ApeCoin (APE) is now the biggest token in the Metaverse, ahead of AXS, MANA, SAND

Metaverse is a new type of digital reality that incorporates elements of social media, augmented reality, blockchain technology, and cryptocurrencies.

Cryptocurrencies can be a difficult subject to grasp. Many people think the industry is untrustworthy and see investing as a gamble.

Nevertheless, this booming industry uses vast sums of money. Big investments can reap big returns, and 2018 was a banner year for virtually all major cryptocurrencies and their supporters.

Among the major cryptocurrencies, ApeCoin (APE) is making significant progress in the metaverse sphere. ApeCoin rose on Wednesday morning, rising 7% to $19.10, taking its seven-day gain to nearly 22%.

The rise comes less than a week after Yuga Labs, creator of the Bored Ape Yacht Club, announced the opening of its Otherside metaverse on Saturday.

ApeCoin beats MANA, SAND, AXS

Since then, APE has overtaken Decentraland’s MANA, The Sandbox’s SAND, and Axie Infinity’s AXS to become the largest metaverse token by market valuation.

This is a significant step forward for BAYC’s NFT collection in light of recent controversy surrounding its legal affairs.

The BAYC collection is one of the most renowned in history. There are 10,000 Bored Ape NFTs, according to the OpenSea NFT Market.

Crypto total market cap at $1.78 trillion on the daily chart | Source: TradingView.com

The current floor price for the Bored Ape Collection is 138ETH, or $414,213.90, which means you have to be extremely wealthy to own one. See also: Investors are buying the dip: Altcoins are among the most bought tokens in 24 hours.

APE is performing well against the rest of the cryptocurrency market, outperforming the majority of the top 100 cryptos on CoinMarketCap.

APE demonstrates resilience

On Thursday, APE was the 28th largest cryptocurrency by market capitalization, valued at around $5.5 billion.

In what appears to be a bearish week for crypto and tech stocks due to the market reaction to a very hawkish US Federal Reserve, ApeCoin has demonstrated its resilience, rising over 30% in the past seven days thanks to a transaction volume of $14.2 billion, representing approximately 800 million APE.

APE in the metaverse

The value of Apecoin is expected to skyrocket. If the APE manages to establish itself in the metaverse and in the NFT economy, the cryptocurrency could reach 30 US dollars in the first quarter of 2030.

Meanwhile, the broader cryptocurrency market stagnated, with a global market capitalization of $1.78 trillion, down 2% from the previous day, according to CoinMarketCap.

Market leader Bitcoin was down around 2% at $38,762.82, while Ethereum, the second-largest cryptocurrency by market cap, was down 2% at $2,852.03.

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