Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC), has officially launched ApeChain on the Ethereum mainnet.
ApeCoin DAO’s $APE token surged 100% in the last two days, fueled by excitement over ApeChain’s launch.
What is ApeChain?
ApeChain is a Layer 3 blockchain solution built on Ethereum, using the Arbitrum Orbit toolkit to enhance both scalability and security. The integration of Arbitrum Orbit ensures ApeChain can handle high transaction volumes without compromising performance, making it a powerful addition to the blockchain ecosystem.
Key Features
One of ApeChain’s key partnerships is with Wire Network, a Layer 1 blockchain infrastructure designed for the AI agent economy. This collaboration aims to provide creators with AI-powered tools to better engage their audiences in interactive ways.
To further enhance interoperability, ApeChain has integrated LayerZero, a cross-chain messaging protocol. This allows APE tokens to be transferred seamlessly between different blockchains, using LayerZero’s OFT standard.
First Native Product: Top Trader
Yuga Labs founder, Greg Solano (aka Garga.eth), revealed ApeChain’s first product, Top Trader, an on-chain trading simulation game. Users can simulate trades with leverage up to 1,000x without any financial risk.
APECHAIN LAUNCHES ON MAINNET: DETAILS
– Yuga Labs, the Web3 company behind Bored Ape Yacht Club (BAYC), announced the official launch of ApeChain on the mainnet.
– ApeCoin DAO's $APE soared 100% over the last two days following the launch of Apechain.
What is ApeChain?
-… https://t.co/2VI5eK8UGx pic.twitter.com/QWToUmfjiq
— BSCN (@BSCNews) October 21, 2024
A Whale’s Costly Move
Despite ApeCoin’s recent price surge, one prominent $APE whale saw significant losses. This investor recently unstaked and deposited 7.767 million $APE ($11.98 million) to OKX after the price soared by 107%. However, despite the price jump, the whale has incurred an estimated total loss of $4 million (-6.5%) since February 2023.
An $APE whale unstaked and deposited 7.767M $APE ($11.98M) to #OKX 25 minutes ago, after the price soared by 107% following the #ApeChain launch over the past 2 days.
Notably, this whale has been trading $APE intensively since Feb 9, 2023, and still holds 5.94M $APE ($9.05M) in… pic.twitter.com/qMz8SZ9Tco
— Spot On Chain (@spotonchain) October 21, 2024
He staked 582K $APE at $3.85 in 2023 but ended up selling all 790K $APE at a loss, including 208K $APE in staking rewards.
Despite $APE's price surge of over 100% in the last 2 days, and even factoring in staking rewards, this whale still lost $1.06M (-47%) on $APE!
He bought 582K $APE($2.24M) at $3.85 in 2023 and staked it.
After the price of $APE rose yesterday, he sold all 790K $APE($1.18M) at a… pic.twitter.com/lOuyH89v76
— Lookonchain (@lookonchain) October 21, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.