Apecoin, the native cryptocurrency of the Bored Ape Yacht Club (BAYC), the NFT ecosystem, is going to hit fresh all-time highs this week, I predict, amid huge global interest.
This morning, the token was at $19.21 on the deVere Crypto exchange, which is close to its previous all-time high of $19.50.
It has risen by more than 147% from its lowest level in mid-March, taking its total market cap to more than $5.2 billion.
I’m pretty confident that if the bullish momentum remains, Apecoin is going to smash through the key resistance at $20 by the end of this week and will trend amongst the more established cryptocurrencies in the market.
What’s going on?
Apecoin is one of the newest cryptocurrencies, but its rise has been meteoric.
This demand is being driven by the imminent launch of a new metaverse platform, to be known as Otherside, based on the phenomenally successful Bored Ape Yacht Club (BAYC) NFT series, and investors are piling in to buy virtual land which can only be purchased with Apecoin, of course.
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.
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.
Metaverse and crypto
As I have previously flagged in CityAM, the cryptocurrency enthusiasts of today are likely to dominate the metaverse, which gives a virtual parallel to physical reality where a community of people can interact in the form of avatars. It refers to the merging of physical, augmented, and virtual reality in a shared online environment.
It’s likely that these virtual worlds will reshape how we spend our time, how we do business, how we interact, and how we use and manage money.
In the metaverse, financial transactions will, of course, have to be digital, meaning cryptocurrencies are likely to become the sole legal tender.
As such, those investing in crypto today have a major advantage. Prices of major cryptocurrencies are likely to soar enormously in the next few years.
Therefore, those buying now will be taking advantage of the lower entry points. Their purchasing power within the digital space can be expected to be huge as a result.
Apecoin is, of course, highly speculative and investors must proceed with extreme caution.
However, there is likely to be value in a token that’s designed to fuel the evolution of creative industries, gaming, entertainment and events in the web 3.0 era.