The ApeCoin community has given the green light to a groundbreaking proposal to create a dedicated blockchain in cooperation with Arbitrum, Horizen Labs, and Offchain Labs. This move aims to build the ApeChain, which will see their token APE become the native currency, and further support from Arbitrum’s innovative AnyTrust chains is expected to reduce selling pressure on the token. Enthusiasm surrounding this development has triggered a 6% surge in APE’s market value within 24 hours.
Strategic Partnership to Boost ApeCoin’s Blockchain Ambitions
The partnership between ApeCoin and Arbitrum is set to enhance ApeChain’s capabilities by utilizing the layer-2 scaling solutions and security features offered by Arbitrum’s AnyTrust chains. The adoption of APE for transaction fees, staking, and governance is anticipated to grow due to the community’s overwhelming support. The new blockchain remains tethered to Ethereum’s security, ensuring a stable and secure environment for transactions.
APE Token Value Escalates Following Chain Proposal Approval
Since the announcement, the value of APE has increased to $1.68, marking a 16.7% rise in the past week and signaling an end to the previous downtrend that began on February 8th. The token’s price trajectory is now challenging the key Fibonacci retracement levels, with a potential to retest the peaks from December 2023. The support from technical indicators like the Awesome Oscillator and MACD metric further validates the positive momentum being experienced by APE.
APE’s current market performance suggests a continued uptrend, with a daily close below the 50% Fibonacci level at $1.562 as the only apparent threat to the ongoing bullish momentum. As ApeCoin advances its blockchain technology efforts, the APE community watches eagerly, anticipating the potential growth opportunities that this development may unlock.