ApeCoin (APE): A Metaverse Update for Long-Term Holders
Comments by Greg Solano of Yuga Labs confirmed an upcoming game on the Otherside Metaverse by 2023. Remember, Yuga Labs is the firm behind the renowned NFT collection, Bored Ape Yacht Club. The firm’s co-founder, Greg Solano, recently commented about Persistent World, an Otherside Metaverse game expected to launch in 2023. Solano confirmed that Persistent World’s Beta version will arrive in 2023. Moreover, it will comprise gameplay fundamentals similar to Roblox.
Otherdeed News
DappRadar data shows Otherside’s NFT Otherdeed has seen significant transactions recently. Otherdeed non-fungible token (NFT) ranked 2nd in most popular NFTs trading per day. The NFT saw over $500,000 in transactions, representing a 27.72% surge within a day.
An unidentified source tipped Bloomberg (early in the month) that the Securities & Exchange Commission was investigating Yuga Labs on whether its NFTs violated the security registration policies. The securities regulator’s lack of denial only amplified the heat within the NFT market.
Fear that the Securities Exchange & Commission is preparing to clamp down on the NFT market also dented the non-fungible token space. Also, reports indicated the SEC investigated ApeCoin’s distribution to Mutant Ape Yacht Club, Bored Ape Kennel Club, and Bored Ape Yacht Club. APE tokens are ETH-based utility and governance coins used within the ApeCoin platform, including the Otherside Metaverse
APE Price Movements and Metrics
The monthly active addresses index maintained declines, according to Santiment’s data. While publishing this article, the number hovered beyond 17,000, plunging from May’s 100,000 and August’s 23,000. Also, the 24hr active addresses index noted downside trends.
Estimates of 750 users reflected a substantial decline from around 8,000 recorded in April 2022. Moreover, APE traded at a loss on its 12hr chart. Also, the alt retained laterall actions – without notable higher highs or higher lows. The support zone stood at $4.14 – $3.86.
The 50MA and the 200MA stayed well beyond the price action, suggesting that the moving averages served as resistance zones for the altcoin. Meanwhile, the run met hurdles at $5.2 – $6.2 and failed to overcome the area.
Prices should overcome the nearest resistance for steady surges. That can see APE surging toward $9. Nevertheless, introducing features of games that attract the community might trigger an upside despite reductions in 24hr address index. Time will tell whether the awaited Persistent World launch will propel APE.
Editorial credit: photo_gonzo / shutterstock.com
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