Why ApeCoin Prices Might Drop After Launch of “Otherside” 

Yuga Labs is preparing to launch its own Metaverse “Otherside” after the successful launch of the ApeCoin (APE) token. In collaboration with Animoca Brands the virtual world will launch on April 30.
Why ApeCoin Prices Might Drop After Launch of "Otherside" 

However, ApeCoin prices are expected to be weighed on by a key aspect of the metaverse’s launch, which hit a recordhigh on Monday.

Yuga Labs to lock Apecoin

Yuga Labs has decided to launch the minting of Otherside land in a Dutch auction style with only ApeCoin accepted for bidding. The move is likely to result in a price drop for the token.

The APE tokens received during the auction events will be locked for one year, according to the Yuga Labs team. It further said that no other voting will be held in the ApeCoin DAO. To join in the minting event, users will also need to join the KYC.

The team specifically said that the minting would be done in ApeCoin and that the gas fees will be paid in Ethereum (ETH). Meanwhile, the auction’s starting price will be revealed later this week.

Holders of BAYC and MAYC will be able to claim the NFT for 21 days after the auction, according to the announcement. According to reports, Bored Ape Yacht Club (BAYC) NFTs floor price reached 142 ETH (about $420,000). It is recorded as the new high for the NFTs.

ApeCoin soared by over 26% in the last 30 days

The ApeCoin’s price has soared by over 1600% since its inception. The APE token has been fully defying recent market trends. When the price of Bitcoin (BTC) has dropped by more than 9% in the last 30 days, ApeCoin has risen by a whopping 26%. The ApeCoin token has $5 billion in market capitalization to become the 29th largest cryptocurrency.

Due to its craze over the internet the Yuga Labs community has been subjected to some hacker attacks. BAYC’s official Instagram account was recently hacked by unknown attackers, who launched a scam website. This resulted in the theft of non-fungible tokens worth over $2.8 million.