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ApeCoin (APE), the native token of the Bored Ape Yacht Club (BAYC) ecosystem, has lost its bullish grip over the past 24 hours after sliding by 2.39%, according to data from Coinbase Exchange. While the APE slip may seem like a general trend for the broader ecosystem, the digital asset has seen its weekly growth of 9.21% sustained.
With a market of $1.4 billion, the token remains the most valuable metaverse token, and as a result, the sustenance of its growth in the Year-to-Date (YTD) rose from the metaverse immunity it is wielding at present. As it stands, there is a lot of sentiment surrounding the metaverse, and while the crypto winter is yet to clear, investors believe that coins like APE with a unique leaning toward the metaverse are a better bet for the future.
Currently trading at $3.92, ApeCoin comes off as one of the most ambitious metaverse tokens around. With the crypto winter pulling down the token from its All-Time High (ATH) of $39.40, its community confidence, drawn from its proposed media plans has relatively kept its hopes alive across the board.
While we cannot say that Yuga Labs, the Web3.0 startup behind the project has any trademark or patent filed in its name, it has some of the most anticipated metaverse products in the pipeline.
Fitting in Otherside
While Bored Ape started as a non-fungible token (NFT) collection on the Ethereum platform, it quickly grew to become one of the most revered digital collectibles in the industry. Complemented by its sister collection, Mutant Ape Yacht Club (MAYC), Yuga Labs was able to buy out CryptoPunks and Meebits, the legacy NFT collection founded back in 2017.
In a bid to harmonize these collections and bolster the utility surrounding them, Yuga Labs introduced the Otherside, its metaverse world where all of these collections will find their true expressions. This, alongside its growing whale accumulation, high-profiled accumulation and partnerships with brands and the general metaverse hype might continually aid the sustenance of the APE token price.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov