Erik Weijers, a year ago

ApeCoin price pumps: rumors of 'land drop'

The price of ApeCoin (APE) has pumped with more than 30% in 24 hours. There are rumors that a so-called 'land drop' is coming for owners of Bored Apes and Mutant Apes, among others.

That land drop - a variant of an airdrop - would apply to virtual land in the so-called Otherside metaverse game from Yuga Labs. That's the Web3 marketing company to whom we owe Bored Apes.

Otherside will reportedly be a multiplayer game in which players can roleplay with their avatar - for example, their Bored Ape NFT. According to rumors, Bored Apes owners will get the most sought-after land in that game, followed by the proud owners of Mutant Apes and CryptoPunks.

Why is the price rising?

The reason the price of ApeCoin (APE) is rising is probably because traders expect demand for APE to rise. APE is the currency in which governance and transactions are done in the Ape ecosystem. So the virtual land that will soon be traded will be settled in APE.

To avoid misunderstandings: APE is the currency (an ERC-20 token) of the Bored Ape Yacht Club (BAYC) ecosystem. That is the first ecosystem to have both its own NFTs (like the Bored Apes) and its own currency: ApeCoin.

A good investment

Famous names in Hollywood, such as Eminem, Snoop Dogg and Paris Hilton, are already proud owners of a Bored Ape. The investment in a Bored Ape has proven to be lucrative. The mint was in April 2021, when Apes were for sale for less than a tenth of an ETH. Since then, buyers have been treated not only to giga price increases of the Bored Apes themselves but also to the airdrop of thousands of ApeCoins. And now, on top of that - if the rumors are true - virtual land. The owners of CryptoPunks are also benefiting from these drops, since Yuga acquired the intellectual property from Larva Labs.

Featured articles
Four trading strategies for crypto
Bitcoin and Ethereum: what are the differences?
What determines the Bitcoin price?
Related articles
Hacker of Tornado Cash proposes to undo attack

May 22, 2023

On Saturday, Tornado Cash's DAO was taken over by an attacker, or group of attackers. It's another backlash for the plagued coin mixer which makes privacy for Ethereum holders possible. In an interesting turn of events, a day later the attacker proposed to undo his attack. Never a boring day in crypto!

Trade anytime, anywhere

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

App Store
Google Play Store
  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • About LiteBit
  • Support
  • Sell
  • News
  • Education
Subscribe for updates

Sign up to stay informed via our email updates

Explore popular coins
© 2023 LiteBit - All rights reserved