- ApeCoin (APE) surged over 135% following the launch of ApeChain, a new blockchain ecosystem for the Bored Ape Yacht Club NFT collection.
- ApeChain facilitates NFT minting, trading, and decentralized apps while providing scalability, incentives, and integration with the APE token.
- On-chain data shows the official ApeCoin address transferred millions of APE tokens worth over $500 million to the algorithmic trading firm Wintermute’s platform.
ApeCoin (APE), the digital asset associated with the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) collection, soared to $1.74 on Monday, a 135% jump in value from Saturday.
Apechain Launch Sparks Rally
APE began to rally as Apechain launched on Sunday.
Says pseudonymous analyst Elena: “Apechain facilitates NFT minting, trading, and dApps (decentralized apps) while providing a seamless experience for users. What is unique about ApeChain? ApeChain offers several benefits:
- Scalability – addresses congestion issues seen in other blockchains
- Incentives – offers token rewards, airdrops, and staking
- Integration – fully compatible with the APE token”
Ahead of the launch, Bored Ape co-founder Wylie Aronow, also known as Gordon Goner online, said: “I want to see ApeChain be the most insanely creator focused chain in crypto. Filled with tools that makes it easy to build, get noticed and color outside the lines. I don’t want ApeChain to be just for BAYC, I want it to be for all apes.”
Large APE Transfers to Trading Firm
As APE rallied Monday, on-chain data from crypto analytics platform Arkham Intelligence shows that the official ApeCoin address transferred 3,289 million APE worth $513 million at the time to the algorithmic digital asset trading firm Wintermute’s over-the-counter platform.
Also, ApeCoin’s treasury address sent to Wintermute 46 million APE worth $695 million at the time.
ApeCoin Retraces From Highs
ApeCoin has retraced since Monday’s high. APE is trading for $1.36 at time of writing, down 12.5% in the last 24 hours.
Conclusion
The launch of Apechain and large APE transfers to Wintermute accompanied a huge rally for ApeCoin. However, APE has pulled back from its recent highs. The long-term impacts of Apechain remain to be seen.
