Author: flowie, ChainCatcher
Editor: Nianqing, ChainCatcher
Yesterday, after a period of silence, Yuga Labs, the parent company of Bored Ape Yacht Club, initiated a series of significant actions.
Yuga Labs officially announced the launch of the Layer2 public chain ApeChain. Following this, the on-chain version of "pump .fun" and the one-click token issuance platform Ape Express were also launched.
To attract users to participate in the ApeChain ecosystem, ApeChain introduced the cross-chain bridge Ape Portal and provided an automatic yield model for stablecoin holders on the chain. Stablecoins bridged to ApeChain will be converted to DAI and deposited into sDAI, accumulating yields based on MakerDAO's savings rate.
Additionally, ApeChain has formed a strategic partnership with Wire Network, a universal infrastructure designed for the AI agent economy, to explore new areas where AI agents can perform complex tasks on behalf of humans.
With the issuance of the first batch of meme coins like CURTIS and DOOKEY on ApeChain, it quickly sparked FOMO sentiment within the community.
ApeChain ignites meme frenzy, APE surges over 110% in a single day
According to data provided by the ApeChain browser, the trading volume on ApeChain surpassed $1 million just one hour after the launch of Ape Express, and within 12 hours, the cumulative trading volume exceeded $25 million.
CURTIS is the first meme leader to emerge from the ApeChain ecosystem, with its market cap surpassing $10 million just 15 minutes after launch, and it broke through $30 million around 8 PM last night.
Shortly after, monitoring by Yu Jin indicated that CURTIS, purchased for $1,140 by one address, had already gained a profit of $2.55 million by last night.
According to Lookonchain monitoring, in the past 30 hours, a trader executed 18 transactions of meme coins on ApeChain and captured CURTIS, achieving a profit of 300 times.
The meme coins on ApeChain also propelled the price of the APE token to briefly exceed $1.70 yesterday, with a single-day increase of over 110%. As of the time of writing, APE has retreated to $1.47, with a 24-hour increase of over 63%. The market cap of APE has also surpassed $1 billion, reaching a new high in nearly three months.
The floor prices of Yuga Labs' NFT series also experienced a brief rebound. The floor prices of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), and Otherside Koda all saw increases of over 10%-20% yesterday.
“Dragon One” meme market cap significantly retracts, is ApeChain still worth expecting?****
The heat on ApeChain seems to have not lasted as long as anticipated.
As of the time of writing, the market cap of the Dragon One meme CURTIS on ApeChain has significantly retracted, falling below $10 million, currently reported at $8 million. The decline has exceeded 40% in the past 6 hours.
From the cross-chain data perspective, the Dune data panel shows that around 8 PM last night, when CURTIS's market cap peaked at over $30 million, there was no influx of new funds, and it began a continuous net outflow.
Regarding the insufficient strong head effect of ApeChain, some crypto KOLs have expressed temporary pessimism about the future trend of ApeChain.
Crypto KOL @yuyue_chris stated that CURTIS did not stabilize at the critical $30 million market cap level, and many BAYC big V's do not actually hold Dragon One, each working on their own coins without concentrating firepower on the leader. He remarked, “A chain ecosystem without a head effect is like a pile of loose sand; it scatters with a gust of wind.”
@BroLeonAus also expressed little hope for a second resurgence of ApeChain. @BroLeonAus believes that too many people are rushing in based on mere expectations, and Yuga Labs' operational shortcomings have already been exposed in previous events like Monkey Land, which has overdrawn trust.
Is launching chains and pumping memes becoming a trend?
The ongoing popularity of memes has become a necessary strategy for major public chains. Following Solana, major public chains like TRON, BSC, and Sui have all launched on-chain "pump" platforms, vying to become new territories for meme players.
This may have inspired project parties in various fields outside of public chains, as they first launch chains or even introduce their own "pump .fun" platforms to attract meme hot money.
Last week, in addition to Yuga Labs, Worldcoin also launched its public chain World Chain mainnet. On the day of its launch, Worldchain briefly became a hot spot for meme players.
Recently, dYdX Foundation CEO Charles d'Haussy announced his return and stated that he would reveal secrets about moats, Trojan horses, and flywheels, leading crypto community users to speculate that he would launch a "pump .fun" on his chain to kick off a meme frenzy. The dydx token also surged 30% yesterday.
From past performance, while major public chains or project parties imitating Solana's meme pump model can gain short-term attention, most face the dilemma of being fleeting.
Crypto KOL @yuyue_chris believes that for public chain project parties, “simply having a pump.fun product is unlikely to pump (sustainably raise) your token price; funding hardware is key.” If one wants to achieve a win-win of liquidity and volume with pump.fun-like products, it may still require the foundational conditions driven by funding to facilitate the process.
For retail investors, @yuyue_chris suggests first assessing whether there is a market on the chain, preferably observing whether the main token of the chain is on an upward trend and if there are opportunities for altcoins within CEX, as this funding trend can drive wealth effects on the chain. “Not every public chain can pump just by launching a pump.fun.”
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