Bitcoin and Ethereum have moved considerably lower this month and that opened the door to new cryptocurrencies that want to contest the market. Ape Coin (APE) is one of those crypto assets looking for their place.
Both Bitcoin and Ethereum are down about 20% as of this April. Meanwhile, the continued popularity of blockchain-based non fungible tokens has helped the new cryptocurrency Ape Coin, linked to Bored Ape Yacht Club’s NFT collection, become a US$7 billion coin.
According to CoinMarketCap, the price of APE at the moment of writing is US$15,28 with a 24-hour trading volume of US$1.905.217.637. It is currently ranked number 31 in CoinMarketCap’s ranking, with a live market cap of US$4.352.012.946. It has a circulating supply of 284.843.750 APE coins and a maximum supply of 1.000.000.000 APE coins.
Now, a survey of cryptocurrency experts has yielded a bullish price prediction for Ape Coin.Its price soared 50% over the past week as the coin’s developer prepares for a new NFT sale. But factoring in its lowest price since March 17, 2022, the cryptocurrency soared 175.3%.
Apecoin was launched by Yuga Labs, the Andreessen Horowitz venture capital-backed creators of the very popular Bored Ape Yacht Club NFTs. The cryptocurrency is getting a head start on the launch of a new NFT from Yuga Labs this weekend. NFT land deeds for up to 55,000 virtual land parcels in the Otherside metaverse game will be minted on Saturday. And they are expected to generate up to US$300 million.
Separately, a type of 3-D virtual world referred to as a metaverse will bring together several NFT projects, including Bored Ape Yacht Club, CryptoPunks, Meebits, Cool Cats and other collections developed by Yuga Labs. Otherside’s official Twitter account revealed this week that those wishing to purchase the new NFTs will have to pay with Ape Coin.