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A Claim of a BAYC Land Drop Goes Viral: The Price of ApeCoin Surges 55%

Bored Ape and Mutant Ape non-fungible token (NFT) owners are to potentially get virtual lands on the Otherside metaverse of Yuga Labs. 

Bored Ape and Mutant Ape non-fungible token (NFT) owners are to potentially get virtual lands on the Otherside metaverse of Yuga Labs. 

The price of ApeCoin (APE) has soared on speculation that it will be used as the transaction currency in a forthcoming land sale on the Otherside metaverse.

On April 20, the ApeCoin (APE) price increased roughly 28% in a single day, reaching more than $17 per ApeCoin (APE). The surge happened due to a 3-day recovery from lows around $11, amounting to a 55% rise. 

Word on the social media networks has it that owners of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs could possibly get Otherside metaverse virtual lands, which are powered by Yuga Labs. 

The Otherside metaverse will be a massively multiplayer online role-playing game (MMORPG) in which players can use their NFTs as native personas or avatars. According to a leaked investor presentation deck, Yuga Labs aims to make $178 million through the sale of virtual lands, with ApeCoin (APE) serving as the de facto currency for processing these transactions. According to certain BAYC NFT owners, Yuga Labs intended would use a Dutch auction to sell the Otherside virtual lands. Thus, the corporation may place the lowest offer at 600 ApeCoin (APE), or around $10,700 at current prices.

Considering this prospective use case, there might potentially be an increase in demand for ApeCoin (APE), which could justify a portion of the recent rising trend of ApeCoin (APE). The APE/USD pair broke out of a textbook bullish persistence trend following the current round of purchasing in the ApeCoin (APE) spot market.

ApeCoin (APE) may surge beyond $40 in the coming months if it breaks over the bull pennant with significant volumes. Nonetheless, the upward objective for ApeCoin (APE) could turn out to be closer to $22 should the analytical pattern show a symmetric triangle. 

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