ApeCoin (APE) hits a new all-time high in this week’s land auctions on the Otherside

The non-fungible token (NFT) and Metaverse sectors have been among the brightest in a mostly flat cryptocurrency market in 2022, and a testament to the sector’s momentum is that on April 28, the APE token hit a new all-time high of 22, Reached $60.

APE’s continued upside momentum is due in large part to the forthcoming The Otherside land auction being held by Yuga Labs and Animoca Brands in conjunction with NFT’s Bored Ape Yacht Club project on April 30th.

APE/USDT 4 hour chart. Source: TradingView

Otherside’s launch will consist of a Dutch auction-style sale, and only wallets that have passed know-your-customer (KYC) verification can participate in the sale of the first 100,000 packs. All sales are paid with APE, which is clearly contributing to increasing demand for the token as stakeholders have been hoarding the token in anticipation of the sale.

ApeCoin (APE) hits a new all-time high in this week’s land auctions on the Otherside
ApeCoin (APE) hits a new all-time high in this week’s land auctions on the Otherside

Wallets that already own an NFT from the BAYC or Mutant Ape Yacht Club (MAYC) collections can claim a package for free for 21 days after the auction without having to go through KYC to claim it.

Ongoing governance votes within the ApeCoin community have also contributed to increased demand for APEs, clear evidence that BAYC and MAYC holders want to become more committed to the direction the ecosystem will take in the near future.

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