Due to a forthcoming event, ApeCoin (APE), the native token on the Bored Ape NFT collection, rose to near record highs on Wednesday.
On April 20, the price of APE increased by roughly 40% in a single day, reaching $17.3 per token. The rise was part of a three-day bounce from below $11, culminating in a 57 percent gain.
The price surge in recent hours was triggered by speculation over owners of the popular Bored Ape and Mutant APE non fungible tokens (NFT) possibly receiving virtual lands on the Yuga Labs’ upcoming “Otherside” metaverse.
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, according to a rumor spreading through social media platforms since April 18.
In March, Yuga Labs released a teaser trailer for its new metaverse, Otherside. Aside from the notion that it will be a metaverse incorporating Apecoin and numerous NFTs, little is known about the project.
Demand for ApeCoin may increase as a result of this prospective use-case, which could explain APE’s recent upward trend. The NFT collection will also be celebrating its first year anniversary on April 23rd, which might be the same day as the Metaverse project’s launch.
Given that numerous high-profile names currently hold one of these premium digital assets, Bored Ape Yacht Club NFTs have surely gained the public ’s attention. ApeCoin’s launch has added another ape-based asset to the crypto market, catching investors’ attention in the hopes of achieving of achieving market-beating returns.