Apecoin and BAYC NFTs Rally on ApeChain Launch

Following the launch of ApeChain, the Ethereum Layer 3 network built by Yuga Labs, the ecosystem’s APE token and Bored Ape Yacht Club NFTs are surging.

Bored Ape NFTs are up 18% in the last 24 hours to a 12.75 ETH floor price, and the APE token has more than doubled since the chain went live two days ago to a $1.1 billion market capitalization.

ApeChain launched on Oct 19 and has processed over $37 million in decentralized exchange (DEX) volume over the last 24 hours. The blockchain was launched as an Arbitrum Orbit chain and utilizes Arbitrum-native infrastructure such as the Camelot DEX.

Most of the early activity has been centered around memecoin trading, with the CURTIS token reaching a peak market capitalization of $28 million. Tokens can be created through the chain’s native launchpad, ApeExpress.

NFT marketplace Magic Eden, one of the top NFT secondary markets for Solana and Bitcoin NFTs, is also supporting ApeChain as “the premier launchpad and marketplace on ApeChain.”

TopTraderxyz is another dApp on ApeChain that has commanded early attention. The dApp features 24-hour sim-trading competitions for APE prize pools, with the first winner taking home 12,666 APE, worth roughly $20,000.