With a gain of over 8% in the last 24 hours and more than 35% in the last seven days, ApeCoin ($APE), now ranked 27th on the top crypto list, is by far the best-performing cryptocurrency in the Top 100.
ApeCoin reached a new all-time high of $20.18 early Thursday morning as a result of this significant gain. In sum, since the cryptocurrency’s current upward momentum started on April 18 at roughly $11, it has almost quadrupled in value in only ten days.
The spike comes less than a week after Yuga Labs, developer of the Bored Ape Yacht Club (BAYC), announced the opening of their metaverse, dubbed “Otherside,” on Saturday. Since then, ApeCoin—the money used on the Otherside—has grown in market capitalization to become the biggest cryptocurrency associated with the metaverse idea.
The Otherside adventure will begin on 4/30 at 12pm ET, only on https://t.co/UWRD4dOC9H. The KYC on https://t.co/mbSVzDX9tp was to participate in Saturday’s mint — only those who KYCed can participate. More details in the 🧵.
— OthersideMeta (@OthersideMeta) April 25, 2022
The other two main metaverse cryptocurrencies, Avie Infinity (AXS) and Dencentraland (MANA), are both 38th and 41st in the biggest crypto capitalization rankings at the time of this writing. ApeCoin is in 27th place.
What is the Otherside metaverse, and how will ApeCoin be used as money there?
Yuga Labs, the firm behind Bored Ape Yacht Club, launched its Otherside metaverse on Monday. The collaboration with Animoca Brands will kick off the initiative on April 30th.
From April 30th, land may be purchased for a charge in ApeCoin, but it will also be accessible to holders of the NFT BAYC or Mutant Ape Yacht Club (MAYC).
The process of purchasing Otherside land will be conducted in the manner of a Dutch auction, which means that the price will begin at the highest possible level and gradually decline. The land will be available for purchase only via ApeCoin, the ecosystem’s native coin, which debuted a little over a month ago.
Gains on the sale of metaverse real estate will be frozen for one year to prevent excessive short-term speculating.