The Reason for ApeCoin (APE)’s 66% Daily Rise: Details

After the crash of NFT a few years ago, ApeCoin was among the most affected projects and seemed to disappear from the range of vision of most crypto users.

However, the protocol made a massive announcement hours ago that fueled a huge rally for the native token, pushing its price past the coveted $1 level.

$APE || NFT Season Begins!

with $APE growing, NFT season is about to begin.

Watch out for NFTs, billions will be coming in.

Similar to $ALTS, #NFTs will bless patients with generational wealth! @apecoin pic.twitter.com/RoH9yYgDTe

— Crypto Catalysts (@Crypt0Catalysts) October 20, 2024

ApeCoin announcement

The statement from the team in question marked the official launch of the bridge project. It works similarly to other online crypto bridges, allowing users to connect their wallets and exchange certain digital assets. As of this writing, the networks available on the bridge are ApeChain, Ethereum, and Arbitrum.

After going live, the new protocol feature will allow investors to start earning native returns on various altcoins, including the APE native token, Ethereum (ETH), and a few stablecoins.

The team also promised the launch of a basic incentive program for users, which should see the light of day by the end of Sunday.

The bridges are alive.

Bring your tokens to ApeChain now to start earning native performance in APE, ETH and various stablecoins.

You can find our official bridge on the newly updated ApeChain website, along with many of our partners and applications already available on APECHAIN.

— ApeCoin (@apecoin) October 19, 2024

APE price increase

The news about the launch of the bridge caused a lot of hype among the cryptocurrency community in X. Perhaps this is why the native token went through one of its most impressive price increases of late.

APE was struggling around $0.75 for the past few weeks but shot up more than 66% after the announcement hit X. It recovered to the $1 level and continued to rise to a four-month high of $1.25 from now.

APE’s market capitalization has soared to just over $900 million, helping the asset return to the top 100 cryptocurrencies.

APE price Scale of 7 days. Source: CoinGecko SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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