ApeCoin: APE price climbs 55% in three days as a 'BAYC land drop' rumor goes viral
ApeCoin (APE) price has exploded higher on anticipations that it would become a de-facto payment token in an upcoming metaverse land sale.
APE price swelled nearly 28% in one day to reach over $17 per token on April 20. The rally came as a part of a rebound from three-day lows under $11, resulting in a 55% gain.
A rumor circulating across social media platforms since April 18 suggested that the owners of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs may receive virtual lands on the Yuga Labs' much-anticipated "Otherside" metaverse platform.
Alpha leak: these projects will be auto whitelisted to mint Otherside land. BAYC - airdrop (center land)MAYC - airdrop (mid land)CryptoPunks - WL (outer rim)Meebits - WL (outer rim)Cool Cats - WL (outer rim)Nouns - WL (outer rim)WoW - WL (outer rim)Toadz - WL (outer rim) pic.twitter.com/gZ5ldAdoQM
Otherside will be an MMORPG game where players can employ their NFTs as native avatars or characters. A leaker investor pitch deck showed that Yuga Labs expects to earn $178 million by selling virtual lands, with APE acting as the de-facto token to process these purchases.
Some BAYC NFT owners claimed that Yuga Labs would sell the Otherside virtual lands via a Dutch auction. In doing so, the firm could set the minimum bid at 600 APE, about $10,700 at today's price.
Was just sent some huge alpha re @yugalabs land drop. The sale will be a Dutch auction of some sort starting at 600 $APE. BAYC / MAYC (Airdrop) Punks, Meebits, Cool Cats, Nounz, WoW, Toadz (Auto WL) Get your $APE ready. Looks like we’re gonna need it. #BAYC #OTHERSIDE
Given this potential use-case, demand for ApeCoin may grow higher, which could partially explain APE's upside momentum in the last three days.
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