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ApeCoin, the native token to the Ape ecosystem, has recorded a notable surge in prices within the last 48 hours. Yuga Labs imminent metaverse launch could be revving the token up the market.
The token, formerly changing hands for about 10.70 USD, surged to a record 17.18 USD in the early hours of today. This is the highest price the coin has recorded since its early plunge following its launch.
There are suggestions that the launch of Yuga Labs’ metaverse project, Otherside, is responsible for the renewed surge. Should YugaLabs integrate APE into the metaverse project, then ApeCoin’s utility and relevance might just shoot up a notch.
Yuga Labs is the parent company behind the Bored Ape NFT, and the company has recently acquired the intellectual property rights to another leading NFT collection, Cryptopunks. The company’s new project is a metaverse venture, where players can use their NFTs’ as avatars to interact with the virtual world. As one tweet claimed, the virtual pieces of land will be sold off via a kind of Dutch auction, with prices beginning at 600 APE. This is roughly 10,320 USD at current rates.
The land sale would also come with airdrops for individuals who own Bored Ape NFTs. Owners of other NFT collections by Yuga Labs – such as the Mutant Ape NFT, Cryptopunks NFT, and the Cool Cats NFT, amongst others – are likewise eligible for airdrops.
While it is still yet to launch, the Otherside metaverse will be live by the end of April 2022.
Apecoin’s Stop-start Progress
ApeCoin officially launched on 17 March 2022 as a unique cryptocurrency token affiliated with the Bored Ape Yacht Club (BAYC) NFT collection. Despite its link with BAYC, the collection’s parent company Yuga Labs is not responsible for its development. Rather ApeCoin DAO, an independent decentralized organization, oversees its development and management,
APE was mired in controversies following its highly anticipated launch. First was an unforeseen exploit, and then its underperformance. Despite performing poorly in the first few days of its launch, ApeCoin has quickly recovered and is showing promise. Already listed on major exchanges across the world, including Gemini, the hype around APE is substantial.
Yuga Labs is also working on a play-to-earn blockchain game scheduled for release later this year. The game will utilize ApeCoin as an in-app currency. The token is likewise the in-game currency in Animoca’s Benji Bananas.