ApeCoin has reached a new all-time high of $20.18. Since the spike in price started on April 18 at around $11, the cryptocurrency has almost doubled in value in only 10 days.
The rise in price comes only a week after Yuga Labs, the developer of the Bored Ape Yacht Club (BAYC), announced the opening of its metaverse, on Saturday.
ApeCoin, the currency to be used on Otherside, has since become the biggest cryptocurrency related to the metaverse concept in terms of market capitalization.
In fact, the other two biggest metaverse cryptocurrencies, Dencentraland (MANA) and Avie Infinity (AXS), are ranked 38th and 41st in the largest crypto capitalization rankings, respectively, compared to ApeCoin’s position of 27th at the time of writing.
Yuga Labs, the company behind Bored Ape Yacht Club, announced the launch of its Otherside metaverse on Monday. The project will be launched on April 30th in partnership with Animoca Brands.
The process of purchasing Otherside land will take the form of a Dutch auction, which means that the price will begin at the highest and gradually decline. The land will only be available for purchase through ApeCoin, the ecosystem’s native coin, which was created a little over a month ago.
To minimise excessive short-term speculation, the $APE profits from the sale of metaverse land will be suspended for a year.
