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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 CoinMarketCap.com 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.”

ETH/USD

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

BTC/USD

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

SOL/USD

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

DOGE/USD

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 Capital.com’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

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

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