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The Apecoin price is set to evolve after BAYC initiated its first metaverse initiative
The year 2022 is considered one of the most challenging years for the cryptocurrency market. Since the beginning of 2022, the crypto market has been plummeting dramatically and then the fall of the crypto values also drastically affected the flourishing NFT marketplace. NFT sales volume declined massively, dropping from over 80% to below 65% within a matter of a few months. These drastic changes affected Apecoin, which, like all other cryptocurrencies continued to fall.
The Apecoin price fell more than 8% within 24 hours in March 2022. The primary reason behind the declination is the massive volatility that the crypto faced over the past couple of months. Being connected to the Bored Ape Yacht Club, Apecoin became quite popular in the investment ecosystem. As BAYC grew amid celebs like Justin Bieber and Paris Hilton, the APE token continued to expand in the market. But the crypto crash made investors speculate about the future of the cryptocurrency.
But probably, all is not lost for Apecoin! The developers’ recent initiatives to extend APE to the metaverse are working wonders for the BAYC and Apecoin communities. Reportedly, around 4,500 people have jumped into the ‘first trip’ tech demo of the Otherside metaverse project. This first trip took place on Saturday and was open to Otherdeed NFT land owners, known as Voyagers, who have already captured the tokenized land plots in the Otherside metaverse domain. The initiation of this event has caused a considerable amount of enthusiasm around Apecoin investments. Investors took to Twitter to express their excitement around the metaverse project, which also resulted in a massive price rally for the APE token.
So, what does the Otherside metaverse project consists of?
In technical terms, Otherwise will be a platform for game developers that will offer similar experiences like other companies Roblox or Meta’s upstart Horizon Worlds. The users of this platform will be able to build and monetize experiences in the metaverse and own virtual lands that can be bought and sold.
Apecoin’s first trip was extremely successful. First, the 4,500 Voyagers joined a blank virtual lobby as avatars before they followed a giant Bored Ape through a colorful portal into the Otherside metaverse domain. Then the Voyagers were taken to a location called the Biogenic Swamp, and then directed towards a centrally located stadium where they could test the different activities that their activities could perform such as dancing, running, jumping, and emojis.
The success of the first trip demonstrated that investors were extremely happy with the project. After this, APE’s price surged by more than 23%. The Otherside euphoria also enabled APE to exit a technical setup that indicated a downtrend in a crypto’s price rally, known as the ascending triangle. Apecoin’s ascending triangle had formed over the past couple of months due to its continued plunging value.
In a nutshell, it might currently seem like investing in Apecoin might be the wisest decision right now, but the volatility still persists. Apecoin’s evolving ecosystem indicates that the crypto might eventually become one of the most successful cryptocurrencies in the market in 2022