CoinWold Report:
APE Returns to the Cryptocurrency Mainstream with a 135% Increase in a Day and a Half, This Time Relying on MEME.
Written by: Frank, PANews
APE returned to the cryptocurrency mainstream with a 135% increase in a day and a half, this time relying on MEME.
At 4:27 am on October 20th, the official Twitter account of Bored Ape Yacht Club announced that the Apechain mainnet had officially launched. Shortly after, the market responded to this new L3 (Layer 3) solution, and the Apechain governance token, APE, started to rise. At the same time, the launch of the CURTIS token on the Ape Express one-click token issuance platform within the ecosystem also contributed to the rise in the price of APE. As of October 21st, the price of APE had risen from 0.748 to a high of 1.758, with a maximum increase of over 135%.
Many people exclaimed that the NFT champion had returned in a different way, while others were skeptical, believing that this was just a temporary market frenzy and the fate of Apechain remained uncertain. Regardless of the future development, based on the events of the past two days, Apechain has once again demonstrated excellent operational capabilities and presented a brilliant Web3 marketing campaign to the world.
Combination Punch Tops the Traffic Rankings
In the past two years, NFTs and the metaverse have had a low presence in the cryptocurrency world, and the glory of IPs seems to have been sealed in the album of history. As one of the most well-known IPs in the Web3 field, the fate of the Bored Ape Yacht Club resembled that of a retired famous athlete, watching new players constantly emerge in the MEME arena, with various communities and cultures igniting new tokens one after another. As the Bored Ape Yacht Club, which was once the best at creating IPs and stirring up communities, it had indeed missed out on the rising trend for over a year.
However, it can be seen that the Apechain team did not isolate themselves within their own circle. From the products and strategies they launched this time, it can be observed that Apechain has almost employed the most effective strategies in the market.
Looking at it collectively, Apechain introduced a combination of tactics, divided into several sections: the launch of the Apechain mainnet, a token issuance platform similar to Pump.fun, the new MEME king CURTIS, automatic earnings for APE holders, and market promotion. Any one of these tactics alone might have difficulty achieving the effect of APE returning to the top spot. However, when they were all launched together, the power of the combination became apparent, even giving people the illusion that it was difficult to determine what was truly playing a role.
PANews will analyze this classic Web3 case.
ApeFest Fan Event Creates Buzz, Unintentionally Generates FOMO
On the evening of October 20th, it was the last day of the fourth ApeFest, and countless Bored Ape enthusiasts and holders celebrated in Lisbon, Portugal. On social media, many ape holders posted videos and content related to the event, laying a solid foundation for the popularity of APE. Even the official BMW account posted related content about the event multiple times on that day.
The release of Apechain was not as sudden as usual projects. The Bored Ape Yacht Club took an unconventional approach. Prior to this announcement, the official account had posted multiple tweets introducing the ApeFest event. In the last tweet of this series, they casually mentioned, “Oh, by the way, while we were tweeting… ApeChain has gone live. Visit now to see real-time updates.” This seemingly casual announcement not only created a relaxed and humorous atmosphere but also seemed to carry some FOMO (Fear of Missing Out) implications.
Simultaneously, the announcement was likely made at the event itself, as people who participated in the event started sharing this news on Twitter. Through this series of actions, at least in terms of news, the buzz around APE had already reached a boiling point. On the other hand, the price of APE began to rise, further fueling the excitement.
People who paid attention to market trends would go and investigate the reason for the rise and carefully study Apechain to make investment judgments. Those who saw the social media posts would check the market performance to determine the importance of the news. This can be considered as achieving a two-way cycle.
MEME Wealth Effect and Automatic Earnings Add Fuel
Of course, the launch of the Apechain mainnet alone would quickly dampen the enthusiasm of external investors, as it seemed to only be another Layer 3 chain built on Arbitrum Orbit. Therefore, at this point, some additional fuel needed to be added to the fire, which came in the form of two additions to the market.
One addition was the MEME coin called CURTIS. The price of this token has been rising since its creation, showing a rapid upward trend full of FOMO emotions, unlike the previous leading MEME tokens on other chains such as Solana, which experienced a pullback before rising again.
Another addition was the announcement of an “automatic earnings model for ApeCoin holders,” which seemed to dispel some doubts about the rise of APE. In fact, according to PANews’ research, this automatic earnings model doesn’t seem to be entirely automatic. Users need to select specific apeUSD tokens through cross-chain operations to achieve this type of earnings, and the specific return rate of this earnings is currently unknown. Therefore, the actual effect of this automatic earnings is yet to be determined, but in terms of the show effect, it has indeed achieved the expected outcome.
With the support of these two additions, more projects and tokens within the Apechain ecosystem have started to gain attention. Among them, the most popular is the trading simulation game called “Top Trader,” developed by the Workshop team. This blockchain-based game allows users to trade with 1000x leverage, and the winner shares a prize pool of $10,000. Although the prize money for this game is not high, its main purpose is to help the newly launched Apechain quickly accumulate on-chain trading volume and attract new users. As of October 21st, the accumulated trading volume on Apechain has reached 1.3 million transactions (1.12 million of which were on October 20th).
Is There More to the Combination Punch?
If a good start is half the battle, then Apechain has undoubtedly achieved a perfect start. However, whether there will be new combination punches to follow remains to be seen.
However, based on the data performance on October 21st, the skepticism expressed on social media that APE is “just a short-term trend” may have some validity. Firstly, the MEME coin experienced a significant drop in value. The leading token CURTIS, which had a market cap close to $30 million at its peak, fell to $6 million, indicating an oversold situation. There are only three tokens with a market cap exceeding $10 million, and the remaining tokens have a market cap of less than $1 million. The number of tokens with a trading volume exceeding $1 million is also less than five. From this perspective, it seems that the popularity of MEME on Apechain has not been sustained.
Other data has also seen a steep decline, with the number of active users reaching 83,000 on the 20th and 5,293 on the 21st. APE transfers were 93,000 on the 20th and 15,000 on the 21st.
However, the price of the APE token has remained relatively stable, at around $1.5, which is relatively positive. From the Apechain official website, a racing game featured on the homepage has not yet been launched. Based on the content displayed on the official platform, games may still be the main foundation of Apechain, and amidst the fierce competition among various public chains, it is difficult for the MEME frenzy on Apechain to compete with mature MEME ecosystems on Solana, Ethereum, Base, and others.
Looking back at 2022, when Apechain was just announced and Yuga Labs completed the acquisition of CryptoPunks, the floor price of Bored Ape NFTs briefly exceeded 100 ETH. Many people believed that the Yuga Labs team could create a Web3 version of Disney. However, two years have passed, and it is unclear whether Yuga Labs’ vision of creating a Web3 Disney is still intact, as NFTs and the metaverse have drifted further away. Currently, what Apechain can do is barely keep up with the final bus of MEME. From this lively release, the operational and promotional capabilities of Yuga Labs cannot be underestimated, and it is worth looking forward to what sparks they can generate before the train arrives at its destination.
Moreover, the return of the Bored Ape Yacht Club also prompts the question of whether the short-term solution for Web3 is the “gambling casino.”
