ApeCoin Skyrockets by More Than 110% After Launching ApeChain, Reaching Over $1.70—a Six-Month Peak

With an upcoming event in Vegas and renewed bullish sentiment, investors wonder if APE can challenge its all-time high from April 2022.

ApeCoin (APE) price skyrocketed by more than 110% on Monday after the launch of ApeChain, reaching over $1.70 and hitting a six-month peak. The surge comes amid an upcoming event in Las Vegas and renewed bullish sentiment, leading investors to wonder if APE can challenge its all-time high from April 2022.

APE Surges After ApeChain Launch

As reported earlier, APE price surged by 65% in the hours after the launch of ApeChain, a protocol bridge that allows users to earn native yield on ETH, APE, and several stablecoins.

APE price continued pumping in the following hours and eventually breached the $1.70 level for the first time since early April this year. However, that was only the beginning, as the asset price initially surged to $2.10. There has been a slight retracement since then, but APE is still trading at over 110% daily.

Bullish Sentiment Sparks NFT Season Predictions

The surge sparked many APE bulls out of hiding, and they began predicting a new season for NFTs and altcoins.

In addition to launching Automatic Yield Mode, the ApeCoin team has teased an upcoming event in Las Vegas, USA, in late November.

APE Still Far From ATH Despite Surge

While APE had an incredible day and hit a new multi-month high, the price is still a long way off from its all-time high, which was set on April 28, 2022, according to CoinGecko. Back then, the asset was valued at $26.70, which is now 94% lower.

ChatGPT Weighs In on APE's Future

So, following our reporting on Perplexity’s perspective, CryptoPotato decided to consult ChatGPT regarding the possibility of APE ever surpassing that ceiling again. ChatGPT acknowledged that the game is still far from its peak, adding that it would take a lot more effort from the team to get back to where APE was at its best.

However, the popular AI chatbot included general market sentiment as a potential driver of an APE rally, besides increased use and utility. On a more positive note, ChatGPT stated that the native token of ApeCoin stands to gain the most if the overall sentiment toward NFTs improves, something that hasn't happened for a few years now.

"While ApeCoin has potential, driven by its connection to BAYC, metaverse developments, and the broader crypto market, predicting whether it will reach a new ATH involves considerable uncertainty. Ultimately, factors like market conditions, innovation in the metaverse, and regulatory developments play critical roles," the AI solution concluded.

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