Apechain has once again demonstrated outstanding operational capabilities, showcasing a classic Web3 marketing battle to the world.
Written by: Frank, PANews
In just a day and a half, APE surged by 135%, re-entering the mainstream crypto spotlight, this time relying on MEME.
At 4:27 PM on October 20, the official Twitter account of Bored Ape Yacht Club announced that the Apechain mainnet had officially launched. Just over ten minutes later, the market began to respond to this new L3, and the governance token APE started to rise. Meanwhile, as the CURTIS token was created and began to surge on the one-click token issuance platform Ape Express within the ecosystem, the price of APE also increased simultaneously. By October 21, the price of APE had risen from 0.748 to a peak of 1.758, with a maximum increase of over 135%.
Many people exclaimed that the king of NFTs had returned in a new way, while others were skeptical, believing this was merely a brief blind stimulus from the market, and the fate of Apechain remained uncertain. Regardless of how things develop next, the events of the past two days have indeed shown that Apechain has once again demonstrated outstanding operational capabilities, presenting a classic Web3 marketing battle to the world.
Combination Punch Tops the Traffic Charts
In the past two years, NFTs and the metaverse have had a low presence in the crypto world, and the glory of IP seems to have long been sealed in the album of history. As one of the most well-known IPs in the Web3 space, the fate of Bored Apes resembles that of a retired superstar, watching as new players continuously emerge in the MEME arena, igniting new tokens across various communities and cultures. However, the once most adept at creating IP and stirring up community engagement, Bored Apes, have genuinely missed out on the rising tide over the past year.
However, it is evident that the Apechain team seems not to be confined to their small circle. From the products and strategies launched this time, it can be seen that Apechain has almost utilized all of the most efficient strategies currently available in the market.
In summary, Apechain has launched a combination punch, divided into several segments: the launch of the Apechain mainnet, a Pump.fun-like token issuance platform, the new MEME king CURTIS, automatic earnings for APE holders, and price surges. Any one of these combination punches alone might struggle to create the effect of APE returning to the top spot. But when launched together, the power of the combination becomes apparent, even giving the illusion that it is difficult to discern what is truly driving the action here.
Next, PANews will analyze this classic Web3 case.
ApeFest Fan Event Builds Momentum, Unintentionally Creates FOMO
On the evening of October 20, the last day of the fourth ApeFest, countless enthusiasts and holders of Bored Apes celebrated in Lisbon, Portugal. On social media, many Bored Ape holders shared videos and content related to the event that day, laying a solid foundation for the topic's heat around APE. Even BMW's official account posted related content about the event multiple times that day.
The launch of Apechain was not like the usual projects that coldly drop a long official announcement. The approach of Bored Ape Yacht Club was unconventional; prior to this announcement, the official account had released several tweets introducing the ApeFest event. In the final tweet of this series, they casually mentioned, "Oh, by the way, while we were tweeting… ApeChain is live. Start visiting now to see real-time updates." This seemingly casual announcement not only created a light-hearted atmosphere but also seemed to carry an element of FOMO.
At the event site, there was likely a simultaneous announcement, and attendees began tweeting to share the news. After this series of operations, at least on the news front, the heat around APE had already boiled over. Meanwhile, the price of APE began to rise, further fueling this surge in interest.
Those paying attention to market dynamics would check the reasons for the rise, carefully studying Apechain to make investment judgments. Meanwhile, those seeing the news on social media would look at market performance to determine the importance of the news. This created a two-way cycle.
MEME Wealth Effect and Automatic Earnings Add Fuel
Of course, just the launch of Apechain would quickly dampen the enthusiasm of external investors, as it appeared to be merely a Layer 3 chain built on Arbitrum Orbit. Therefore, it was necessary to add some fuel to the fire, and two pieces of fuel were introduced to the market.
One piece of fuel is a MEME coin named CURTIS, which has seen its price rise continuously since its creation. Unlike previous leading MEMEs that experienced a pullback before rising on chains like Solana, CURTIS has shown a rapid upward trend filled with FOMO sentiment.
The other piece of fuel is the "automatic earnings model for ApeCoin holders," which seems to have alleviated some concerns about the rise of APE. In fact, research by PANews found that this automatic earnings model may not be as automatic as it sounds; users need to select specific apeUSD through cross-chain transactions to realize these earnings, and the exact return rate of these earnings is currently unknown. Therefore, the actual effect of this automatic earnings feature remains to be seen, but from a performance perspective, it has indeed met expectations.
With the support of these two pieces of fuel, more projects and tokens within the Apechain ecosystem began to gain attention. Among them, the most popular is a trading simulation competition called "Top Trader," developed by the Workshop team. This on-chain trading simulation game allows users to trade with 1000x leverage, with winners sharing a prize pool of $10,000. Although the prize for this game is not high, its greater purpose is to help the newly launched Apechain quickly accumulate on-chain trading volume and new users. As of October 21, Apechain's cumulative trading volume had reached 1.3 million transactions (of which 1.12 million transactions came from October 20).
Is There More to the Combination Punch?
If a good start is half the success, Apechain has clearly achieved this half perfectly. However, whether there will be new combination punches to follow remains to be seen.
From the data performance on October 21, the skepticism on social media that APE is just a "one-time wave" may not be unfounded. Firstly, regarding the MEME coin, the leading token CURTIS saw its market cap drop from nearly $30 million at its peak to $6 million, which appears to be a significant pullback. Additionally, there are only three tokens with a market cap exceeding $10 million, while the remaining tokens have market caps mostly below $1 million. The number of tokens with trading volumes exceeding $1 million is also fewer than five. From this perspective, the MEME heat on Apechain seems to have struggled to maintain itself.
Other data also experienced a cliff-like decline, with active users reaching 83,000 on the 20th and dropping to 5,293 on the 21st. APE transfers were 93,000 on the 20th and dropped to 15,000 on the 21st.
However, the price of the APE token has remained around $1.5, which is relatively positive. From the Apechain official website, the homepage banner features a racing game that has yet to be launched. Based on some of the content displayed on the official platform, the game may still be a major foundation for Apechain, while the MEME coin craze, in the face of severe homogenization competition across various public chains, finds it challenging to compete with the mature MEME ecosystems of Solana, Ethereum, Base, and others.
Looking back to 2022, when Apechain had just announced its launch, Yuga Labs completed the acquisition of CryptoPunks, and the floor price of Bored Ape NFTs once broke 100 ETH. Many believed that the Yuga Labs team could create a Web3 version of Disney. However, two years later, it is uncertain whether Yuga Labs still holds the vision of building a Web3 Disney. The winds of NFTs and the metaverse seem to be blowing further away, and what Apechain can do now is barely keep up with the last train of MEME. From this lively launch, it is clear that Yuga Labs' operational and promotional capabilities should not be underestimated, and it is worth looking forward to what sparks may fly before the train arrives at the station.
The return of Bored Ape Yacht Club also raises the question: when the dream of a Web3 Disney fades, is the only way out for crypto in the short term to become a "casino"?
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