The metaverse, which combines elements of social networking and augmented reality with blockchain technology and cryptocurrency, is a new kind of digital reality.
The concept of cryptocurrency can seem complicated. Some people view cryptocurrency as untrustworthy, and consider investing a risky venture.
This fast-growing industry still requires huge amounts of money. Large investment may bring large returns. In 2018, almost all major cryptos and their supporters had a great year.
ApeCoin, one of the most popular cryptocurrencies (APE), is showing significant growth in the realm of the metaverse. ApeCoin rose higher Wednesday morning. The cryptocurrency gained 7% and reached $19.10 on Wednesday, bringing its seven day gain to close to 22%.
This announcement comes less than one week after Yuga Labs announced that the Bored Ape Yacht Club would be opening its Otherside Metaverse.
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ApeCoin Beats MANA SAND AXS
Since then, APE has surpassed Decentraland’s MANA, The Sandbox’s SAND, and Axie Infinity’s AXS to become the largest metaverse token by market valuation.
This represents a major step forward in the collection of BAYC NFTs, given recent controversy around its legal case.
BAYC is one of the most well-known collections in human history. According to OpenSea NFT Market, 10,000 Bored Ape NFTs exist.
Source: TradingView.com| Source: TradingView.com
Bored Ape’s current floor price is 138ETH or $414213.90. This means that to own one, you will need to have a lot of money.
APE is performing well in comparison to the rest of the cryptocurrency market, exceeding the majority of the CoinMarketCap’s top 100 coins.
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APE Shows Ressilience
APE, which was valued at $5.5 billion, is the 28th most valuable cryptocurrency according to market capitalization as of Thursday.
In what appears to be a bearish week for crypto and tech stocks as a result of the market’s reaction to a very hawkish US Federal Reserve, ApeCoin has demonstrated its resilience, rising more than 30% in the last seven days on the back of $14.2 billion in transaction volume, representing approximately 800 million APE.
Metaverse: APE
Apecoin’s value is projected to skyrocket. APE could be worth US$30 in the first quarter 2030 if it is successful in setting up a presence both in the NFT economic metaverse as well.
The cryptocurrency market overall was stable, at $1.78 Trillion, down 2% from the day before, CoinMarketCap reports.
Bitcoin, the market leader, was down roughly 2% to $38,762.82, while Ethereum, the second-largest cryptocurrency by market capitalization, fell 2% to $2,852.03.
Featured Image from The Daily Hodl. Chart by TradingView.com