Why ApeCoin Prices Might Decline After Launch Of “Otherside”

After the successful launch of the ApeCoin (APE) token, Yuga Labs is gearing up to launch its own Metaverse “Otherside”. In a partnership with Animoca Brands, the virtual world will go live on April 30.

But a key aspect of the metaverse’s launch is expected to weigh on ApeCoin prices, which hit a record high on Monday.

Yuga Labs to lock ApeCoin

Yuga Labs has decided to launch the minting of Otherside land in a Dutch auction style, with bidding only accepted in ApeCoin. The move is likely to cause a dip in the token’s prices.

The Yuga Labs team said that the APE token collected from the auction events will be locked up for one year. It added that no further voting will be organised in the ApeCoin DAO either. Users will also need to do the KYC to join the minting event.

The team specifically mentioned that the mint will be done in ApeCoin while the gas fees will be paid in the Ethereum (ETH). Meanwhile, the starting price for the auction will be revealed later this week.

According to the announcement, BAYC and MAYC holders will be able to claim the NFT for 21 days just after the auction. As per reports, Bored Ape Yacht Club (BAYC) NFTs floor price went on to touch the 142 ETH mark (approx $420,000). It is recorded as the new high for the NFTs.

ApeCoin surged by over 26% in last 30 days

The ApeCoin’s prices have surged by over 1600% since its inception. The APE token completely refused to go with recent market sentiments. When the Bitcoin’s (BTC) price has declined by over 9% in the last 30 days, the ApeCoin has surged by a whopping 26%. The ApeCoin token has become the 29th largest cryptocurrency with a total market capitalization of over $5 billion.

Due to its craze over the internet, the Yuga Labs community has been witnessing some attacks by Hackers. Recently, BAYC’s official Instagram account was hacked by some unknown attacks which launched a scam website. This led to a theft of over $2.8 million worth of non fungible tokens.