ApeCoin [APE] reacts in this manner as Yuga Labs dives into Ordinals

ambcrypto.com:

During the early hours of 28 February, Yuga Labs announced that it would be releasing its own NFTs based on Ordinals on the Bitcoin [BTC] blockchain. As a result, there has been a significant uptick in inscriptions of Ordinals, which have become popular among NFT fans.

— Yuga Labs (@yugalabs) February 27, 2023

Read ApeCoin’s [APE] Price Prediction 2023-24

According to Yuga Labs, which has ApeCoin [APE] as its native token, the idea behind the line is rooted in mathematical concepts like time and the Bitcoin blockchain. As Yuga explains it, the 12×12 grid at the center of his TwelveFold art system is a visual metaphor for the data cartography of the Bitcoin blockchain.

As part of the TwelveFold collection, which will be auctioned off later this week, Yuga Labs will reveal 300 tokenized, computer-generated artworks.

So, in all of this, how did the ecosystem token, ApeCoin, react?

From the outset, there was a response to Yuga Labs‘ announcement. The 24-hour active address measure on Santiment revealed a little increase as of the time of this writing.

Before today, ApeCoin‘s chart showed a decline in activity, while more recent movements revealed that more addresses were active. Over 4,500 active addresses could be seen as of the time of this writing. 

Source: Santiment

There wasn’t much of a response when looking at the Santiment Volume metric. The volume seen as of this writing was about 93.67 million. Although this may seem like a lot of volumes, days when it recorded over 400 million make it appear