The native cryptocurrency of the APE ecosystem, ApeCoin (APE) again stirred the crypto market as rumors about the ‘BAYC land drop’ went viral. While everyone anticipated that APE would become a de-facto payment token in an upcoming metaverse land sale, APE price swelled nearly 28%.
It all happened in just one day to reach over $17 per token on April 20. After a three-day low under $11, the sudden price increase resulted in a 55% gain.
A rumor spreading across social media platforms since April 18 indicated that the owners of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs may get virtual lands on the Yuga Labs’ much-awaited “Otherside” metaverse platform. Though details of Yuga Labs’ new metaverse are yet to be disclosed, it’s confirmed that it would be powered by ApeCoin.
Some BAYC NFT holders claimed that Yuga Labs would sell the Otherside virtual lands via a Dutch auction. The move could set the minimum bid of 600 APE, about $10,700 at the current price. Bored Ape owner Renegademasterr also stated that the info was sent to him by a reliable source, however, is not confirmed or official news.
The potential use-case partially explains APE’s recent upward trend in the last three days.
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