ApeCoin (APE) has doubled in value, reaching over $1.5, following the launch of ApeChain, a Layer 3 network developed by Yuga Labs. The token surge is attributed to a new staking feature that allows APE holders to automatically earn yields on their investments. This introduces a passive income stream through staking rewards, which are reinvested to maximize yields. The ApeCoin DAO approved the creation of ApeChain in January 2024, and its launch significantly enhances the utility of APE by enabling seamless minting of NFTs and decentralized applications. Additionally, integration with LayerZero facilitates cross-chain transfers, further boosting APE’s functionality in the blockchain space. The overall enhancements aim to expand the ApeCoin ecosystem, attract more users, and promote greater engagement with its token.

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