This week, ApeCoin again surpassed Decentraland in market cap with a current valuation of $1.9 billion. The APE token also surpassed MANA in 24-hour trading volume with over $487 million worth of tokens traded.
Thus, APE again became the most expensive metaverse on the market – $ 6.50 at the time of writing. Analysts in the market tried to determine what contributed to the growth of APE this week.
The token’s price largely depends on the success of the Otherside metaverse. Two weeks ago, the developers completed two tests. Animoca Brands and Yuga Labs also demonstrated the infrastructure. Since then, the APE token has started its rally.
The last and primary catalyst for the price takeoff was the EthCC conference. Thanks to the event, ApeCoin managed to overtake Decentraland in terms of market capitalization.
Now that EthCC has ended, the market is losing some of its popularity. However, long-term sentiment for ApeCoin remains bullish, analysts say.
In the meantime, the ApeCoin community will have its own Bored Ape Gazette news portal. The initiative was awarded $150,000 for the portal’s first year of operation. Bored Ape Gazette will inform you about all the important events of the ApeCoin community 24/7.