ApeCoin (APE) launched in March to unparalleled attention from the crypto community. Within hours of its launch, APE rallied from $1 to its all-time high (ATH) of $39.40 and remained as Ethereum whales’ most traded crypto for a week.
ApeCoin’s rally was short-lived as the coin fell under $9 just days after its launch. However, ApeCoin is beginning to show signs of a comeback, rallying by 40% over the last 24 hours.
The 24 hours price chart of ApeCoin (APE). Source: Tradingview
APE now trades 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
Yuga Labs announced in April that ApeCoin would serve as the native token for its upcoming metaverse, called Otherside.
With April 23, the one-year anniversary of the Bored Ape Yacht Club launch, many speculated that Yuga Labs could make a big announcement regarding its metaverse project.
According to @renegademasterr, a Bored ape owner, Yuga could launch land sales for its project soon. The sales are expected to be priced in APE.
Whales have begun gulping up APE tokens ahead of its possible use case. ETH whale, “BlueWhale0093,” snapped up nearly 300,000 tokens at $3.9 million – one of many whale transactions that have seen APE become the fifth-most purchased token by ETH whales.
On The Flipside
- Despite its massive gains, ApeCoin (APE) still remains 57% down from its March 17 ATH of $39.40.
Why You Should Care
Becoming the native token of the Otherside could help the project break the norm of airdrop tokens losing their entire value shortly after launch.