Wednesday, November 30, 2022

ApeCoin v Decentraland – Which one is a better buy?

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While both are primed for a huge bounce back, APE has better odds

Key Points:

  • ApeCoin is the leading Metaverse cryptocurrency today. However, its price is heavily depressed due to the crypto bear market. 

  • Decentraland is one of the older Metaverse cryptocurrencies. While demand is growing, the market correction has affected it negatively.

  • While MANA and APE are likely to do well once the market rebounds, ApeCoin’s hype advantage could see it outperform MANA. 

ApeCoin (APE)

ApeCoin is the utility token for the entire APE ecosystem, including the highly popular Bored Ape Yacht Club NFTs. ApeCoin was one of the most popular cryptocurrencies in March/April 2022. In March, the hype was driven by the launch excitement. ApeCoin then gained accelerated momentum in April following the launch of the Otherside Metaverse. While the broader market correction has weighed down on APE for the better part of May, the level of community activity within the Ape ecosystem continues to grow. This means APE has a bright future once the markets turn bullish again. 

Decentraland (MANA)

Decentraland is a popular Metaverse cryptocurrency and has been around since 2017. Over the last two years, there has been a sharp increase in demand for its Metaverse lands by retail players and institutional investors. It is an indicator that as the Metaverse gains traction, Decentraland will have a significant role to play in it, a factor that could help drive up the value of MANA tokens long-term. 

Which one is a better buy?

Both ApeCoin and Decentraland are good buys, especially now that the cryptocurrency market is heavily depressed. As the largest Metaverse cryptocurrencies in the market today, the odds favor their bounce back once bulls return.

However, in terms of comparative gains, the odds tend to favor ApeCoin both in the short term and long term. This is all thanks to its association with the Bored Ape Yacht Club, the hottest line of NFTs in the market today. Besides the hype around Bored Ape NFTs, the Ape ecosystem has grown fast in a very short amount of time. For instance, it only took less than two months after the ApeCoin launch for the Otherside Metaverse to launch. Many other milestones are underway, all of which could play positively into APE’s price action in the future.

Conclusion

Both ApeCoin and Decentraland are high-potential Metaverse cryptocurrencies to buy today. Once the crypto market turns bullish again, these two have the potential to make a strong rebound. However, in terms of comparative gains, ApeCoin has hype strongly in its favor. Since hype plays a critical role in the cryptocurrency market, there is every reason to believe that ApeCoin will beat Decentraland in gains.

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