Apecoin (APE), released by the developers of the famous NFT collection BAYC, which made a rapid entry into the crypto money markets, continued to rise during the day when the entire market was almost negative.
APE, which is also connected with the BAYC NFT collection, is positively affected by the developments in the NFT sector. On the other hand, the Metaverse statement made by the developer team Yuga Labs last week had a positive impact both for the APE price and the BAYC NFT collection base price.
According to current figures, the base price for Bored Ape Yacht Club NFTs has increased to 137.8 Ethereum, which is recorded as a new high. In addition, there was a 60 percent increase in BAYC trading volumes after the Metaverse announcement, called Otherside.
Apecoin (APE) continues to rise with news of Metaverse expected to launch later this month. In the midst of the general decline, APE continued its appreciation, albeit at a modest rate of 3 percent, and stepped into the $17 band. Reaching a market capitalization of $4.9 billion, APE has gained more than 50 percent in the last week and is now the 29th largest crypto asset.
Yuga Labs pointed to April 30th for the Metaverse launch date. While it is reported that NFTs will play a big role in the Metaverse, many popular NFT collections are expected to be supported besides BAYC NFTs.
One of the most curious issues is when virtual land sales will start in Otherside Metaverse. APE investors think that the price of Apecoin will see serious increases with the news about virtual land sales and in the process to continue.
There are also some criticisms for Apecoin, which is thought to have a serious upward potential. Most notably, more than half of Apecoin, the native token of the Bored Ape Yacht Club (BAYC), is in the hands of several investors, including Yuga developers.
The fact that a small portion of the circulating supply of the crypto asset is in the hands of a small number also raises concerns about price stability.