ApeCoin (ticker symbol: APE) was quietly introduced to OpenSea. Users of the world’s largest NFT marketplace may now buy NFTs using their APE, a token inspired by the Bored Ape Yacht Club (BAYC).
APE joins a select list of coins that may be used with OpenSea. ETH, WETH, SOL, USDC, and DAI are among the coins on the list.
This follows its successful metaverse launch with The Otherside. The Otherside sold land tracts in the metaverse in APE, causing the price of the BAYC-adjacent token to rise.
The APE integration, of course, quickly inspired scammers. It’s like providing 150 APE and hoping the owner of the Bored Ape Yacht Club makes a mistake.
APE is now trading at the $21 USD level, down about 7% in the previous 24 hours. The BAYC token, on the other hand, is still up more than 20% from last week.
The increase and fall are due to all of the excitement around the metaverse’s launch and subsequent land sales. The land auction, which started this morning (April 30th at 8 a.m. CST), was in APE, which resulted in high currency purchases. Based on the fast drop following the transaction, traders seem to be exploiting the land sale as a “sell the news” event.
Nonetheless, ApeCoin is currently the most valuable metaverse project in terms of market capitalization. ApeCoin is now ranked 23rd, with a market capitalization of $5 billion USD. Its closest rivals, who have been there much longer, Decentraland (38th) and The Sandbox (40th), are considerably behind the rookie.
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