ApeCoin (APE) is one of the recent head-spinning crypto success stories, multiplying its price by more than 10 times within its first week of trading. The BAYC airdrop token has now overtaken Decentraland (MANA) as the biggest metaverse token.
ApeCoin Overtakes Decentraland (MANA)
Since its launch just over a month ago, ApeCoin (APE) has been the focus of investors. The native token of one of the world’s most prestigious NFT collections, the Bored Ape Yacht Club, has now overtaken Decentraland (MANA) as the top metaverse token.
Rallying in a bearish market, ApeCoin’s market value has grown to $5.45 billion, significantly higher than MANA’s $3.5 billion market cap.
ApeCoin is now the 28th biggest crypto ranked by market cap, while MANA’s 35% decline in the last month has seen it drop to the 37th position.
ApeCoin on the Bounce
ApeCoin (APE) has been on the bounce, despite the bearish trend that has engulfed the crypto market. Over the last 24 hours, APE is up by 5.5% and 15% in the last week – the third biggest gains in the top 100 cryptos.
The seven days price chart of ApeCoin (APE). Source: Tradingview
In addition to hints of being the native token of the Otherside, the ApeCoin community and DAO have discussed a proposal for introducing staking and an allocation of the ecosystem fund for staking pools.
On The Flipside
- APE is this week’s most traded token by the top 100 ETH whales, an accumulation of over 2.3 million APE tokens worth $41.5 million.
Why You Should Care
ApeCoin’s rally has been fuelled by support from its community and rumors of it being the native token of the much anticipated Yuga Labs’ metaverse.