ApeCoin is Now the Most Valuable Metaverse Token as BAYC Floor Price Rises to New ATH

ApeCoin token price $APE has rocketed o a new all-time high of $19.46 pushing making it the most valuable metaverse token with a market cap of about $5.5 billion.
Image source: ApeCoin

Quick take:

  • ApeCoin has surged to the top of the metaverse tokens list with a market cap of $5.5 billion.
  • The recent spike in the $APE token price comes ahead of the Otherside metaverse launch on April 30.
  • The Bored Ape Yacht Club floor price has since risen to a new all-time high of 144.03 ETH, approximately $412,157.

Yuga Labs is gearing to launch its highly anticipated Otherside metaverse on April 30. This has created a bullish sentiment around its products including NFT collections and the ecosystem utility token ApeCoin $APE.

On Wednesday, the $APE price spiked to hit a new all-time high of $19.46, making it the most valuable metaverse token by market capitalisation. Apecoin has now surged to trade at about 0.00659 to ETH.

Apecoin has now surged to overtake perennial industry heavyweights Decentraland’s $MANA, The Sandbox’s  $SAND, eventually dethroning Axie Infinity’s $AXS from the top spot.

As of this writing, $MANA had a market cap of $3.4 billion, $SAND stood at $2.9 billion while $THETA and $AXS completed the top five list with $2.7 billion and $2.3 billion, respectively— all trailing $APE by at least $2 billion in market value according to CoinMarketCap data.

OthersideMeta, Yuga Labs’ official Twitter handle for its metaverse ecosystem tweeted Sunday that its platform will debut at the end of this month, sparking the current rally in the Apecoin price.

However, the positive sentiment did not stop with the token price, Yuga’s leading NFT collections have also experienced a significant surge in the floor prices. On Wednesday, the Bored Ape Yacht Club floor price rocketed to a new all-time high of 144.03, an equivalent of $412,157.

Source: Dune Analytics @Sealaunch

On the other hand, Mutant Ape Yacht Club reached a new all-time high of 36.99 ETH, before pulling back to 35.20 ETH, while Bored Ape Kennel Club had surged to 11.38 ETH before retreating to the current level of 10.50 ETH, according to @Sealaunch dashboard on Dune Analytics.

However, NFT and metaverse company’s recent acquisitions Meebits and Cryptopunks did not experience the same sentiment.

Cryptopunks has now erased all the gains made at the end of March, falling to the lowest level this year, while Meebits is still below its ATH of 7.50 ETH despite surging to a new 7-month high of 6.75 ETH on Wednesday.

Yuga Labs has revealed plans to launch its one NFT marketplace, suggesting it could add more third-party collections thus boosting its ecosystem offerings. Therefore, it looks like Apecoin is just getting warmed up.

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