Apecoin (APE) is experiencing a rollercoaster ride in 2024. After plummeting to an all-time low of $1.01 in October 2023, the Bored Ape Yacht Club governance token has experienced a dramatic turnaround, buoyed by strategic whale buying and a recent partnership with the Arbitrum network.
However, with a 13% pullback in the past two days and lingering profit-taking concerns, questions remain about whether the bulls can defend key support levels and push the price back towards its former glory.
At the time of writing, APE was flashing green, trading at $1.73, which is a 0.6% and 7.5% increase in the 24-hour and weekly timeframes, data from Coingecko shows.
Riding The Arbitrum Wave
The turning point came on February 16th, when the Apecoin DAO voted to launch ApeChain, a dedicated blockchain, on the Arbitrum network. This partnership, aimed at tackling scalability issues and fostering ecosystem growth, sparked a 21% surge in APE price, pushing it to a six-month high of $1.90.
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