Is ApeCoin on Ethereum network?

Could you please clarify whether ApeCoin is indeed operating on the Ethereum network? This question arises due to the popularity and versatility of the Ethereum blockchain, which supports numerous cryptocurrencies and tokens. Given the significance of such an association, it's crucial to understand the underlying infrastructure that powers ApeCoin and whether it leverages the scalability, security, and decentralization offered by Ethereum. Your insight into this matter would be invaluable for those interested in investing or utilizing ApeCoin.