Apecoin (APE), the token in the Bored Ape Yacht Cub NFT collection, has approached the record levels it has seen in the past months. So, what’s behind this latest rise? Here are the details…
ApeCoin soars: Here’s why
Much of ApeCoin’s rally over the past day can be attributed to speculation about the founder Yuga Labs’ announcement about its upcoming metaverse. APE rose 28.3 percent in the last 24 hours, approaching a record level of $ 16.47. Its most recent gains surpassed Decentraland (MANA) as the largest metaverse token with a market cap of $4.3 billion. Whale interest in ApeCoin and Bored Ape NFTs has also skyrocketed over the past 24 hours as traders are waiting for a big announcement from Yuga.
Yuga Labs released a teaser trailer for their metaverse Otherside in March. Little is known about the project beyond the fact that it will be a metaverse containing the APE and several NFT collections, as we have reported as Kriptokoin.com. Yuga said he will reveal more about the project in April. It launched ApeCoin in March to serve as a native token for the project.
Announcement is expected to come soon
Majority thinks that an announcement from Yuga will come soon given that April 20 is an important date for internet meme culture. April 23 is also the first anniversary of the Bored Ape Yacht Club launch. “Renegademasterr,” owner of Bored Ape NFT, says Yuga plans to begin selling metaverse land soon.
Meanwhile, WhaleStats data shows that APE has been among the most purchased tokens in the last 24 hours. An ETH whale dubbed “BlueWhale0093” made the largest transaction for tokens in the last 24 hours, tossing nearly 300,000 tokens at $3.9 million. Meanwhile, trading volumes on Bored Ape NFTs rose 100 percent on Tuesday. The base price of the collection also increased by 9 percent with the increase in NFT purchases.
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