- A new game from Yuga Labs, Dookey Dash, incited the popularity of APE coin.
- Players have spent more than $2 million on the new title.
Nowadays, a new game launch boosts the company and the NFT collection shown in it. Recently, Yugo Labs launched a new game called Dookey Dash, which has fuelled the popularity of the APE coin. Also, the increase in grant funding and increasing NFT interest provides an environment that can drive APE growth. Delphi Digital confirmed that players spent more than $2 million on the new title, making it a lucrative launch in the NFT arena.
This growth might have the potential to disrupt the NFTs from the Yuga Labs cohort, especially Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC)
The chart shows the sale of Bored Ape Yacht Club (BAYC) with volume and average price in Ethereum.
Similarly, this chart also shows the average sale of MAYC concerning the average price in Ethereum.
The game’s impact on NFT
The game managed to attract NFT holders by offering free passes for the in-built NFTs in the game. Further adding value to the embedded NFTs, increasing their likability from both enthusiastic collectors and gamers with the same blow. With the growth in the hype around the game, the NFT collection also benefited in multiple ways.
In the case of BAYC, the floor price gained 10.92% over the last week, while the overall sales in the same period jumped by 20.83% for the NFT collection. Similarly, MAYC surged 5.84% of the floor price, while volume gained 70.55%.
Gradual increases in MAYC and BAYC NFTs heavily influenced the ApeCoin (APE) holders. Some analysis clearly shows a considerable rise in the number of APE holders. The coin also managed to grab the attention of whales, further increasing the positive impact on APE’s price. Although the velocity had declined, depicting that the frequency of APE transfer is down.
At the time of writing, APE was trading at $5.67 with a drop of 3.91%, while its value against Bitcoin was corrected by 1.82% to 0.0002494 BTC. Its market cap also suffered by 3.76% to $2.09 billion, and its volume declined by 20.28% to $159 million. APE is ranked at 32 and shares a market dominance of 0.20%.
Will the funding increase for APE?
Increased grant funding provides the potential for more activity in the APE ecosystem by providing more resources to the developers to make their ideas come alive. Supposedly bringing more interest for APE might fuel its velocity and overall value. One way to bring this into reality is by creating interest in the projects of ApeCoins. Their governance will be funding newer projects to boost the ecosystem.
The new game from Yuga Lab can considerably influence the ApeCoin ecosystem positively. The increased engrossment of MAYC and BAYS NFTs, coupled with the increased grant funding, might cause a rally for a brighter future for the APE coin.
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.
Source: https://www.thecoinrepublic.com/2023/02/09/yuga-labs-new-game-incite-apecoin-ape-popularity-grant-hiked/