ApeCoin (APE) hits a new all-time high ahead of this week’s Otherside land auction

Ethereum

The nonfungible token (NFT) and Metaverse sectors have been the bright spots in an otherwise sideways crypto market in 2022 and proof of this comes as the APE token hit a new all-time high at $22.60 on April 28.

The steady bullish momentum for APE is, in large part, due to the upcoming The Otherside land auction being held by Yuga Labs and Animoca Brands in conjunction Bored Ape Yacht Club NFT project on April 30.

APE/USDT 4-hour chart. Source: TradingView

The Otherside launch will consist of a Dutch auction-style sale and only Know Your Customer (KYC)-approved wallets will be allowed to participate in the sale of the first 100,000 land parcels. All sales will be paid for using APE, which is clearly helping to drive demand for the token higher as interested parties accumulated the token in anticipation of the sale.

Related: ApeCoin price breakout stalls after $2.4M BAYC NFT robbery — What’s ahead?

Wallets that already hold a BAYC or Mutant Ape Yacht Club (MAYC) NFT will be able to claim a land parcel for free for 21 days after the auction without needing to be KYC-approved to claim.

Ongoing governance votes within the ApeCoin community have also helped increase demand for APE, a clear demonstration that BAYC and MAYC holders are looking to get more engaged with the direction the ecosystem will take in the years ahead.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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