The price of the digital currency “ApeCoin” increased by more than 29% to reach its highest levels…Here are the reasons for it!
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Answer The price of the digital currency “ApeCoin” increased by more than 29% to reach its highest levels…Here are the reasons for it!
The price of the digital currency “ApeCoin (APE)” rose significantly to approach its record highs on Wednesday.
Much of its rally over the past 24 hours can be attributed to speculation about the Yoga Labs founder’s announcement of the upcoming Metaverse project.
The price of the digital currency “APE” jumped by 29% in the past 24 hours, bringing the coin to a new record high of $16.96, according to the “coinmarketcap” website.
Its recent gains have seen it overtake the cryptocurrency (MANA) as the largest metaverse with a market capitalization of $4.3 billion.
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Whales’ interest in ApeCoin and NFT boring monkeys has also skyrocketed over the past 24 hours, as traders have been waiting for a big announcement from Yuga.
Yoga Labs Announces the Next Big Metaverse Project:
Yoga Labs released a trailer for its upcoming metaverse project, called “Otherside” in March.
Not much is known about the project other than the fact that it will be a “metaverse” that includes Apecoin and several NFTs.
Yuga said it will reveal more information about the project in April.
Apecoin was also launched in March to serve as the project’s original digital currency.
Given that April 20th is an important date for online meme culture, the announcement from Yuga may be coming soon.
April 23 is also the first anniversary of the launch of the “Bored Ape Yacht Club” non-fungible tokens.
One of the owners of Boring Monkeys said that Yuga plans to start selling land for her project soon.
The land is expected to be priced in the APE digital currency.
Whale interest and increased demand for APE and NFT:
Data from Whalestats showed that APE was the fifth most purchased coin by Ethereum whales in the past 24 hours, with an average of $63,500 cryptocurrency transferred per transaction.
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An Ethereum whale dubbed “BlueWhale0093” has secured nearly 300,000 APE coins worth $3.9 million, the largest transaction involved in the past 24 hours.
Data from NFT Go showed that volumes in the NFT Ape rose by 100% on Tuesday.
The group’s base price also jumped 9% amid increased NFT buying.
Other “Yuga NFT” properties including “Mutant Apes” and “Kennel Club” have also seen massive spikes in trading volumes.
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