Is ApeCoin on Ethereum?

Could you please clarify whether ApeCoin is indeed based on the Ethereum blockchain? I've been hearing a lot about it lately and I'm interested in understanding its underlying technology. Ethereum, as a well-known and widely adopted blockchain platform, would certainly lend credibility to ApeCoin if it were indeed built on it. So, is ApeCoin leveraging the power and security of Ethereum's network, or is it utilizing a different blockchain technology? I'd appreciate a concise yet informative answer to this question.