Can ApeCoin Ever Stand As A Strong Rival To The Flagship Crypto Asset?

The recent downtrends in the overall cryptocurrency markets have affected a lot of major crypto assets, including Bitcoin (BTC) and Ethereum (ETH). And it is pretty clear that we cannot point out any cryptocurrency that has seen notable performance in these times. But it seems like the holders of ApeCoin (APE) have comparatively suffered less. 

This can be associated with the fact that it is related to a significant Non-Fungible Token (NFT) project, which has some celebrities as its holders. Comparatively to its competitors, ApeCoin’s US Dollar value has not witnessed a slump as such.  

One of ApeCoin’s peers is the crowned crypto-asset Bitcoin (BTC). BTC’s popularity is unavoidable, although its price has plunged considerably now. There are possibilities that ApeCoin may reach that popularity level. 

If we talk about Bitcoin and ApeCoin, the latter is just a newbie, and the former is, of course, the mother of all cryptocurrencies. ApeCoin was rolled out only this March, and Bitcoin has been prevalent for over a decade now. ApeCoin is also a token that lives on Ethereum’s blockchain. 

Yuga Labs did not really develop ApeCoin, but the final touches to its birth were given by Bored Ape Yacht Club (BAYC), a famous NFT project created by Yuga Labs. ApeCoin is the native token for BAYC. 

BAYC creators are constantly making efforts to expand the Bored Ape space. And as a step forward to that, it rolled out Otherside, which is basically a metaverse populated by the digital avatars that give the club its name. 

Like ApeCoin, the metaverse is also a new player in the vast crypto sphere. But the virtual world is already trading well in plots in the digital lands. Otherside’s coin is APE which witnessed a surge just before the Metaverse unboxing. 

As highlighted by their respective prices, there can’t be a comparison of Bitcoin (BTC) and ApeCoin (APE). Bitcoin is still quite expensive in spite of its massive fall in the past months. Whereas ApeCoin is currently exchanging hands at $4.42 and is up by approximately 0.70% in the last twenty hours. 

At the same time, the flagship crypto asset is currently trading at $19,417 and is down by around 0.11% in the last twenty-four hours. 

Bitcoin is treated more as a store of value asset, but ApeCoin is associated with a current frenzy of NFTs. And Bitcoin’s experience is unmatchable, whereas ApeCoin’s is something you already know. But BAYC has a massive number of holders and enthusiasts. 

Disclaimer:

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.     

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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