ApeCoin (APE) Steals the Position of Top Metaverse Token from Decentraland (MANA)

ApeCoin (APE) is one of the most recent head-spinning crypto success stories, after its price multiplied by more than 10 times within its first week of trading. The BAYC airdrop token has now overtaken Decentraland (MANA) as the biggest metaverse token on the market.

ApeCoin Overtakes Decentraland (MANA)

Since its launch just over a month ago, ApeCoin (APE) has been the focus of investors. The native token of one of the world’s most prestigious NFT collections, the Bored Ape Yacht Club, has now overtaken Decentraland (MANA) as the top metaverse token.

Rallying in a bearish market, ApeCoin’s market value has grown to $5.45 billion, significantly higher than MANA’s $3.5 billion market cap. 

ApeCoin is now the 28th biggest crypto ranked by market cap, while MANA’s 35% decline in the last month has seen it drop to 37th position.

ApeCoin on the Bounce

ApeCoin (APE) has been on the bounce despite the bearish trend that has engulfed the crypto market. In the period of the 24 hours, APE is up by 5.5%, and 15% in the last week, raking in the third biggest gains of the top 100 cryptos.

The seven day price chart for ApeCoin (APE). Source: Tradingview

In addition to the hints that ApeCoin will be the native token of the ‘Otherside’ metaverse, the ApeCoin community and DAO have been contemplating a proposal for introducing staking, and an allocation of the ecosystem’s fund for staking pools.

On the Flipside

  • APE is this week’s most traded token by the top 100 ETH whales, with an accumulation of over 2.3 million APE tokens worth $41.5 million being made.

Why You Should Care

ApeCoin’s rally has been fuelled by support from its community, and rumors of it being the native token of the much anticipated Yuga Labs’ metaverse.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.