ApeCoin, BAYC NFTs Fall as Yuga Sets HV-MTL Rift Launch Date

BAYC holders are going bananas for the next chapter of Yuga’s metaverse game, but $APE hits another rock bottom.

Bored Ape coming in threatingly showing the Apecoin to you. ''HV-MTL Rift'' reflection on his glasses showing whats to come.
Created by Kornelija Poderskytė from DailyCoin
  • Yuga Labs announces a new date for the HV-MTL: Rift game.
  • Memecoin ApeCoin (APE) slipped further by 42% in a month.
  • Web3 players can win $APE in the HV-MTL metaverse game.

Altcoins on Ethereum are sailing through the hardships of crypto winter as the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler prepares his testimony to prove jurisdiction over alternative cryptocurrencies. 

The rough headwinds throughout the month had touched other popular memecoins like Shiba Inu (SHIB) and Dogecoin (DOGE), as well as highly reputable Layer-2s like Arbitrum (ARB) and Polygon (MATIC). Among the hardest hit are ApeCoinDAO’s and the Bored Ape Yacht Club’s native ApeCoin (APE), which slipped an eye-watering 42% in the last 30 days.

On top of that, ApeCoin just hit a new all-time low, as the utility in metaverse gaming seems to hardly reflect on APE’s price. Previously supported by large Ethereum whales like Machi Big Brother and the vast community of Bored Ape gamers using $APE for in-game purchases, APE fell to a new low of $1.13 on 11 September 2023.

APE is changing hands at $1.16 at press time, slightly bouncing back from the freshly touched all-time low. On the other hand, the associated Bored Apes Yacht Club’s NFT price floor has also rebounded from simultaneous all-time lows of 21.99 to 26 Ether (ETH), but that’s still a far cry from its past glory.

Yuga Labs Sets The Rift on HV-MTL Launch Date

To stay ahead of the game, the Web3 giant Yuga Labs announced the launch of The Rift on HV-MTL Forge: The Hunt, which will begin on September 14, 2023. The game invites the Bored Ape community to forge HV-MTL machines to fight in duels and win prizes. 

The Rift’s characters will be free to explore the 4th season of the HV-MTL with their Mechs and collect resources in a wide amplitude of biomes. Yuga Labs shared a sneak peek of the Mech battle arena on Twitter, revealing that The Hunt will be centered around preparation to meet the Final Boss.

Getting through the Rift into the next phase of the HV-MTL RPG metaverse game will not come easy, as “players will need to build out their HV-Homes to the point that they can see the ‘Rift’ on their board.” Blockchain players will look for forging combinations to achieve this, and the dedicated HV-MTL NFT collection will be useful.

Despite the launch of the highly-anticipated HV-MTL: The Rift, the associated NFT collection’s floor price was cut in half from 0.81 on August 17th, 2023, to just 0.43 ETH now, according to CoinGecko.

On the Flipside

  • RPG metaverse game HV-MTL Forge: The Hunt was previously postponed due to technical difficulties.
  • Delays from the original release date of September 7th, 2023, resulted in a 12% weekly dip for HV-MTL NFTs.
  • The game-affiliated ApeCoin’s concentration on-chain signal is bullish, signifying increasing whale positions.

Why This Matters

Yuga Labs is among the Web leaders, valued at $4 billion at the company’s peak in 2021.

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

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.