Rumors of possible land drops for BAYC and MAYC, circulating on social media platforms boost the crypto token, ApeCoin by 28% in one day.
Before the rumors, the ApeCoin was on the verge of a massive sell-off, but the Yuga Labs’ plans for a virtual land giveaway rumor spiked interest and demand for crypto coins among BAYC/MAYC NFT owners and investors.
ApeCoin is the official token for Bored Ape Yacht Club and Mutant Ape Yacht Club. In recent months, the crypto coin struggled to survive the market due to less demand.
Various news outlets reported on the dangerous decline in the Ape prices to below $11.50. Furthermore, the coin also struggled to repair the losses, losing the confidence of the investors.
But the recent rumor about virtual lands and metaverse solved all the problems for ApeCoin. BAYC and MAYC proved once again that they still dominate the NFT as well as the crypto world.
Yuga Labs’ “Otherside” Metaverse
Yuga Labs is a leading Web3 brand, also the creator of Bored Ape Yacht Club and Mutant Ape Yacht Club. The brand recently announced by releasing a trailer of its plans to expand the NFT reach into the metaverse project called “Otherside.”
Otherside is Yuga Labs’ own metaverse consisting of all the BAYC, MAYC, and other NFT projects. It is an MMORPG game where players can use their NFTs as characters to interact. ApeCoin is the official token associated with Yuga Labs.
Otherside became a center of interest when the rumor that Yuga Labs will give BAYC and MAYC NFT owners virtual lands in the metaverse circulated on all platforms.
Otherside rumor boosts ApeCoin
As a result of the rumors on social media, ApeCoin suddenly began to rise in the crypto market.
Based on the Cointelegraph’s report for mid-March, ApeCoin dropped by 70% valuation for two weeks. This was an alarming sign for NFT owners and ApeCoin investors. Doubts began to surface about the declining demand for ApeCoin.
With the rumor, the price surged by 55% in just three days. The ApeCoin rose to $17 per token in one day, which is a 28% increase on April 20. The Ape prices struggled to remain higher than $11 for the past three days, but today, the prices peaked.
Otherside and ApeCoin market value
Otherside metaverse is estimated to earn about $178 million based on the reports by crypto analysts. Yuga Labs will reportedly do a Dutch auction to sell virtual lands, which will directly boost the Ape prices in the market.
The minimum bid for a single land could start from 600 APE and go higher enough to become a valuable digital land asset to own for investors.
This is also one of the main reasons why ApeCoin’s worth has increased dramatically in the past three days.
Seeing the rising Ape prices, Twitter user Voyager tweeted:
Based on the current trends, the ApeCoin prices are expected to rise by $40 in the coming months. However, in case of the price drops, the least it will go would be $22. A pullback would risk ApeCoin near $12.50, according to Cointelegraph.
A pullback is highly unlikely in the first few months of the Otherside launch because the NFT owners and investors would be highly interested in buying virtual lands on the metaverse.
Yuga Labs has already proven itself to be a leading brand in the NFT marketplace; there is no doubt that it will do so in the metaverse as well. To conclude, ApeCoin will continue to rise in the crypto market.