ApeCoin Experiences Massive Rally amidst ‘Dying NFT Market’ Speculations

UTC by Mercy Tukiya Mutanya · 2 min read
ApeCoin Experiences Massive Rally amidst ‘Dying NFT Market’ Speculations
Photo: Shutterstock

$APE’s rally comes amidst speculation that the NFT market may slowly be dying.

Bored Ape Yacht Club (BAYC) NFT ecosystem native token ApeCoin (APE) hit a one-month high on Wednesday. The Ethereum-based token reached heights of $16.72, out-performing the entire crypto market, before correcting. This was an increase of 28% from Tuesday. The token bested Decentraland’s $MANA and sat at the 33rd spot on the list of the largest cryptocurrencies by market capitalisation with a value of over $4.7 billion.

The unexpected rally follows rumours that surfaced online on Monday that holders of BAYC and Mutant Ape Yacht Club (MAYC) NFTs could possibly receive virtual land in Yuga Lab’s Otherside Metaverse.

A Bored Ape owner believes that Yuga Labs is set to launch Otherside virtual land at a “Dutch auction of some sort”. Renegademaster claimed that the starting price would be 600 APE.

“Was just sent some huge alpha re @yugalabs land drop. The sale will be a Dutch auction of some sort starting at 600 $APE. Get your $APE ready. Looks like we’re gonna need it. #BAYC #OTHERSIDEThis info was sent to me by a reliable source, however, is not confirmed or official news. Speculation at this stage so please DYOR as always!”

The metaverse project is set to launch before the end of this month and will be powered by $APE.

The token’s rally can also be credited to its listing on crypto exchange Gemini’s lending program Gemini Earn. The program enables users to lend their crypto and stablecoins to institutional borrowers for profit. Users can earn up to 8.05% Annual Percentage Yield (APY) doing this.

Other tokens performing well include $SAND and Enjin Coin ($ENJ) which rallied by 7.7% and 7% in a  hour period.

Is the NFT Industry Dying Out?

ApeCoin rally comes amidst speculation that the NFT market may slowly be dying. Data by NFT marketplace OpenSea suggests that there are fewer buyers than before. The marketplace saw a drop in trading volume from $3.5 billion in February to $2.1 billion this month.

There had also been a decrease in NFTs sold on OpenSea. The platform reveals a drop of close to 50%. In addition, the industry has experienced a reduction in the number of investors. This has been attributed to low-quality NFTs and scams.

Altcoin News, Blockchain News, Cryptocurrency News, News
Mercy Tukiya Mutanya

Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student. She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.

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