The native token on the Bored Ape NFT collection, ApeCoin (APE), soared to near record highs on Saturday, giving investors significant market-beating returns in anticipation of a major event.
The price of APE soared on April 23, reaching $18.45 per token. The increase was part of a market-wide price bounce that drove the coin’s price below $11, resulting in a more than 60% gain in the last seven days.
The peak price reached today is the highest since the coin’s release on March 17, when it closed the day at $8.52 per coin. The crypto asset is now the 32nd most valuable in terms of market value among 13,691 other cryptocurrencies.
The current price increase is due to investors’ anticipation of Yuga Labs’ upcoming “Otherside” Metaverse, which the founders previewed in March and which is expected to launch this month.
The owners of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs may acquire virtual lands on Yuga Labs’ much-anticipated “Otherside” metaverse platform. There are also rumors that APE coins might be used to price virtual lands in the Metaverse.
The BAYC, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) collections owners were all airdropped with millions of ApeCoins. The initial airdrop had a goal of distributing 150 million APE, however only 140,725,540 have been claimed so far.
However, with rumors that virtual land in the future “Otherside” Metaverse will be priced in APE, investors are stockpiling the token in order to increase their chances of getting a spot in the virtual world. According to data, there are currently 284,843,750 APE in circulation among 48,570 APE holders.
Given that a number of well-known figures own one of these premium digital assets, Bored Ape Yacht Club NFTs have undoubtedly attracted public attention, and the association token has profited as well.
ApeCoin’s demand has undoubtedly increased as a result of its potential use-case, which could explain APE’s recent upward trajectory. ApeCoin was released on March 17th of this year, while the NFT collection celebrated its one-year anniversary today. The projected Metaverse project’s launch date has been set for April 30th, which is less than a week away.