ApeCoin (APE), the governance token of the APE ecosystem, has seen a significant increase in price, rising by 66% in the last 24 hours. The price surge is attributed to the release of ApeChain, a new Layer-3 blockchain developed by the ApeCoin DAO. ApeChain has gained traction, with its volume exceeding $5 million within three hours of going live. The total on-chain volume of ApeCoin has surged nearly 3000% in the past 24 hours, approaching the $1 billion mark. The network growth of APE has also increased, indicating strong interest from developers and projects. From a technical standpoint, ApeCoin's price has broken out of a descending trendline and the momentum is bullish, suggesting that the token's value could continue to rise. However, if holders decide to take profits, the price could sink to $0.86.



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