Thursday, December 1, 2022

ApeCoin Reached One-Month High After Metaverse Land Sale Rumors

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Apecoin reached one-month high after the Yuga Labs metaverse land sale rumors that we read more about in our latest altcoin news.

Speculation around the Otherside metaverse proejct enhances and made Apecoin surge by 37% over the past day which means ApeCoin reached a one-month high. Apecoin is the ETH-based token for the fast-growing Bored Ape Yacht Club ecosystem which is on a tear lately rallied to a new high of $16.72outperofmrign the rest of the market. The price of APE corrected with the token changing hands at $16.68 and this still represents a huge 36% increase over the past day as APE soared past MANA to become the 33rd biggest crypto y market cap with a value of more than $4.7 billion.

APE’s rally can be attributed to a few factors like the token’s listing on the Gemini Earn which is a lending program by Gemini and allows users to lend their digital assets to the institutional borrowers and earn itnerest. The more likely reason is the growing speculation over the announcement by Yuga Labs the creators of the BAYC NFT collection about the upcoming Otherside metaverse. According to the owner Renegademaster, Yuga Labs is preparing to launch land sales for the Otherside project dubbed as a Dutch auction of some sort with a price of 600 APE which is about $10,000 today:

“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!.”

According to them, the Otherside project and sale will come with an airdrop for the BAYC owners and Yuga Labs’ NFT collections like CryptoPunks, and Mutant Ape Yacht Club among others. Initially teased in March, the OTherrside proejct is expected to launch before the end of April and while the details of Yuga Labs’ new metaverse are scarce, it was confirmed that it will be powered by Apecoin. Apecoin was launched a few days before the Otherside original annoucnement and can be claimed by Bored and Mutant Ape Yacht Club holders.

APE is managed by the ApeCoin DAO which is a decentralized autonomous organization that is affiliated with the BYAC franchise and not by Yuga labs. A few other NFT and gaming tokens have increased as well like the Sandbox SAND Which spiked by more than 7.7% in the past day and Enjin Coin increased by 7% over the same time frame.

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