The metaverse is a new type of digital reality that incorporates elements of social networking, augmented reality, blockchain technology, and cryptocurrencies.
Cryptocurrency might be a perplexing subject to grasp. Many people believe the industry is untrustworthy and view investing as a gamble.
Nevertheless, this fast expanding industry uses vast sums of money. Large investments may yield large returns, and 2018 has been a banner year for practically every major cryptocurrency and its supporters.
Among the major cryptocurrencies, ApeCoin (APE) is making significant progress in the sphere of the metaverse. ApeCoin rose higher on Wednesday morning, increasing 7% to $19.10, taking its seven-day gain to almost 22%.
This comes less than a week after Yuga Labs, creator of the Bored Ape Yacht Club, announced the opening of its Otherside Metaverse on Saturday.
Suggested Reading | Metaverse Tokens On Overdrive, Outpace Bitcoin And Ethereum
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 is a significant step forward for the BAYC NFT collection in light of recent controversy surrounding its legal cases.
The BAYC collection is one of the most renowned in history. There are 10,000 Bored Ape NFTs, according to the NFT market OpenSea.
Crypto total market cap at $1.78 trillion on the daily chart | Source: TradingView.com
The current floor price of the Bored Ape collection is 138ETH, or $414213.90, meaning that you would need to be extremely affluent to possess one.
APE is performing well in comparison to the rest of the cryptocurrency market, exceeding the majority of the CoinMarketCap’s top 100 coins.
Suggested Reading | Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout
APE Shows Resilience
As of Thursday, APE was the 28th largest cryptocurrency by market capitalization, valued at approximately $5.5 billion.
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.
APE In The Metaverse
Apecoin’s value is projected to skyrocket. If APE is successful in establishing a presence in both the metaverse and the NFT economy, the cryptocurrency might reach US$30 by the first quarter of 2030.
Meanwhile, the broader cryptocurrency market was stagnant, with a global market capitalization of at $1.78 trillion, down 2% in the prior day, according to CoinMarketCap.
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 from TradingView.com