As originally planned, Apechain will become a dedicated network for Apecoin (APE), created using Arbitrum technology. This initiative represents a collaborative effort by Horizen Labs, Offchain Labs, and Arbitrum Foundation with the aim of enhancing the value of the APE ecosystem.
Apechain plays a significant role in the Ape brand, and the APE token serves as its native gas token, expanding its applicability and significance in the cryptocurrency space. One key aspect of this strategy is the use of the "powered by Apecoin" branding, emphasizing the integration of APE into Apechain.
These organizations are strategically focused on gaming and aim to position Apechain as a hub for next-generation consumer applications and games. These objectives align with Yuga Labs' priorities in game development within their ecosystem. Apechain also strives to provide the best user experience by offering low fees and fast transactions.
It's worth noting that maintaining strong ties with Ethereum is of great importance, as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and the broader APE community influence the Ethereum NFT ecosystem.
In terms of price dynamics, 2023 has been a challenging year for APE, with the token falling by 54% since the beginning of the year. Over the past six months, the APE index has decreased by 26%, but there has been some recovery in the last two weeks, with a 13% increase against the US dollar.
Although APE has risen by 62% compared to its historical low on October 10, 2023, it has experienced a 93% decline from its historical high. Currently, the token is trading at a price of $1.63 with a daily gain of 0.2%.
