ApeCoin, the ERC-20 token launched by creators of the Bored Ape Yacht Club (BAYC) to power the APE ecosystem, has surpassed its competitors to become the most valuable metaverse crypto asset in the ecosystem after surging more than 59% in April.

According to data from CoinMarketCap, ApeCoin is now standing as the 26th most valuable token in the cryptocurrency market, already surpassing its well-established peers such as Decentraland (LAND) and The Sandbox (SAND).

Buying interest for APE has been fueled in the past few days amid the upcoming launch of the Otherside metaverse, a blockchain-powered virtual realm created by YugaLabs – the developers of the popular non-fungible tokens (NFT) of the Bored Ape Yacht Club.

The developing team has confirmed that Otherside will be officially opened on 30 April and recently tweeted that candidates who would like to buy a parcel of land in this virtual ecosystem must go through the firm’s “Know Your Customer” protocols to participate in the auction.

YugaLabs raised a total of $400 million back in March this year to develop its Otherside metaverse. The funding round was led by Andreesen Horowitz – a well-established California-based venture capital firm – and valued the firm at around $4 billion.

The current market capitalization of ApeCoin (APE) stands at $5.79 billion based on the total number of tokens in circulation while on a fully diluted basis it is sitting at $20.31 billion.

The maximum supply for the metaverse token is fixed at 1 billion coins according to ApeCoin’s official website with a total of 62% of the tokens being destined to power the ecosystem’s economy while Yuga Labs, contributors, and the founding team will receive the remaining 38% allocation for their contribution to the project.

A closer look at the price action of ApeCoin (APE)

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APE/USD price chart – 1-day candles view with multiple indicators – Source: TradingView

APE has only been in existence for a month and a half or so and this provides limited information from a technical perspective to assess the potential direction that the token could be taking in the next few days.

However, the price trend is currently pointing upwards and the recent rally surpassed the token’s launch-day high in both Coinbase and Binance. This is a strong signal that momentum remains positive for this metaverse crypto coin.

Momentum indicators are standing in positive territory as well with the Relative Strength Index (RSI) surging to overbought territory while the MACD remains above the signal line at the same time histogram readings are steadily surging.

According to predictions from WalletInvestor, the short-term outlook for APE is very bullish. The algorithm is predicting that the price could surge to a range between $20 and $24.6 per token by mid-May.

Meanwhile, predictions from Gov.Capital – another algorithm-powered forecasting service – are pointing to APE surging to $28 per coin a year from now and $131.6 per token 5 years from now.

What is the metaverse?

The metaverse is an alternative digital reality where users can interact with each other and enjoy experiences. In some cases, platforms can incorporate virtual reality gear to help users in diving into the different ambiances powered by the ecosystem.

Blockchain-powered metaverse projects have gained popularity recently as big corporations have started to pour billions of dollars into this up-and-coming industry.

Decentraland and The Sandbox (SAND) are some of the most well-established projects but Otherside could quickly become a strong player in the landscape amid a large number of followers that YugaLabs has amassed due to the popularity of its Bored Ape Yacht Club NFTs.

Crypto assets are highly volatile unregulated assets. Your capital is at risk.