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Will Bored Apes’ expected entry to metaverse spark ApeCoin (APE) rally?

By Daniela Ešnerová

14:18, 22 April 2022

The logo of ApeCoin (APE) which depicts a simian skull within a blue digital-effect circle and halo on a darker blue background
Rumours abound that land in the BAYC metaverse will start at 600 APE – Photo: Shutterstock

ApeCoin (APE) surged this week on rumours that the team behind Bored Ape Yach Club (BAYC) will auction land in its metaverse staring at 600 APE. The rally drove APE to become the biggest metaverse token by market capitalization.

While the metaverse land sale rumour from this week was not confirmed, last month the team behind BAYC, Yuga Labs, teased the launch of its APE-powered metaverse, Otherside “in April”.

Following the rally, ApeCoin (APE) is now the biggest metaverse token with $4bn by market capitalization, according to the website. ApeCoin surpassed Decentraland (MANA), Theta Network (THETA), The Sandbox (SAND), Axie Infinity (AXS). APE is now the 33st biggest cryptocurrency.

After a 36% jump, APE reached $17.43 at top of the rally on Thursday, but fell 20% from the top of its rally by Friday.

ApeCoin launched last month as an Ethereum-20 governance and utility token for BAYC, the biggest non-fungible tokens profile picture community – a collection of 10,000 ape NFTs. Each BAYC NFT owner holds a unique profile pic of bored apes with various accessories. The most expensive BAYC NFT to date, Bored Ape #2087, an ape in a “trippy”-colored fur, sold in September for 769 ETH – which was $2.3m at the time.

APE’s utility has led to the opportunity for people to buy Snoop Dogg’s ape-themed mixtape, which happened last month.

On Wednesday, a Twitter account, writing under the nickname renegademaster, tweeted: “Was just sent some huge alpha re Yuga Labs land drop. The sale will be a Dutch auction of some sort starting at 600 $APE.”


3,445.78 Price
-1.180% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00


65,934.70 Price
+0.030% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00


174.87 Price
-0.050% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2651


0.13 Price
+0.240% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

And while the account added that the information was merely “speculation at this stage”, the coin jumped 36% in value. “This info was sent to me by a reliable source, however is not confirmed or official news. Speculation at this stage so please DYOR as always! Just sharing what I was told. ✌️,” renegademaster wrote.

renegademaster predicted that “huge announcements” by Yuga Labs could happen on 23 April – the first anniversary of BAYC. 

There was no official announcement from Yuga Labs or BAYC by Friday 22 April, at the time of writing. Yuga Labs has not immediately replied to’s request for a comment.

However, last month Yuga Labs did tweet a tralier featuring an animated ape, stating, “See you on the Otherside. Powered by APE”, after it secured funding for its metaverse project. The funding, led by led by Andreessen Horowitz (a16z) with participation from Animoca Brands, Coinbase (COIN) and MoonPay, brought the company’s valuation to $4bn. 

APE is the second biggest weekly gainer among the top 50 cryptocurrencies after terra (LUNA). LUNA added 18.5% over the last seven days of trading, while APE increased by 17.3% in the same period. Last week, APE was the biggest weekly gainer among in the wake of Coinbase’s Ape communities.

Will Yuga Labs live up to its promise and will we see more news about Otherside – the APE-powered BAYC metaverse – this month? If so, would Otherside give APE a pump or has the market priced the metaverse developments in already?

Markets in this article

0.8532 USD
0.0179 +2.260%
6.16 USD
0.03 +0.500%
Coinbase Global Inc (Extended Hours)
256.05 USD
-9.94 -3.750%
Decentraland / USD
0.34218 USD
0.00058 +0.180%
Decentraland / USD
0.34218 USD
0.00058 +0.180%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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