Investing.com – With a rise of almost 8% in 24 hours and more than 35% in 7 days, the cryptocurrency, at the 27th position of the top crypto, is by far the best performer of the Top 100.
This sharp rise allowed ApeCoin to mark a new historic high this Thursday morning, at $20.18. In total, since the beginning of the current bullish movement, on April 18 towards $11, the ApeCoin cryptocurrency has almost doubled in value, in just 10 days.
The rise comes a week after Bored Ape Yacht Club (BAYC) creator Yuga Labs announced that it would launch its metaverse, codenamed Otherside, on Saturday. Since then, ApeCoin (APE) – the currency that will be used on Otherside – has become the largest cryptocurrency linked to the metaverse concept in terms of market capitalization.
Indeed, the other 2 main metaverse cryptocurrencies, and are displayed respectively in the 38th and 41st position of the ranking of the largest crypto capitalizations, against the 27th position at the time of writing this article for ApeCoin.
What is the Otherside metaverse, which will use ApeCoin as an exchange currency?
Yuga Labs, the brand behind Bored Ape Yacht Club (BAYC), announced the launch of its Otherside metaverse on Monday. The project will be launched on April 30 in partnership with Animoca Brands.
From April 30, it will therefore be possible to buy land, for payment in ApeCoin, but land will also be offered to holders of NFT BAYC or a Mutant Ape Yacht Club (MAYC).
The process of buying the Otherside land will be in the form of a Dutch auction, which means the price will start at the high and decrease over time. The land will be exclusively offered for sale via ApeCoin ($APE), the ecosystem’s native token that launched just over a month ago.
Gains in APE from the sale of land in the metaverse will be blocked for one year, in order to avoid excessive short-term speculation.