ApeCoin (APE coin) has seen a 34.03% increase in price and was trading at $16.50 as of this writing.

This article will discuss the factors that are causing ApeCoin’s price to soar.

Why is ApeCoin’s (APE) price rising?

Before we look into the current uptrend, let’s first explain what ApeCoin is.

ApeCoin, a utility token and an ERC-20 governance token, is used in the APE ecosystem that Yuga Labs Bored Ape Yacht Club project (BAYC), to encourage and empower a decentralized community. APE is its native token.

Let’s now delve into the factors causing the bullish trend.

Yuga Labs Announcement on the upcoming metaverse

One of the key reasons the coin is so high is Yuga Labs’ speculations about its founder and the announcement about the forthcoming metaverse.

Yuga Labs unveiled a teaser video called Otherside on March 19, detailing its forthcoming metaverse. Yuga Labs did not disclose all details of the project, but it was clear that it would be a metaverse which will include several NFTs as well as ApeCoin. Yuga also stated that more information will be released in April.

You will be seen on the Otherside during April. Powered by @apecoin pic.twitter.com/1cnSk1CjXS

— Yuga Labs (@yugalabs) March 19, 2022

Bored Ape Yacht Club will also celebrate its first anniversary, which is April 23, since its inception.

Prices for land sales launch in 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.

I was just sent some enormous alpha re @yugalabsDrop of land. This sale will be a Dutch auction, starting at 600 $APE.

BAYC/MAYC (Airdrop).
Punks, Meebits, Cool Cats, Nounz, WoW, Toadz (Auto WL)

Take your $APE ready. Looks like we’re gonna need it. #BAYC #OTHERSIDE

— renegademaster / guccibayc.eth (@renegademasterr) April 20, 2022