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ApeCoin [APE]: Yuga Labs’ new development could impact the ecosystem in this manner

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ApeCoin [APE]: Yuga Labs' new development could impact the ecosystem in this manner
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  • Yuga Labs’ new game boosts NFT collections and APE coin’s popularity.
  • Increased funding for grants and growing NFT interest could drive future APE growth.

Yuga Labs has launched a new game that has taken the NFT world by storm. According to Delphi Digital, players have spent over two million dollars on the company’s new title, making it one of the most successful game launches in the NFT world.

How much is 1,10,100 APE worth today?

This success has the potential to positively affect NFTs from the Yuga Labs cohort, particularly Mutant Ape Yacht Club [MAYC] and Bored Ape Yacht Club [BAYC].

The NFT impact

The game attracted more NFT holders as it offered free passes for the game’s in-built NFTs. This added more value to these NFTs, making them even more inviting to collectors and gamers alike. The increasing hype around the game also impacted NFT collections in multiple ways.

For instance, BAYC’s floor price rose by 10.92% over the last week. The overall sales of the NFT collection also increased by 20.83% during this period. MAYC, on the other hand, saw a surge of 5.84% in its floor price. MAYC’s volume also surged by 70.55%.

This growing interest in the MAYC and BAYC NFTs also impacted the state of ApeCoin [APE] holders. According to Dune Analytics, the number of APE holders increased steadily until press time.

Source: Dune Analytics

Whales also showed interest in APE, which could have a positive impact APE’s price. However, its velocity declined, indicating that the frequency with which APE was being transferred had fallen.

Source: Santiment

Increase in APE funding?

Increased funding for grants has the potential to bring more activity to the APE ecosystem, as it will provide more resources for developers to bring their ideas to life. This could bring more interest to APE, potentially leading to an increase in its velocity and overall value.

Read ApeCoin’s [APE] Price Prediction 2023-2024

One way this could happen was by generating interest in ApeCoins projects. Notably, ApeCoin governance would fund new projects to improve its ecosystem.

 

Yuga Labs’ new game has the potential to have a significant positive impact on the ApeCoin ecosystem. The growing interest in the MAYC and BAYC NFTs, combined with the increased funding for grants, could lead to a brighter future for the APE coin.

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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