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ApeCoin’s Price Surges above 10% Today as Yuga Labs Ceases Otherside Metaverse Auction

The price of ApeCoin surged above 10% due to a rise in investor purchases, whales, and the growing acceptance of the Otherside, a metaverse project initiated by Yuga Labs. The coin reportedly sold as high as $26.91 at the time of the report, up 13.39+%, within the last trading day.

Reports say that the rising worth of the coin is most probably due to Yuga’s Lab’s decision to stop auctioning the Otherside. Yuga Labs reportedly stopped auctioning their Otherdeed non-fungible tokens via its Otherside Twitter channel. 

Details of the Otherside Auction’s Stoppage

The company says it will henceforth peg the price of the tokens at 305 ApeCoins (APE). Yuga Labs, initiators of the Bored Ape Yacht Club (BAYC), wanted to auction virtual land in the Otherside metaverse. 

Yuga Labs wanted to execute a Dutch-style auction in which it would receive different price bids on its items before announcing the highest offering as the token’s price. However, the company turned from its initial intentions over its inability to reconcile rising customer demands and gas fees. 

The Otherside announced the development earlier today on Twitter, saying that a large number of tokens no one has minted could raise gas fees. Also, the announcement says that the reputation of Otherdeed tokens as one of the largest NFTs and their high customer demand could further affect gas prices. 

Yuga Labs also says wallet owners would only be able to hold two BTC at the beginning of the sale. It says that doing that would help evenly distribute the assets and meet the situation with gas prices.

Additionally, it says that Know Your Customer (KYC) wallets owners who have completed the KYC would be able to purchase 55,000 Otherdeed.  But it says the rate would increase as the minting scheme advances. 

Panama Moves to Adopt BTC and other Crypto as Legal Tenders

Panama’s legislative chamber reportedly receives a bill to adopt virtual assets like BTC as legal tender. The Central American nation also reportedly plans to advance the crypto industry towards creating more investment and employment chances.

Gabriel Silva, a member of the country’s legislature and a strong supporter of the cryptocurrency laws, says Panama intends to give legal stability to digital assets. Therefore, the government says it will adopt BTC and other digital assets for payments across the country towards advancing the profitability of its cryptocurrency industry, 

Speaking about the recent development in the Central American country, Silva says Panama will not compel its residents to utilize digital assets. Individuals and corporate entities have the right to accept or refuse digital assets in economic deals.

Additionally, Panama’s legislature has reportedly supervised a bill that intends to regulate the use of digital assets through its initial phases. The country’s central bank will reportedly hold the digital assets industry. Panama’s latest activities relating to cryptocurrencies follow the paths of other Central American territories like El Salvador and Honduras.

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