ApeCoin, the native cryptocurrency of the Bored Ape Yacht Club (BAYC) NFT platform, has been the stand-out performer on the crypto markets this week.
It came out of the weekend below $16 before steadily rising above $21 today, and showed little sign of stopping as the 24-hour volume hit $2bn – a rise of 14 per cent. It also broke into the top 20 most popular tokens, currently sitting at number 19.
The asset was only launched by BAYC last month at $1 per token before settling around $12 up until last week – a jaw-dropping lift of 1,971 per cent.
Demand is thought to be being driven by the imminent launch of a new metaverse platform, known as ‘Otherside’, based on the phenomenally successful Bored Ape Yacht Club (BAYC) NFT series.
“Very few details about Otherside have yet been made public. But the trailer appears to reveal a lava landscape, an ice landscape, a desert landscape and a purple mystic one,” said Crypto AM columnist Nigel Green.
“Investors are betting on the fact that as with Yula Labs’ other creations in emerging technologies, this will also prove to be extremely successful; and they’ll be hoping that ApeCoin will be used to advance gaming, entertainment, business, events, and more within the wider metaverse.”