The Reason Behind ApeCoin’s (APE) 66% Daily Surge: Details

Following the NFT crash a few years back, ApeCoin was among the most affected projects and seemingly disappeared from most crypto users’ range of vision.

However, the protocol made a massive announcement hours ago that propelled a whopping rally for the native token, pushing its price beyond the coveted $1 level.

$APE || The start of NFT season!

With $APE surging, NFT season is about to kick off.

Keep an eye on NFTs, billions will pour in.

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

— Crypto Catalysts (@Crypt0Catalysts) October 20, 2024

ApeCoin’s Announcement

The team’s statement in question highlighted the official launch of the project’s bridge. It works similar to other online crypto bridges, allowing users to connect their wallets and swap certain digital assets. As of the writing of these lines, the available networks on the bridge are ApeChain, Ethereum, and Arbitrum.

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

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

Bridges are live.

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

You can find our official bridge on the freshly updated ApeChain website, along with many of our partners and the apps that are already available ON APECHAIN.

— ApeCoin (@apecoin) October 19, 2024

APE’s Price Surge

The news about the bridge launch led to massive hype among the cryptocurrency community on X. Perhaps that’s why the native token went through one of its most impressive price rallies as of late.

APE was struggling around $0.75 for the past few weeks but skyrocketed by more than 66% after the announcement caught up on X. It reclaimed the $1 level and kept surging to a four-month peak of $1.25 as of now.

APE’s market cap has shot up to just over $900 million, which has helped the asset return into the top 100 largest cryptocurrencies.

APE Price 7-Day Scale. Source: CoinGecko