ApeCoin’s (APE), Reaches Record High Ahead of the Otherside Land Auction this Week

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As NFT, BAYC and MAYC prepare for the highly anticipated Otherside auction, APE prices continue to rise.

ApeCoin (APE) hits a new all-time high ahead of this week’s Otherside land auction

Markets News

The Metaverse and nonfungible token (NFT), have been the shining spots in a crypto market that have gone downhill since 2022. This is evident when the APE token reached $22.60 on April 28.

The bullish momentum in APE is due in large part to the upcoming The Otherside auction, which Yuga Labs will hold with Animoca Brands, and the Bored Ape Yacht Club NFT project, on April 30.

 

APE/USDT 4-hour chart. Source: TradingView

The Otherside launch will consist of a Dutch auction-style sale and only Know Your Customer (KYC)-approved wallets will be allowed to participate in the sale of the first 100,000 land parcels. All sales will be paid for using APE, which is clearly helping to drive demand for the token higher as interested parties accumulated the token in anticipation of the sale.

A wallet that holds a BAYC (or Mutant Ape Yacht Club NFT) will be eligible to claim a free land parcel for 21 days following the auction.

The ApeCoin community’s ongoing governance votes have helped to increase APE demand, which is a clear indication that BAYC and MAYC holders want to be more involved in shaping the future direction of the ecosystem.

 

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