ApeCoin price plummets despite “otherside” metaverse launch preparation
- ApeCoin price has plunged overnight, despite anticipation surrounding the launch of the “otherside” metaverse.
- The otherside NFT mint sold out on May 1, and Otherside Meta decided to delay holders’ 21-day claim period.
- Analysts predict a further rise in selling pressure for ApeCoin, pushing price lower.
ApeCoin price has plunged consistently after hitting an all-time high. The NFT token’s trade volume has crossed $2.6 billion, however, price continues to plummet.
ApeCoin price suffered a drop despite activity in the metaverse
ApeCoin price has witnessed a nearly 8% drop overnight. The ApeCoin community is keen on launching the “otherside” metaverse, and the “Otherdeed” NFT mint was sold out on May 1.
The Otherdeed NFT mint is sold out - we are awestruck at the demand shown tonight. Apes and Mutants, the opening of the 21-day claim period is being delayed until the price of gas drops to reasonable levels. We’ll tweet when the claim opens. https://t.co/iRz64lklbv
— OthersideMeta (@OthersideMeta) May 1, 2022
The developers behind the project were surprised at the demand in the community. Further, the team has delayed the opening of the 21-day claim period, awaiting normalized gas prices.
After a record-breaking spike in ApeCoin price, activity in the NFT token has dropped. In the past 24 hours, trade volume crossed $2.69 billion. The project has witnessed the development of new utility avenues through the “Otherside” metaverse. However, the interest and activity surrounding the NFT token have failed to trigger a recovery in its price.
Proponents believe ApeCoin has growth potential and it has been scooped up by Ethereum whales; however, it has failed to recover from the recent downtrend.
The project is considered a liquidity provider for Bored Ape Yacht Club NFTs.
Analysts have evaluated the ApeCoin price trend and predicted a slow recovery in the NFT token. Avi Eberstein, an analyst and trader, believes that while the low end of ApeCoin’s price trend should be kept in focus, the recent recovery and all-time high reflect the increase in buying pressure and demand that re-validates a long-term bullish thesis.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
