ApeCoin ($APE) price continues to surge as Bored Ape Yacht Club, Mutant Ape Yacht Club, and NFT investors gear up for the April 30 launch of the Otherside.
At a time when the cryptocurrency market appears to be tilting sideways, the NFT and Metaverse sectors are proving to be the two bright spots in that space. The $APE token’s all-time high of $22.60 on April 28 is proof of that.
The continuous bullish momentum for $APE may be attributed to the upcoming launch of the Otherside on April 30. The Otherside is Yuga Labs’ take on the Metaverse. There have been talks that the NFTs dropping on Saturday are land parcels for the Otherside Metaverse, but Yuga Labs is yet to confirm this.
Yuga Labs is the parent company of popular NFT projects Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
A leaked Yuga Labs pitch deck implies Saturday’s mint will be for Otherside land parcels. It is speculated that 200,000 land plots on Otherside will be up for sale, 30,000 of which are free for BAYC and MAYC NFT holders. The other 70,000 will be allocated to an initial public sale, while the remaining 100,000 are reserved for later drops.
It also appears that each Otherside land NFT corresponds not only to a land plot in the Otherside Metaverse but will also contain rare artifacts, natural resources, and one of 10,000 “Koda” NFTs. The Koda NFTs are the latest add-ons to the BAYC universe.
Otherside Launch Is Just Around the Corner
The Otherside launch will involve a Dutch auction type of sale, which uses a declining price format. Only users with wallets that have gone through the KYC process can participate in the sale of the first 100,000 land parcels.
Wallets holding BAYC and MAYC NFTs can claim a free land parcel for 21 days after the auction, and they don’t necessarily have to be KYC-approved to claim.
April 30 Launch May Be Driving Demand for $APE
Only $APE can be used to pay for all sales during the auction. It is probably the catalyst for the high demand for the token since interested individuals are accumulating as much $APE as they can in anticipation of the sale. There are also ongoing governance votes within the ApeCoin community, which could have helped increase the demand for $APE.
The upsurge of $APE is evidence of the BAYC and MAYC holders’ commitment to becoming more engaged with the Ape ecosystem’s direction in the years to come.
When ApeCoin launched in March, it went through erratic price fluctuations. It even sank to an all-time low of $6.21 shortly after debuting, although it was able to rebound strongly. ApeCoin has hit a series of new all-time highs in the past week. As of this writing, it is trading at $21.38.
The recent ascent of ApeCoin has boosted it above other Metaverse tokens such as The Sandbox’s SAND and Decentraland’s MANA. Currently, $APE boasts a market cap of over $6 billion, landing it on the top 20 biggest cryptocurrencies by volume.
The ApeCoin is not the only one from the Ape universe enjoying new highs. BAYC’s floor price increased to over Ξ 140 on OpenSea, a 40% rise over the past 30 days. On the other hand, MAYC saw a more dramatic price increase of over 70% from a month ago.
It certainly appears that the forthcoming Otherside NFT mint is immensely contributing to the recent rally of Yugaverse offerings.
There is speculation that simultaneous with the Otherside NFT minting, a dedicated NFT marketplace that would allow trading for the new NFTs will go live as well.
Starting price for Saturday’s Dutch auction is yet to be announced, another reason hopeful minters are stockpiling large amounts of ApeCoin to ensure they don’t get left behind.
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