Hello and welcome to Market Daily, hosted by me, Jen Sashi. In this show, we look at what’s going on in the crypto market and try to help you understand it. So even if you’re just looking at what’s going on in a market that you’re actively investing in, I hope you can get some extra alpha out of this show. In today’s episode, we discuss recent Ape coin price trends and the debut of Ape Chain. Well, now things are looking up. The coin soared 100%, hitting its highest price since April. We are interested in both the coin and the broader Yool Las ecosystem. Now, while Yol Las was all the rage in the previous NFT hype cycle, and celebrities and crypto-rich people have scooped up NFTS left, right, and center ever since, Yugo Las is on the other side of the metaverse platform and Eco He promised further development of the system. So what caused the coin to skyrocket earlier this week? Now, Ya Las, NFTS, the company that operates Ape Yacht Club, has launched Ape Chain. The chain is layer 3 developed on Arbitra 1, fully compatible with Ape tokens. According to analysts, this will also facilitate the minting of NFTS transactions and decentralized applications. Recently, the Ape Chain Bridge also went live, allowing users to transfer their tokens to the chain and automatically earn staking yield on Ape and Stablecoins. Now, client Marcus Teen, founder of Tenex, a friend of the show, has announced in a report that ApeCoin will introduce an automatic yield mode, allowing users to passively earn returns by staking Ape tokens. He said he has made it possible to obtain them. This new feature automatically reinvests your rewards to maximize your returns over time. Hey, everyone was like that. As you know, 52 million Americans own cryptocurrencies. It’s more than just a number. This is a movement, and economic, social, political, decentralized, financial, blockchain, and digital currencies are more than buzzwords. This November, they are the future. It’s our responsibility to show up and step up. We need to protect cryptocurrencies to ensure they continue to bring innovation and freedom to our families and businesses. The future of cryptocurrencies is at stake, so don’t miss this opportunity. Make your voice heard this November and pledge to stand up and vote with the crypto.org Backslash Pledge. This price jump is especially noteworthy since Ape Quint has struggled throughout 2023, dropping nearly 60% from its highs. However, Ape Chain’s debut seems to have breathed new life into the token and broader ecosystem. The folks at Crypto Twitter are very excited about this. Sumit Patel wrote, “Please come back to Ape Yacht Club.” If you left the club, now is the time for monkey fest. Seamless Ape Coin is a chain of people that people are building everywhere, the strongest cult in history. And Greg Solano says Layer Zero will crush this Apecoin and being an alternative token for Omnichain will open a lot of doors with the hope that more tokens will adopt the standard frequently. You’ll know it when it happens. The new chain is now creator-centric and uses the layer-zero Omnichain alternative token standard. Layer zero is an interoperability protocol that allows applications to move data between blockchains. This integration is therefore expected to enable seamless cross-chain transfers, increasing utility and liquidity across multiple chains. Well, investors seem to be very optimistic here. Just looking at these two tweets, there are hundreds more on Twitter. Many believe this will be a turning point for both CoinLab and YogaLab, with a series of products set to launch on the chain soon. All eyes are on Yoga Lab to see if this new blockchain can be realized. Can the chain scale efficiently? That’s the question here. If the network is able to handle large transaction volumes while keeping costs low, the coin could gain even more upward momentum heading into 2025. But the question here is, can the ecosystem maintain its momentum? It seems like every day we’re talking about new Layer 1s, Layer 2s, and Layer 3s that are trying to address scaling challenges by designing networks that can handle higher capacity at lower cost. The question now is whether apechain can attract developers to create products that bring new users into the ecosystem. And finally, will those users stick around? OG Apes seems to still be around and seems pretty bullish about this development. But can they drum up an even bigger monkey hype cycle than the last we saw? Only time will continue to track the development of the chain and coins on this show. Here’s today’s daily market summary. Thank you so much for watching over me and for coming with me on this journey. If you like listening to this show, subscribe to the Coin Desk Podcast Network, available on all podcast platforms. Please subscribe to our YouTube channel, give it a like, and leave a comment. See you tomorrow.
