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ApeCoin skyrocketed by more than 110% after launching ApeChain, reaching over $1.70—a six-month peak. With an upcoming event in Vegas and renewed bullish sentiment, investors wonder if APE can challenge its all-time high from April 2022.
APE Surges After ApeChain Launch
In the hours following the release of ApeChain, the protocol's bridge that enables users to earn native yield on ETH, APE, and a handful of stablecoins, the price of ApeCoin skyrocketed by 65%, as previously reported.
The following hours saw further pumping from APE, and it finally broke $1.70 for the first time since early April of this year. But that was only the beginning. There has been a little retracement since then, but APE is still trading at over 110% daily.
Bullish Sentiment Sparks NFT Season Predictions
Many APE bulls came out of hiding during the frenzy, and they began to forecast a new season for NFTs and altcoins.
The ApeCoin team has hinted about an event happening in Las Vegas, USA, in late November, in addition to launching Automatic Yield Mode.
APE Still Far From ATH Despite Surge
Even if APE has had an incredible day and hit a new multi-month high, according to CoinGecko, the price is still a long way off from its all-time high, which was set on April 28, 2022. The asset was worth $26.70 back then, thus it's now 94% less.
ChatGPT Weighs In on APE's Future
Therefore, following our reporting of Perplexity's perspective, CryptoPotato chose to inquire with ChatGPT regarding the likelihood of APE ever surpassing that ceiling. It would take a lot more work from the team to go back to where APE was, according to ChatGPT, who acknowledged that the game is still far from its pinnacle.
Market Sentiment and NFT Revival Could Fuel APE Rally
And that's not all. Along with rising usage and utility, the popular AI chatbot included general market sentiment as a potential driver of an APE rally. On a more critical note, ChatGPT stated that the native token of ApeCoin stands to gain the most if the general opinion towards NFTs improves, something that hasn't happened for a few 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," the AI solution concluded.
