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Join Telegram ChannelApeCoin (APE) has made a remarkable comeback, its price soaring 66% over the last 24 hours and re-entering the top 100 altcoins.
This resurgence comes after a challenging period for the non-fungible token (NFT) market, with ApeCoin being one of the hardest hit projects and seemingly fading from the spotlight.
ApeCoin Sees Unexpected 66% Surge
This sudden price spike follows a significant announcement from the ApeCoin team regarding the official launch of the new bridge. This bridge allows users to connect their wallets and exchange certain digital assets, similar to other cryptocurrency bridges. Supported networks include ApeChain, Arbitrum, and Ethereum, allowing investors to earn yield on a variety of altcoins, including APE, ETH, and several stablecoins.
This announcement has generated excitement within the crypto community, pushing ApeCoin's price from a stagnant range of around $0.75 to a four-month high of $1.24. As a result of this rally, ApeCoin's market capitalization has surged to over $925 million, with a staggering 2630% increase in its 24-hour trading volume, reaching approximately $875 million.
Market analyst Crypto Catalysts also weighed in, predicting that the rise of NFTs could further fuel ApeCoin's growth. According to his analysis, if ApeCoin can break the resistance at $2.70, it may reach $6.45, with a long-term target of $27.94.
As the excitement builds, many are wondering if this surge is just the beginning for ApeCoin.