%Cryptocurrency %ApeCoin (CRYPTO: $APE) has doubled in value over the weekend, moving back above $1.50 U.S. for the first time since the spring, according to market data.
ApeCoin is associated with the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) and cryptocurrency that’s used for governance and transactions in the ApeCoin ecosystem.
The 100% price increase comes as the ApeCoin team, led by Yuga Labs, debuts a new %Blockchain network called “ApeChain.”
%ApeChain is a Layer 3 network that’s fully compatible with the APE token and facilitates minting NFTs, trading, and decentralized applications.
Investors can now transfer their tokens to ApeChain and automatically earn a staking yield on ApeCoin, %Ethereum (CRYPTO: $ETH) and stablecoins.
Staking refers to locking assets in a blockchain network in return for rewards.
Another factor contributing to ApeCoin’s rally is LayerZero’s launch on the ApeChain mainnet.
LayerZero is an interoperability protocol that enables applications to move data across blockchains.
ApeCoin’s price is currently trading at $1.67 U.S per digital token. The price is down from a 52-week high of $2.43 U.S. reached in March of this year.