ApeCoin (APE) has been one of the more curious airdrops in recent months. Many people expected the token to plummet once they claimed it, but butt hat is not the case. If anything, the number of wallets holding significant amounts of APE keeps rising, indicating people see it as a long-term project.
ApeCoin Surges Following Rumors
This week has proven interesting for ApeCoin, especially in the price department. Whereas most currencies turned rather bearish, APE noted a weekly 5% pump. Initially, it was unclear why the price was going up, although the is a good reason to accumulate this currency today. The team behind APE has put together a new utility for the token, giving it more long-term appeal.
Yuga Labs, who owns the IP to BAYC and MAYC, hinted at how virtual lands will become accessible in the company’s Otherside Metaverse. Qualifying for virtual land requires holding a larger amount of tokens. Although Yuga Labs has yet to confirm that BAYC and MAYC will qualify, there is a strong sentiment that this will indeed be the case. Other projects to be auto whitelisted to mint Otherside land include CryptoPunks, Meebits, Cool Cats, etc.
The Otherside Metaverse will serve as an MMORPG environment. Players can leverage their NFTs as native avatars or characters. The land sale could inject tens of millions of dollars into Yuga Labs, although it remains unclear what they will use the funds for. It seems $APE will be the go-to currency for the Land minting, making it of great interest to speculators.
That momentum is the primary reason for the recent ApeCoin price surge. There has been no other news to spark renewed interest in the project, which might explain why its value dropped to roughly $11 in recent weeks. The Land minting and sale has not been confirmed by official sources and remains speculation, at best.
Strong Accumulation Continues
Per the ApeCoin Monitor dashboard on Dune Analytics, it is safe to say people continue to accumulate APE. The number of addresses holding over 305 APE has surpassed 23,650. Moreover, nearly 17,000 addresses have over 610 APE. Those amounts are significant, as the land drop may be organized as a Dutch Auction with a base price of 600 $APE. Again, none of this is official and should be treated as speculation.
It will be interesting to see if Yuga Labs confirms this future utility for ApeCoin. If the rumors are false, there will be strong dismay toward the currency, even though its creators did nothing wrong. The Yuga Labs team did hint at more utility for APE, so there may be something in the pipelines.
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