ApeCoin (APE), the native currency on the Bored Ape NFT collection, climbed to approaching record highs on Wednesday due to an upcoming event.
The price of APE rose by almost 40% in a single day on April 20, reaching $17.3 per token. The increase was part of a three-day rally from below $11, which culminated in a 57 percent gain.
The recent price increase was caused by speculation that owners of the popular Bored Ape and Mutant APE non-fungible tokens (NFT) would receive virtual lands on Yuga Labs' planned "Otherside" metaverse.
According to a rumor that has been spreading through social media channels since April 18, the owners of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs may obtain virtual lands on Yuga Labs' much-anticipated "Otherside" metaverse platform.
Yuga Labs released a teaser trailer for its upcoming metaverse, Otherside, in March. Little is known about the project, except from the fact that it will be a metaverse incorporating Apecoin and numerous NFTs.
See you on the Otherside in April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS
— Yuga Labs (@yugalabs) March 19, 2022
ApeCoin demand may rise as a result of this potential 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 could coincide with the launch of the Metaverse project.
Given that several well-known names presently own one of these premium digital assets, Bored Ape Yacht Club NFTs have undoubtedly captured the public's attention. ApeCoin's introduction has added another ape-based commodity to the crypto market, capturing investors' attention in the hopes of outperforming the market.
