ApeCoin Surged 22% After BAYC Demos Otherside Metaverse

Apecoin surged 22% after the demo of the Otherside metaverse trip that was offered to a handful of players only so let’s read more today in our latest altcoin news.

The utility token for the Bored Ape Yacht Club game Otherside started surging in value recently after the first demo trip yesterday. Apecoin surged 22% in the past 24 hours and it is now trading at around $6, after increasing by 30% over the past week. The explosive price movement came after the Otherside tech demo of the first trip where 4300 members of the community that purchased Otherdeeds were given a tour of the Biogenic Swamp.

In the lite paper published after the tech demo, the Otherside developers announced that only Otherdeed owners and third-party developers can take part in the game during the first phase and they can only then take part in the first trip. Apecoin can be claimed by BAYC and Mutant Ape Yacht Club holders were launched by the ApeCoin Dao earlier. The utility token powers spin-off projects from the BAYC universe like the metaverse game Otherside.

The Otherdeed mint sent the ETH gas prices to the moon after more than $157 million in ETH was burned in gas fees. Some even reproted paying more than double the sale of the price of 305 APE or $5800 at the time in gas fees alone while others saw the transactions fail but they still charged for gas. 56% of the Ether burned from April 25 to May 2 which was caused by the mint. Yuga LAbs spent 90.57 ETH on refunds and the biggest individual refund cost the company 2.6 ETH while the gas fees incurred by Yuga Labs in the refund process hit $780. after the refunds, Yuga Labs said that it’s clear that it will migrate ApeCoin off of ETH and on its own blockchain.

As recently reported, All of the 4300 players who took part in the digital excursion of the Biogenic Swamp that consisted in the center of the Otherside were the owners of Otherdeeds as deeds to plots of the digital land within the platform and in the lite paper released after the first Trip, Otherside’s developers announced that only Otherdeed owners selected third-party developers to get permission to take part in the game during the first phase.