ApeCoin (APE) Doubles in Value as the ApeChain Network Debuts

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

Cryptocurrency ApeCoin (CRYPTO: APE) has rallied more than 100% over the weekend, moving back above $1.50 U.S. for the first time since the spring, market data shows.

ApeCoin is linked to the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) and cryptocurrency, which is 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 is fully compatible with the APE token and allows for 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 involves locking assets in a blockchain network in exchange for rewards.

Another factor contributing to ApeCoin's rally is LayerZero's launch on the ApeChain mainnet.

LayerZero is an interoperability protocol that allows applications to move data across blockchains.

ApeCoin 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., which was reached in March of this year.