ApeCoin (APE) Is Now The Biggest Metaverse Token, Edging AXS, MANA, SAND
28 April 2022 - 2:21PM
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The metaverse is a new type of digital reality that incorporates
elements of social networking, augmented reality, blockchain
technology, and cryptocurrencies. Cryptocurrency might be a
perplexing subject to grasp. Many people believe the industry is
untrustworthy and view investing as a gamble. Nevertheless, this
fast expanding industry uses vast sums of money. Large investments
may yield large returns, and 2018 has been a banner year for
practically every major cryptocurrency and its supporters. Among
the major cryptocurrencies, ApeCoin (APE) is making significant
progress in the sphere of the metaverse. ApeCoin rose higher on
Wednesday morning, increasing 7% to $19.10, taking its seven-day
gain to almost 22%. This comes less than a week after Yuga Labs,
creator of the Bored Ape Yacht Club, announced the opening of its
Otherside Metaverse on Saturday. Suggested Reading | Metaverse
Tokens On Overdrive, Outpace Bitcoin And Ethereum ApeCoin Beats
MANA, SAND, AXS Since then, APE has surpassed Decentraland’s MANA,
The Sandbox’s SAND, and Axie Infinity’s AXS to become the largest
metaverse token by market valuation. This is a significant step
forward for the BAYC NFT collection in light of recent controversy
surrounding its legal cases. The BAYC collection is one of the most
renowned in history. There are 10,000 Bored Ape NFTs, according to
the NFT market OpenSea. Crypto total market cap at $1.78 trillion
on the daily chart | Source: TradingView.com The current floor
price of the Bored Ape collection is 138ETH, or $414213.90, meaning
that you would need to be extremely affluent to possess one. APE is
performing well in comparison to the rest of the cryptocurrency
market, exceeding the majority of the CoinMarketCap’s top 100
coins. Suggested Reading | Dogecoin (DOGE) Struggles, Drops 9%
After Elon Musk Twitter Buyout APE Shows Resilience As of Thursday,
APE was the 28th largest cryptocurrency by market capitalization,
valued at approximately $5.5 billion. In what appears to be a
bearish week for crypto and tech stocks as a result of the market’s
reaction to a very hawkish US Federal Reserve, ApeCoin has
demonstrated its resilience, rising more than 30% in the last seven
days on the back of $14.2 billion in transaction volume,
representing approximately 800 million APE. APE In The Metaverse
Apecoin’s value is projected to skyrocket. If APE is successful in
establishing a presence in both the metaverse and the NFT economy,
the cryptocurrency might reach US$30 by the first quarter of 2030.
Meanwhile, the broader cryptocurrency market was stagnant, with a
global market capitalization of at $1.78 trillion, down 2% in the
prior day, according to CoinMarketCap. Bitcoin, the market leader,
was down roughly 2% to $38,762.82, while Ethereum, the
second-largest cryptocurrency by market capitalization,
fell 2% to $2,852.03. Featured image from The Daily Hodl,
chart from TradingView.com
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