ApeCoin price plummets despite “otherside” metaverse launch preparation

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 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.