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ApeCoin surged by more than 66% in a single day following the launch of its much-anticipated bridge feature, driving the token’s price beyond $1 for the first time in months and generating renewed investor interest in the crypto community.
ApeCoin Sees Resurgence After NFT Market Crash
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 initiatives.
Nonetheless, the native token's price soared to new heights, surpassing the coveted $1 mark, when the protocol made a huge statement just hours ago.
Official Launch of ApeCoin Bridge Drives Interest
The official launch of the project's bridge was mentioned in the team's statement in question. Connecting wallets and exchanging specific digital assets is how it works, just like other online crypto bridges. The ApeChain, Ethereum, and Arbitrum networks are accessible through the bridge.
Investors will be able to begin collecting native yield on a number of cryptocurrencies, including Ethereum (ETH), a few stablecoins, and the native currency APE, once the new protocol functionality goes live.
ApeCoin Announces Upcoming User Rewards Program
Additionally, by Sunday night, the team said, a primary user reward scheme will be live, CryptoPotato reports.
Many people in the X cryptocurrency community were very excited when they heard about the bridge launch. Maybe that's why the native token recently saw its most spectacular price rally.
APE Price Surges Beyond $1 Amid Community Hype
After the announcement caught up with X, APE's price, which had been hovering at $0.75 over the previous several weeks, surged by over 66%. After retaking the $1 mark, it continued its ascent and is now at $1.25, its highest point in four months.
ApeCoin’s Market Cap Climbs Back into the Top 100
APE is once again among the top 100 biggest cryptocurrencies, thanks to a meteoric rise in market capitalization to little over $900 million.
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