Owners of the popular non-fungible tokens (NFTs) of the Bored Ape and Mutant APE could receive virtual lands in Yuga Labs’ future “Otherside” metaverse.
The price of ApeCoin (APE) has spiked on expectations that it will become a de facto payment token in an upcoming metaverse land sale.
The price of the APE rose almost 28% in one day, to exceed $17 per token on April 20. The rally came as part of a bounce from three-day lows below $11, marking a 55% gain.
A rumor circulating on social media since April 18 suggests that owners of NFTs from the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections could receive virtual land on the long-awaited “Otherside” metaverse platform from Yuga Labs.
Otherside will be an MMORPG game where players will be able to use their NFTs as avatars or native characters. A leaked investor report showed that Yuga Labs expects to make $178 million from virtual land sales, with APE acting as the de facto token to process such purchases.
Some BAYC NFT owners claimed that Yuga Labs would sell Otherside’s virtual lands through a Dutch auction. By doing so, the company could set the minimum offer at 600 APE, about $10,700 at current prices.
Considering this potential use case, demand for ApeCoin may increase, which could partly explain APE’s bullish momentum over the past three days.
APE amid Bullish Breakout
The latest buying spree in the APE spot market caused the APE/USD pair to break out of a classic bullish continuation pattern.
As Cointelegraph previously reported, breaking above the so-called “bull pennant” on significant volumes could see ApeCoin rally above $40 in the coming months.
Meanwhile, if the technical pattern turns out to be a “symmetrical triangle”, APE’s upside target will be near $22.
ApeCoin is now targeting the 0.236 (~$16) Fibonacci retracement chart line, drawn from the $41 high to $8.50 low, as its interim resistance. A pullback from said price top could send APE towards the top of the triangle near $12.50.
Predictions for APE in the Second Quarter of 2022
CryptoPredictions provides daily, monthly and yearly predictions for ApeCoin and other cryptocurrencies. Although it provides one of the most accurate predictions for ApeCoin on the market, you should never take them as financial advice. Always do your due diligence before investing.
ApeCoin Price Prediction for April 2022: ApeCoin started April 2022 at $12,701 and the prediction is for it to end the month at $13,817. During April, the forecast high price of APE is $17,126 and the low is $11,646.
ApeCoin Price Prediction for May 2022: ApeCoin forecast is to start May 2022 at $13,818 and end the month at $13,759. During May, the highest APE forecast price is $17,272 and the lowest is $11,745.
ApeCoin Price Prediction for June 2022: ApeCoin will likely start June 2022 at $13,749 and end the month at $13,505. During June, the forecast high APE price is $17,186 and the low is $11,686.
By Audy Castaneda
