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.
— 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.
Punks, Meebits, Cool Cats, Nounz, WoW, Toadz (Auto WL)
— renegademaster / guccibayc.eth (@renegademasterr) April 20, 2022
Whales are in high demand for APE/NFT
The growing interest among whales in ApeCoin and Bored Ape NFTs is another reason for the current price rise.
Whalestats reports that the token is 5th most frequently purchased by ETH whales. An average of $63500 tokens are moved in each transaction.
BlueWhale0093, an ETH whale, transacted almost 300,000. Tokens for $3.9 Million.
The post ApeCoin has been trending and it is up by over 32% today: here’s why it is rallying? Coin Journal was the first to publish this story.