After Surging by 110% Daily, Can ApeCoin (APE) Break its All-Time High?

TL:DR;

• ApeCoin’s price surge continued after our initial reports and tapped a 6-month peak of over $1.7 earlier today.
• However, its all-time high is still far ahead and the questions arises whether it will be able to break it amid the ongoing developments around the project.

APEMania Is Here?

It’s safe to say that today belongs to ApeCoin’s native token. As reported earlier, it exploded by 65% in hours after the launch of ApeChain – the protocol’s bridge that allows users to earn native yield on ETH, APE, and a few stablecoins.

However, that was just the start for APE as it kept pumping in the following hours and broke above $1.70 for the first time since early April this year. Although it has retraced slightly since then, APE is still over 110% up on a daily scale.

This is probably the catalyst for NFT bull run @apecoin
Higher!!!!! pic.twitter.com/yfSwcWGgbg

— So️er Punk (@soberpunker) October 20, 2024

The hype led to the reemergence of numerous APE bulls as they started to predict the beginning of a new NFT and altcoin season.

#APE looks ready for massive breakout from weekly charts as the descending channel ready to flip off! Expecting 260% throwback towards $2.75 price zone, Demand for #Apecoin consistently rising on #NFT markets triggering the wave. Keep an eye on$APE #APEUSDT pic.twitter.com/41WkEvBr97

— CryptoBull_360 (@CryptoBull_360) October 20, 2024

Aside from the Automatic Yield Mode launched by the ApeCoin team, they also hinted at an upcoming event that will take place in Vegas, USA, in late November.

New ATH Ever?

Despite today’s remarkable performance and the charting of a multi-month high, APE’s price remains miles away from its all-time high registered on April 28, 2022, according to CoinGecko. Back then, the asset stood at $26.70, which means that its currently 94% lower.

As such, we decided to ask ChatGPT about APE’s chances of ever breaking that level after we reported Perplexity’s point of view. ChatGPT admitted that APE stands a long way from its peak and that it will take a lot more development from the team to go back there.

But there’s more. The popular AI chatbot outlined the overall market sentiment as another reason that could propel a rally for APE, alongside the growing adoption and utility. Perhaps most importantly, ChatGPT asserted that ApeCoin’s native token could benefit the most if the positive sentiment returns for the broader NFT niche, which hasn’t been the case for the past couple of years.

“While ApeCoin has potential, driven by its connection to BAYC, metaverse developments, and the broader crypto market, predicting whether it will reach a new ATH involves considerable uncertainty. Factors like market conditions, innovation in the metaverse, and regulatory developments all play critical roles.” – concluded the AI solution.