ApeCoin surged 37% in the past day as speculation grows about the Otherside metaverse project. It reached a one month high.
ApeCoin, the Ethereum-based token for the rapidly-growing Bored Ape yacht Club (BAYC), is on an absolute tear. It rose to $16.72 on Wednesday and outperformed the rest of crypto markets.
APE’s price has slightly dropped by press time. The token traded at $16.68 per CoinMarketCap. This is still a huge 36% increase over the previous day as APE surged past Decentraland’s MANA to become 33rd largest cryptocurrency by market capital, valued at more $4.7 billion.
APE’s remarkable rally can be attributed to several factors. This includes the token’s listing at Gemini Earn, a crypto exchange Gemini lending program that allows users to lend digital assets to institutional borrowers and earn interest.
The most likely explanation is the increasing speculation about Yuga Labs’ recent announcement (the creators the BAYC NFT collection) regarding its upcoming metaverse called Otherside.
Renegademaster, Bored Ape owner, said that Yuga Labs is about to start land sales for Otherside. These will be held as a Dutch auction with a starting cost of 600 APE (which is almost $10,000 today).
“This information was provided to me by a trusted source. However, it is not official news. Renegademaster added, “Speculation at this stage is so please DYOR as usual!”
They said that the Otherside project land sale would include airdrops for owners of BAYC or other Yuga Labs NFT collections such as Mutant Ape Yacht Club, CryptoPunks and others.The Otherside project was teased as a first in March. It is expected that it will launch before April’s end.
Although details about Yuga Labs’ metaverse venture are not available, it was confirmed by ApeCoin. ApeCoin was launched a few days prior to the Otherside announcement and can be claimed by Bored and Mutant Ape Yacht Club members.
APE is managed and maintained by the ApeCoin DAO ( DAO ), a decentralized autonomous organisation ( DAO ). It is not affiliated with Yuga Labs.
Other NFT and gaming tokens, which are also on the rise, are also available elsewhere in the market.Sandbox’s SAND has increased by more than 7.7% over the last 24 hours. Enjin Coin has increased by approximately 7% during the same period.