ApeCoin (APE) Sees Resurgence After NFT Market Crash, Surges by More Than 66% in a Single Day Following the Launch of Its Much-Anticipated Bridge Feature
- Patricia ArquetteOriginal
- 2024-10-21 01:24:12528browse
It seems like most crypto consumers stopped paying attention to ApeCoin after the NFT meltdown a few years ago, even though it was one of the most hit
ApeCoin (CRYPTO: APE) surged by more than 66% in a single day on Sunday following the launch of its much-anticipated bridge feature, which drove the token’s price beyond $1 for the first time in months and generated renewed investor interest in the crypto community.
According to data from CoinGecko, APE's price soared by over 66% to $1.25 on Sunday, continuing its ascent from around $0.75 over the past few weeks. The token's market capitalization also surged to slightly over $900 million, ranking it once again among the top 100 cryptocurrencies.
Most crypto consumers appeared to have stopped paying attention to ApeCoin after the NFT meltdown a few years ago, despite it being one of the hardest-hit initiatives. However, the native token's price soared to new heights, surpassing the coveted $1 mark, as the protocol made a major announcement just hours ago.
In a statement, the team announced the official launch of the project's bridge. It functions similarly to other online crypto bridges by connecting wallets and facilitating the exchange of specific digital assets. The bridge provides access to the ApeChain, Ethereum, and Arbitrum networks.
Once the new protocol functionality goes live, investors will be able to start earning native yield on several cryptocurrencies, including Ethereum (ETH), a few stablecoins, and the native currency APE.
The team also announced that a primary user reward scheme will be live by Sunday night, according to CryptoPotato.
Upon hearing about the bridge launch, many people in the X cryptocurrency community were very excited. Perhaps this is the reason for the native token's recent spectacular price rally.
After the announcement caught up with X, APE's price, which had been hovering at $0.75 for the past several weeks, surged by more than 66%. After retaking the $1 mark, it continued its ascent and is now at $1.25, its highest point in four months.
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