ApeCoin tokens surge over 50% in past week on Otherside launch (Cryptocurrency:APE-USD)

Prystai/iStock via Getty Images

ApeCoin (APE-USD) tokens, inspired by Yuga Labs’ Bored Ape Yacht Club non-fungible token collection, are among the few major cryptocurrencies catching bids in Friday morning trading, as investors weigh the upcoming launch of the Otherside virtual land auction on April 30, according to a recent Twitter post.

While ApeCoin (APE-USD) soared by as much as 60% in the past week, bitcoin (BTC-USD) is down 2.1% and ethereum (ETH-USD -1.0%) is off 3.2%.

The Otherside launch, which will be held by Yoga Labs, will consist of a Dutch auction-style sale, and only Know Your Customer (“KYC”)-approved wallets can mint in the sale of the first 100K land parcels, according to the Twitter thread.

All auction sales are exclusively in ApeCoin (APE-USD) for a flat price of 305 APE, which may be helping the cryptos’ retail demand as traders accumulate coins ahead of the mint, according to a tweet Friday.

But wallets that hold a BAYC or Mutant Ape Yacht Club NFT can get a land parcel for 21 days after the auction without needing to be KYC-approved.

Looking at intraday prices, ApeCoin (APE-USD +5.7%) is climbing to $22.1, while bitcoin (BTC-USD -0.9%) drifts down to $38.8K and ether (ETH-USD -1.0%) slips to $2.84K.

Previously, (April 25), BAYC lost nearly $14M in NFTs after a social media hack.