ApeCoin (APE) saw a massive surge in value, skyrocketing by 90% from $0.70 to $1.42 in a single day.

This sharp increase came after a significant announcement on October 20 about the launch of a cross-network bridge. This new feature allows the transfer of APE, Wrapped Ethereum (WETH), USD Coin (USDC), Tether (USDT), and Dai (DAI) between ApeChain, Ethereum (ETH), and Arbitrum (ARB).

Why Did ApeCoin’s Price Surge?

While much of the cryptocurrency market has remained stable, ApeCoin has emerged as the fastest-growing token in the last 24 hours, according to CoinGecko. The rapid rise in value followed the announcement of the cross-chain bridge launch, but other factors have also played a role.

ApeCoin recently updated its smart contract to use LayerZero’s Omnichain Fungible Token (OFT) standard. This upgrade allows APE to act as a governance token within the ApeCoin DAO and facilitates transactions across multiple blockchain networks.

Additionally, ApeCoin now holds a crucial position in Yuga Labs’ ecosystem, one of the biggest names in the non-fungible tokens (NFT) world. APE tokens are also now used for farming, where holders automatically participate in yield generation, adding another use case for the token.

Read more: A Lucky Trader Profits $1.1 Million from GOAT Memecoin

Boost in Bored Ape Yacht Club Sales

The bridge launch also impacted the Bored Ape Yacht Club (BAYC) NFTs, which are part of the Yuga Labs ecosystem. Following the announcement, BAYC sales jumped by 238.63%, with an increase of 209% in buyers and 193% in sellers, according to CryptoSlam.

Another Token Recommendation

For those interested in decentralized finance (DeFi), Flockerz is another project worth noting. It operates as a truly decentralized crypto token, giving holders the power to influence major project decisions. Holders can also earn $FLOCK for every vote they cast, and by staking $FLOCK, they can unlock rewards through its unique token breeding system.