Cryptocurrency

ApeCoin Overtakes MANA to Become Biggest Metaverse Token

ApeCoin Overtakes MANA to Become Biggest Metaverse Token

  • ApeCoin has surpassed Decentraland’s MANA token to become the leading metaverse crypto asset.
  • The NFT token hit a market value of $5.21 billion, after adding about 18% to its price this week.
  • The rise of the token comes amid the expected launch of Yuga Labs’ Metaverse, “Otherside” by the end of April

Recently launched ApeCoin has overtaken MANA token to become the largest metaverse token by market cap. The NFT crypto-asset hit a market value of $5.21billion, having become the focus of the crypto metaverse sector. Over the past few days, the volume, number of transactions, and holders of the token have been on the rise.

ApeCoin

The price of the token has also added 17.89% in the last 7 days, according to data from CoinMarketCap. With the rise, ApeCoin has made its way into the top 30 cryptocurrencies by market capitalization. At the time of this writing, $APE ranks 29th, just behind FTX token.

The rise of the token is likely due to hype in the platform’s developer community. Bored Apes owner YUGA Labs hinted that it was set to launch its metaverse project “Otherside”. The metaverse is scheduled to go live before the end of April and ApeCoin is its native token.

It is not known if the company will go ahead with its metaverse project, as its discord and Instagram accounts were recently hacked.

Meanwhile, MANA has lost more than 15% in the past 7 days, keeping up with the bearish movement of the market this week. At the time of this report, it has a market capitalization of $3.39 billion. Leading cryptocurrency asset, Bitcoin is down more than 7% in the past week and 5% in the last 24 hours. At the moment, 1 BTC holds a value of $38,532, while the market cap is at $732 billion.

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