APE rallies over 20% to near record high
ApeCoin (APE), the native token on the Bored Ape NFT collection, rallied to near record highs on Wednesday. A bulk of its rally in the past 24 hours can be attributed to speculation over an announcement by founder Yuga Labs on its upcoming metaverse.
APE jumped 23% in the past 24 hours, coming close to a record high of $16.47. Its latest gains saw it overtake Decentraland (MANA) as the largest metaverse token, with a market value of $4.3 billion.
Whale interest in ApeCoin and the Bored Ape NFTs also skyrocketed over the past 24 hours, as traders awaited a big announcement from Yuga.
Big metaverse announcement soon?
Yuga Labs launched a teaser trailer for its upcoming metaverse, called Otherside, in March. Little is known about the project beyond the fact that it will be a metaverse incorporating Apecoin and several NFTs.
Yuga said it would reveal more information on the project in April. It had also launched Apecoin in March to serve as a native token for the project.
Given that April 20 is an important date for internet meme culture, an announcement from Yuga could be nigh. April 23 is also the one-year anniversary of the Bored Ape Yacht Club launch.
Bored ape owner @renegademasterr said that Yuga intended to launch land sales for its project soon. The sales are expected to be priced in APE.
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