After a spectacular performance this week, ApeCoin surpassed Decentraland in market cap once again, with a current valuation of $1.9 billion. APE also surpassed MANA in terms of 24-hour trading volume, with over $487 million worth of tokens traded in the past 24 hours. ApeCoin’s APE token is once again the most-valued Metaverse crypto coin on the market, currently trading at $6.38 at the time of writing. Let’s look at what’s been happening with ApeCoin and why its price increased so much in the past week.
ApeCoin’s Price Heavily Influenced by Otherside Meta’s Performance
It’s no secret that ApeCoin’s price is heavily influenced by the developments of its Metaverse, Otherside. After completing their successful second load test two weeks ago, on July 11th, and managing to showcase the infrastructure Animoca Brands and Yuga Labs built for their upcoming Metaverse, ApeCoin’s price started its rally.
The following week, on July 16th, when Otherside Meta’s first trip showcased the incredible Metaverse that ApeCoin is building, the APE price started pumping even harder, and combined with Ethereum’s significant price gains over the past week, it was the perfect storm to catapult ApeCoin back to the top once again.
The EthCC conference was the primary catalyst for ApeCoin’s latest bullish price hike, which catapulted the crypto asset beyond the $1.8 billion market cap, surpassing Decentraland. Now that EthCC is over, the market is losing some traction. However, the long-term sentiment for ApeCoin remains bullish.
Chances are, the market will recover slightly before attempting another bull run, primarily since crypto markets usually lay low during the weekend.
ApeCoin’s Latest AIP-70 Approved
In the news regarding the ApeCoin community, its latest AIP-70 proposal was approved. The proposal indicates a $150k fund for the first year to run a 24-hour style news site called Bored Ape Gazette. The news site will provide the latest news and updates for members of the ApeCoin community, working to keep supporters informed of the latest developments regarding the project.
According to the official proposal:
“The Bored Ape Gazette website will become a 24-hour style news site complete with a live BAYC, MAYC, BAKC, and Otherdeed sales ticker, an $Ape price chart complete with a tradeview, a calendar showing important dates such as DAO votes and other community-related events, a classifieds section where community members can list their BAYC/ Yuga related art and services, among other resources that will keep the community and the world informed on all things ape!”
The news site is estimated to cost roughly $10k a month, including news coverage costs and “additional cost to revamp the website.”
The overall response from the ApeCoin community remained positive, with the proposal likely getting approved next week. Voting ends on July 27th at 9 PM ET.
The ApeCoin community remains loyal to the project, despite the crypto bear market pushing most digital assets down. The floor price of Otherside Meta virtual real estate remains relatively high, with the lowest price for a plot of land in Otherside at 2.4 ETH (roughly $3.5k).
ApeCoin is leading the Metaverse race, and the infrastructure Animoca Brands is building is truly next-gen. For those looking to invest in ApeCoin or purchase virtual real estate in its Metaverse, now is as good time as any. The market might correct a few more times before a complete reversal, so it’s worth keeping a close eye on ApeCoin prices.
Moreover, the long-term sentiment for crypto assets like Bitcoin, Ethereum, Cardano, and Solana, remains highly bullish, with some analysts predicting the price of Bitcoin to surpass $400k by 2030!
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any Metaverse crypto coins.
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