant Ape Yacht Club NFTs, and ApeCoin ecosystem, has launched its highly anticipated blockchain network, ApeChain, after several months of development. The Organization has started allowing ApeCoin holders to move their digital assets to the new network.

ApeChain Blockchain Network Goes Live

On October 20, the ApeCoin team, led by Yuga Labs co-founders Wylie Aronow and Greg Solano, confirmed the launching of their highly anticipated blockchain network, ApeChain. The ApeCoin team began incubating its network earlier this year. After ten months of development, the team has made this project a reality. This development marks a significant step for ApeCoin as it expands its blockchain capabilities.

Staying Safe on Apechain 🍌
Apechain just went live and @apecoin is going bonkers, where the money flows, so do the scammers…
Here are some security tips and tricks to staying safe on Apechain ⤵️⤵️
1/ How to safely get $APE to Apechain
2/ Bookmark Links
3/ Verify Everything… pic.twitter.com/K82ojKyOcl
— NFT_Dreww.eth (@nft_dreww) October 19, 2024

Launched in 2021, Yuga Labs is a renowned digital asset incubation studio focused on shaping web3 through storytelling, experiences, and community. The digital asset firm is home to many non-fungible token collections, including the Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Kodamara, Voyager, and Twelvefold non-fungible token collection.

The digital asset firm also manages other non-fungible token collections, including the Otherdeed for the Otherside, CryptoPunks, and Meebits NFT collections. Earlier this year, Yuga Labs acquired Proof Collective, encompassing extensive NFT collections and projects such as Moonbirds, Oddities, and Grails. Yuga Labs has grown to become a compelling and influential organization.

ApeChain Blockchain Network Explained

The Yuga Labs team primarily started incubating its new blockchain network sometime in 2022. During this time, the team launched ApeCoin, a decentralized autonomous organization created to govern the Bored Ape Yacht Club and Mutant Ape Yacht Club ecosystems. A few weeks later, the team launched its governance token ApeCoin ($APE) and distributed it to the Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders.

By description, ApeCoin ($APE) is an ERC-20 governance and utility crypto token launched to empower the Bored Ape community, which is building at the forefront of Web3. In January 2024, the ApeCoin DAO voted to build its own gaming-focused blockchain network, ApeChain. The ApeChain blockchain network is a Layer 3 network created and developed on Arbitrum Orbit, a platform allowing the creation of customized Layer 3 app chains on top of Arbitrum’s Nova Layer 2 networks.

After nearly ten months of development, the ApeCoin DAO team has delivered their ApeChain project. The ApeCoin team revealed their project yesterday during the ApeFest2024 annual NFT event in Lisbon, Portugal. ApeFest 2024, which started on October 18, featured a packed weekend of BAYC-led and community-led events across Lisbon, including three days and two nights of networking, sightseeing, and partying with members of the BAYC team and some special guests.

In the meantime, the ApeCoin ($APE) token has reacted vigorously to the launching of its new affiliate, the ApeChain network. Data from coinmarketcap.com, a renowned on-chain crypto market data aggregator and NFT market explorer, shows that $APE climbed over 100% shortly after the new ApeChain network went live. On October 20, $APE climbed from $0.88 to $1.62 in less than 6 hours.

At the time of writing, $APE is exchanging hands at around $1.40. In the past 24 hours, $APE has recorded a trading sales volume of $2.12 billion, representing an 800% surge from the past day. During this time, the ApeCoin market capitalization has also increased. In the past 24 hours, the ApeCoin has recorded a market cap of $1.11 billion, up 62% from the past day. Nonetheless, the $APE is still down 95% from its record all-time high of $39.