Coin World Report:
APE Returns to Cryptocurrency Mainstream with a 135% Increase in a Day and a Half, This Time with MEME.
Written by: Frank, PANews
APE Returns to Cryptocurrency Mainstream with a 135% Increase in a Day and a Half, This Time with MEME.
At 4:27 am on October 20th, the official Twitter account of the Bored Ape Yacht Club announced that the Apechain mainnet had officially launched. Shortly after, the market responded to this new Layer 3 (L3) with a positive reaction, causing the Apechain governance token APE to surge. On the other hand, as the Ape Express, an all-in-one token creation platform within the ecosystem, launched the CURTIS token and began to rise, the price of APE also increased. As of October 21st, the price of APE has risen from 0.748 to a peak of 1.758, with a maximum increase of over 135%.
Many were amazed that the NFT champion has returned in a different way, while others are skeptical, believing that this is just a short-term market frenzy and the fate of Apechain remains uncertain. Regardless of the future development, based on what has happened in the past two days, Apechain has once again demonstrated its excellent operational capabilities and presented a fantastic Web3 marketing campaign to the world.
Combination Punch Tops the Traffic List
In the past two years, NFTs and the metaverse have had a low presence in the cryptocurrency world, and the glory of intellectual property (IP) seems to have been sealed in the album of history. As one of the most well-known IPs in the Web3 field, the fate of the Bored Ape Yacht Club is like a retired famous athlete, watching new players emerge in the MEME track and various communities and cultures ignite new tokens. As the Bored Ape Yacht Club, which was once the best at creating IP and engaging communities, missed out on the rise for over a year.
However, it can be seen that the Apechain team does not seem to have closed itself off from the outside world. From the products and strategies they have launched this time, it can be found that Apechain has almost used all of the most efficient strategies in the market.
Specifically, Apechain has launched a combination of moves, divided into several sections: the launch of the Apechain mainnet, a token creation platform similar to Pump.fun, the new MEME king CURTIS, automatic earnings for APE holders, and price manipulation. Individually, any one of these moves may find it difficult to achieve the effect of bringing APE back to the top of the rankings. However, when combined together, the power of the combination is revealed, and it even gives people the illusion that it is difficult to determine what is really playing a role here.
Next, PANews will analyze this classic Web3 case.
ApeFest Fan Event Creates Hype and Announces FOMO Unexpectedly
On the evening of October 20th, it was the last day of the fourth ApeFest, and countless Bored Ape enthusiasts and holders celebrated in Lisbon, Portugal. On social media, many Bored Ape holders released videos and content related to the event, which laid a good foundation for the APE topic. Even BMW officially released several posts related to the event on this day.
The release of Apechain was also different from the usual projects that were suddenly announced with a serious official announcement. The approach of the Bored Ape Yacht Club seemed unconventional. Before this announcement, the official account released multiple tweets introducing the ApeFest event. At the end of this series of tweets, they casually mentioned, “Oh, by the way, while we were tweeting…ApeChain has gone live. Visit now to see real-time updates.” This seemingly casual announcement not only created a relaxed and humorous atmosphere but also seemed to have the potential to create FOMO.
At the same time, the announcement was likely made at the event venue, and people who participated in the event started sharing this news on Twitter. With this series of operations, at least in terms of news, the hype around APE has already reached its peak. On the other hand, the price of APE started to rise, further promoting the increase in hype.
Those who pay attention to market trends would check the reason for the increase and carefully study Apechain to make investment judgments. Those who see the social media messages would check the market performance to determine the importance of the news. This can be considered as achieving a two-way cycle.
MEME Wealth Effect and Automatic Earnings Add Fuel
Of course, the launch of only the Apechain mainnet would quickly dispel the enthusiasm of external investors because it seems to be just a Layer 3 chain built with Arbitrum Orbit. Therefore, at this time, some additional fuel needs to be added to the fire, and two pieces of fuel are added to the market.
One piece of fuel is a MEME coin called CURTIS. The price of this token has been rising since its creation and shows a rapid upward trend full of FOMO emotions, unlike the leading MEME tokens that have experienced corrections before rising on other chains such as Solana.
The other piece of fuel is the announcement of “automatic earnings for ApeCoin holders.” This news seems to dispel some doubts about the rise of APE. In fact, according to PANews research, this automatic earnings feature does not seem entirely automatic. Users need to select a specific apeUSD through cross-chain transactions to achieve this type of earnings, and the specific return rate is currently unknown. Therefore, the specific effect of this automatic earnings is yet to be determined, but in terms of the show’s effect, it has indeed achieved the expected result.
With the support of these two pieces of fuel, more projects and tokens within the Apechain ecosystem are starting to receive attention. Among them, the most popular is a trading simulation competition called “Top Trader.” This blockchain-based trading simulation game, developed by the Workshop team, allows users to trade with 1000x leverage, and the winners will share a prize pool of $10,000. Although the prize money of this game is not high, its greater role is to help the newly launched Apechain quickly accumulate on-chain trading volume and new users. As of October 21st, Apechain has accumulated a total of 1.3 million transactions (with 1.12 million transactions on October 20th).
Is There More to the Combination Punch?
If a good start is considered half the battle, then Apechain has successfully achieved that half. However, it remains to be seen if there will be new combination punches in the future.
However, based on the performance data on October 21st, the doubts expressed on social media about APE being just another short-term hype may have some merit. First, the MEME coin, the leading token CURTIS, dropped from a high point of nearly $30 million in market value to $6 million, which appears to be an excessive correction. Only three tokens have a market value of over $10 million, and the remaining tokens have a market value that is mostly below $1 million. There are less than five tokens with a trading volume of over $1 million. From this perspective, it seems that the hype around MEME on Apechain has not been sustained.
Other data has also seen a steep decline, with active users reaching 83,000 on the 20th and 5,293 on the 21st. APE transfers were 93,000 on the 20th and 15,000 on the 21st.
However, the price of the APE token has remained around $1.5, which is relatively positive. Looking at the Apechain official website, there is still an unreleased racing game featured on the homepage banner. Based on the displayed content on the official platform, games may still be the main foundation of Apechain, and it is difficult for the MEME craze on Apechain to compete with the mature MEME ecosystems on other public chains like Solana, Ethereum, and Base in the face of fierce competition.
Thinking back to 2022, when Apechain was just announced and Yuga Labs completed the acquisition of CryptoPunks, the floor price of Bored Ape NFTs briefly exceeded 100 ETH. Many people believed that the Yuga Labs team could create a Web3 version of Disney. However, two years have passed, and it is unknown whether Yuga Labs’ vision of creating a Web3 Disney is still alive. As NFTs and the metaverse have become increasingly distant, Apechain can only barely keep up with the MEME trend. From this lively release, the operational and promotional capabilities of Yuga Labs should not be underestimated, and it is worth looking forward to what sparks can be ignited before the train arrives at the station.
And the comeback operation of the Bored Ape Yacht Club also makes people wonder, when the dream of Web3 Disney is over, is the cryptocurrency “casino” the only way out in the short term?
