ApeCoin (APE) launched in March, garnering the undivided attention of the crypto community. Within hours of its launch, APE rallied from $1 to an all-time high (ATH) of $39.40, and remained Ethereum whales’ most traded crypto for a week.
ApeCoin’s rally was short-lived, however, as the coin swiftly fell below $9 just days after its launch. However, ApeCoin is beginning to show signs of a comeback, having rallied by 40% over the last 24 hours.
The 24 hour price chart for ApeCoin (APE). Source: Tradingview
As of this writing, APE is now trading at $17.01 from a daily low of $12.20. ApeCoin’s rally has seen its market cap grow from $3.45 billion to $4.88 billion, making it the 32nd biggest cryptocurrency.
A Major Announcement on the Way
In April, Yuga Labs announced that ApeCoin would serve as the native token for its upcoming metaverse called “Otherside”.
As April 23rd draws closer, bringing with it the one-year anniversary of the launch of the ‘Bored Ape Yacht Club’, many are speculating that Yuga Labs could be planning to make a big announcement regarding its metaverse project.
According to @renegademasterr, a Bored Ape holder, Yuga Labs could soon initiate land sales for its upcoming project. The sales are expected to be priced in APE.
Whales have thus begun scooping up APE tokens ahead of the new potential use case. ETH whale, “BlueWhale0093,” snapped up nearly 300,000 tokens, at $3.9 million USD – one of many whale transactions that have seen APE become the fifth-most purchased token among ETH whales.
On the Flipside
- Despite its massive gains, ApeCoin (APE) remains 57% down from its March 17th ATH of $39.40.
Why You Should Care
Becoming the native token of the Otherside could help the project to break the norm of airdrop tokens losing their entire value shortly after launch.