The price of ApeCoin (APE) coin has risen by 34. 03% today and it is was trading at around $16. 50 at the time of writing.
In this article, we will concentrate on the reasons why ApeCoin prices have soared.
Why does ApeCoin’s APE price keep rising?
Before we get into the uptrend, let us first define ApeCoin.
ApeCoin is a utility and an ERC-20 governance token that is used in the APE ecosystem inspired by Yuga Labs Bored Ape Yacht Club (BAYC) project to incentivize and empower a decentralized community. APE is the native token.
Let us now look at the factors that are causing this bullish trend.
Yuga Labs announces its upcoming metaverse
One of the major reasons the coin has skyrocketed is the speculations about its founder Yuga Labs’ announcement about the forthcoming metaverse.
On March 19, Yuga Labs launched a teaser trailer called Otherside for its upcoming metaverse. Although Yuga Labs did not disclose all details, there were hints that the metaverse would include several NFTs as well as ApeCoin. Yuga also stated that more information will be released in April.
See you at the Otherside in April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS
— Yuga Labs (@yugalabs) March 19, 2022
In addition, Bored Ape Yacht Club will be having its first anniversary on 23 April since its launch.
Land sale launched at APE
Another reason for the price increase is that @renegademasterr (Bored Ape owner) stated that Yuga plans to soon launch land sales for its project which will be priced at APE.
Was just sent some huge alpha re @yugalabs land drop. The sale will be a Dutch auction of some sort starting at 600 $APE.
BAYC / MAYC (Airdrop)
Punks, Meebits, Cool Cats, Nounz, WoW, Toadz (Auto WL)
Get your $APE ready. It looks like we will need it. #BAYC #OTHERSIDE
— renegademaster / guccibayc.eth (@renegademasterr) April 20, 2022
APE and NFT Demand by Whales
Another reason for the price rise is the increasing interest in ApeCoin and Bored Ape NFTs among whales.
According to Whalestats, the token is the 5th most purchased by ETH whales with an average of $63500 tokens moved in every transaction.
One of the largest transactions done in the last 24 hours was done by an ETH whale called BlueWhale0093 transacting almost 300,000 tokens for $3.9 million.