Investing.com - With a rise of nearly 8% over 24 hours and over 35% over 7 days, the cryptocurrency ApeCoin ($APE), at 27th position in the top crypto list, is by far the best performing of the Top 100.
This sharp rise has allowed ApeCoin to mark a new all-time high this Thursday morning, at $20.18. In total, since the current upward movement began on April 18 at around $11, the cryptocurrency has almost doubled in value, in just 10 days.
The rise comes a week after Bored Ape Yacht Club (BAYC) creator Yuga Labs announced it would launch its metaverse, named Otherside, on Saturday. Since then, ApeCoin - the currency to be used on Otherside - has become the largest cryptocurrency linked to the metaverse concept in terms of market capitalisation.
In fact, the other two major metaverse cryptocurrencies, Dencentraland (MANA) and Avie Infinity (AXS) are respectively in 38th and 41st position in the largest crypto capitalisation rankings, compared to 27th position at the time of writing for ApeCoin.
What is the Otherside metaverse, which will use ApeCoin as a currency?
Yuga Labs, the brand behind Bored Ape Yacht Club, announced Monday the launch of its Otherside metaverse. The project will launch on April 30th in partnership with Animoca Brands.
From April 30th, it will be possible to buy land for a fee in ApeCoin, but the land will also be available for NFT BAYC or Mutant Ape Yacht Club (MAYC) holders.
The process of buying Otherside land will be in the form of a Dutch auction, which means that the price will start at the highest and decrease over time. The land will be exclusively offered for sale via ApeCoin, the ecosystem's native token that was launched just over a month ago.
The $APE gains from the sale of the metaverse land will be frozen for one year, in order to avoid too much short-term speculation.