ApeCoin (APE) Is Now The Biggest Metaverse Token, Edging AXS, MANA, SAND

Christian Encila

3 years ago

2 mins read

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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.

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

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.