Key Takeaways
- The price of ApeCoin has increased from $0.7 to $1.42 in the past day.
- The unveiling of a bridge for transfers between the Ethereum and Arbitrum networks coincided with the surge.
- Additionally, ApeCoin added automatic yield for holders and revised its token standard.
The value of ApeCoin (APE) increased quickly, rising 90% from $0.7 to $1.42 in a single day.
This unexpected expansion came after a significant announcement about the opening of a cross-network bridge on October 20.
This bridge enables transfers between the ApeChain, Ethereum (ETH), and Arbitrum (ARB) networks for APE, Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and Dai (DAI).
What Caused ApeCoin’s Price to Soar?
According to CoinGecko, ApeCoin has become the token with the quickest growth over the past day, even if the majority of the cryptocurrency market is still quite stable.
Although the announcement of a cross-chain bridge launch sparked the increase, a number of other variables also played a role. ApeCoin updated its smart contract by implementing the Omnichain Fungible Token (OFT) standard from LayerZero.
The OFT standard enables transaction fees across many chains and permits APE to function as a governance token within the ApeCoin DAO.
Furthermore, APE is now an essential part of the ecosystem of Yuga Labs, one of the top brands in the non-fungible token (NFT) market.
APE tokens can now be used for farming in addition to the bridge launch. The project claims that holders participate in the yield production process right now.
Impact on Bored Ape Yacht Club Sales
Bored Ape Yacht Club (BAYC) NFTs, which are a component of the Yuga Labs ecosystem, experienced an increase after the bridge announcement.
The number of buyers and sellers has surged by 209% and 193%, respectively, over the last 24 hours, while BAYC sales have increased by 238.53%, according to CryptoSlam.
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