Yuga Labs, the company behind the Bored Ape Yacht Club (one of the largest NFT projects by market cap), have gone one step further in achieving their vision of driving culture forward into the metaverse by announcing the launch of ApeCoin. On its launch on March 17, $APE Token (or $APE BAYC), airdropped to all BAYC holders, was welcomed to the market with an impressive but volatile opening, leading many eager enthusiasts to early speculations on its future market performance. In this article, we explain the $APE token, ApeCoin future price predictions, and where to buy $APE.
What is ApeCoin?
ApeCoin is an ERC-20 utility token that empowers the decentralized and open-source protocol layer of the APE ecosystem, which now consists of the Bored Ape Yacht Club, Cryptopunks, Meebits, and a host of other upcoming projects. ApeCoin serves several purposes within its community of forward-thinking users, such as access, incentivization, governance, spend unification, and perhaps more importantly, satisfying the FOMO urge of owning a piece of the renowned BAYC NFTs.
Furthermore, Yuga Labs commissioned a DAO alongside ApeCoin, allowing token holders to influence the future direction of the APE community with the help of the APE Foundation – facilitating voting for day-to-day administration, project management, inclusive collaboration, bookkeeping, and other essential tasks.
ApeCoin Technical Analysis
ApeCoin’s price chart in May 2022 is characterized by a rising wedge, a pattern of consolidation. This is at the core of a bearish forecast for the token in the short term. This is typically attributed to the projects it is tied to. The bearish situation develops as markets continue to search for signs concerning APE’s utility in the non-fungible token (NFT) and metaverse sectors.
Apart from BAYC, it is tied to the scope of the virtual land metaverse project ‘Otherside’ and other upcoming P2E games. The massive hype attached to Yuga Labs projects is starting to fade. At this juncture, there must be strong use-cases established for the token to prosper and be adopted. Currently, most technical trading platforms hold a ‘Strong Sell’ signal for ApeCoin.
But this is not too alarming as the broader crypto and equity markets are undergoing a massive correction due to the economic bubble burst. However, the current outlook remains negative for ApeCoin.
ApeCoin is a relatively new cryptocurrency and does not have the likes of seasoned industry experts yet unlike Bitcoin and Ether. ApeCoin’s price history has been highly volatile, carrying high risks for its investors.
In March 2022, APE’s price surged and peaked at $41 in mid-March before undergoing a correction and dropping by 70% in the following weeks. In May, Yuga Labs held a widely publicized sale of virtual land deed NFTs ‘Otherdeeds’ for its yet-to-be-released, highly-anticipated metaverse project, ‘Otherside’.
However, the sale came with a host of issues attributable to congestion on Ethereum. Users attempting to purchase these Otherdeeds are said to have paid hundreds of dollars in gas fees only to have the transaction declined due to overload on the blockchain. This caused ApeCoin’s price to tumble down by 13%.
Considering the fact that ApeCoin is the brainchild of Yuga Labs, it is pegged to be the primary token for P2E games, events, and merch from the project and to function as the governance token of their new decentralized autonomous organization, ApeCoin DAO. This has made it apparent that the coin’s worth depends on the success of the projects in the BAYC metaverse. And while there have been efforts to attach utility to the token, it remains yet to be seen which projects ApeCoin precisely aims to collaborate with.
ApeCoin Price History
During the launch of ApeCoin, the token opened at $40 per coin before settling down to $12.20. ApeCoin price rallied 154% in March and pushed it to a high of $27.49 however, it dropped 48% to a support level of $14.43.
Presently, ApeCoin continues to trade at $12.87. Despite the significant drop, ApeCoin is only down about 4.3 percent in the past week.
(ApeCoin Price April-May’22 CoinMarketCap)
APE Price Predictions
With a BAYC customer list featuring high-profile names like Steve Aoki, Justin Bieber, Eminem, Jimmy Fallon, Mark Cuban, and more, alongside the increasing influence of Yuga Labs in art, gaming, event planning, and Web3 development, experts and market speculators expect the community-backed token to keep soaring in the markets for years to come. As a result, there has been a unanimously positive outlook on the ApeCoin price prediction. Below we have curated some predictions of the most popular market speculations for $APE. Still, remember you need to do your own research and never invest more than you are willing to lose.
Although $APE launched a short while ago, experts and speculators are optimistic about the first year for the coin on the market. Currently trading at a little above $10, the token opened at $23.10 before momentarily shooting up to almost $40. However, popular crypto prediction site PricePrediction expects ApeCoin to finish the year at a maximum price of $21.75, while Florencetrust, another crypto news site, predicts ApeCoin will trade sideways and end the year with a conservative $14.80 value.
Experts and speculators expect ApeCoin to keep soaring and making new all-time highs in 2023. PricePredictions predict trading between a price range of $26 and $32 for ApeCoin within the year, while Changelly, another popular crypto news site, predicts an optimistic price range between $55 and $100.
With the current momentum in the NFT market, especially BAYC and Cryptopunks, to which the ApeCoin value is closely related, speculators expect the token to put up an impressive run with Changelly considering $100 as the possible upper price limit on its price forecast and PricePrediction expecting an average price of $57 by 2025.
2030 is a long time from now for accurate predictions. However, experts and speculators are keeping their fingers crossed on the continued relevance of the BAYC NFT project, as the future of the closely correlated ApeCoin largely depends on it. Assuming the project continues being as influential as it is now, or if Yuga labs come up with even more popular projects, Changelly expects an average price of $150, while Priceprediction expects at least a $358 valuation (a potential 2500% increase in value from launch).
Potential Highs & Lows of ApeCoin
Crypto analysts place ApeCoin as an ‘extremely’ valuable long-term investment. Most of this remains tied to the fact that success of Yuga Labs. According to Crypto Academy, the token underlying the ApeCoin ecosystem may trade for as much as $60 and as much as $80 by Q4 of 2022.
A positive factor is that despite the larger cryptocurrency space’s propensity for volatility and the current bearish trend gripping the broader market, ApeCoin’s price fall does not appear to be too severe.
What is ApeCoin Used For?
ApeCoin’s utility is not very clear at the moment. But according to press releases and statements from Yuga Labs and ApeCoin DAO, the following are the use cases of ApeCoin.
APE will be the in-game currency for numerous projects led by Yuga Labs. The principal settlement on upcoming Yuga Labs goods and services is APE. ApeCoin is also poised to be a payment method for events organized by BAYC, merch, and collectibles released by the project.
Further, Animoca Brands’ Benji Bananas is said to have adopted APE as its in-game currency. Miami’s E11EVEN Residencies have opted to accept APE payments. OpenSea, the biggest NFT Marketplace, has officially added ApeCoin as an accepted form of payment. Recently, a restaurant in Southern California has started accepting ApeCoin as payment.
Yuga Labs is also supposedly building a novel gaming experience called MetaRPG that will allow users to use their own NFT characters as in-game assets. The business will also provide a software development kit to assist developers and creators in creating NFTs for any community. As a result, their in-game marketplace will ultimately become unlimited where there would be new characters, digital wearables, and game development on the inside. ApeCoin is said to serve as the backbone for this entire project.
ApeCoin is an ERC-20 governance token for the Ape Ecosystem. The ApeCoin DAO allows its members to produce tangible and virtual items, games, and services powered by blockchain. It will let its holders vote on the development trajectory and future projects that the DAO should undertake.
The launch of the ApeCoin token was signaled by an exclusive airdrop to BAYC owners and related projects for free. The airdrop is said to have conferred 15% of the total APE supply to BAYC holders. Yuga Labs is said to be giving the community 62% of APE’s supply.
This gave BAYC holders a chance to sell them for profit or hold them for further long-term gains. BAYC owners who are holders of ApeCoin got to be part of the ApeCoin DAO as well thereby rewarding them for their participation in the community.
ApeCoin is speculated to be the transactional currency in Yuga Labs’ Metaverse project Otherlands. This metaverse is said to consist of 200,000 plots of virtual land where ownership would be represented by title deed NFTs.
Is ApeCoin A Good Investment?
Yuga Labs, the parent company of the ApeCoin project, is increasingly acquiring and pioneering new community-led initiatives that aim to drive culture forward in the fast-growing web3 metaverse through art, play2earn gaming, events, and entertainment. In addition, Yuga labs have chosen influential crypto visionaries and proven industry directors to sit on the board of the ApeCoin – all of who own at least one Bored Ape NFT. Because of these qualities, ApeCoin stands out from the rest of the shitcoins in the market and possesses all the fundamentals of a sound investment instrument with a promising financial future for early investors ready to take the leap of faith.
What Drives the Price of ApeCoin?
ApeCoin’s board of directors consists of prominent venture executives such as Reddit co-founder Alexis Ohanian, Yat Siu of Animoca Brands, Amy Wu of FTX’s venture arm, Maaria Bajwa of Sound Ventures, and Dean Steinbeck of Horizen Labs. The profiles of the board members and the coin’s linkage to BAYC have instilled confidence in ApeCoin’s growth and have been the main motivator for ApeCoin’s price surge.
The Popularity of Bored Ape Yacht Club
BAYC is the most popular NFT collection out there today. Yuga Labs is expanding the Bored Ape ecosystem to include ApeCoin tokens and its journey into the metaverse.
ApeCoin is capitalizing on the success of BAYC collection and is expected to be the trending crypto in secondary markets!
Overall Market Sentiment
The broader crypto market has been extremely volatile and has been in the bearish phase since the end of last year. Popular cryptocurrencies such as Bitcoin dipped toward the $30,000 level mark, owing to inflation concerns, and general crypto adoption slowdown.
This is largely, but not entirely, due to the instability surrounding the UST stablecoin and Terra’s native token, $LUNA.
As a result, even ApeCoin slid heavily going back to almost where it was when it was first listed — approximately $7. However, it seems to be recovering faster than many other tokens as per CoinMarketCap.
Is ApeCoin the Best Crypto to Buy in 2022?
ApeCoin’s position in the market and BAYC ecosystem makes it a potentially multi-bagger for investors. For mid and long-term holders, buying the dip is suggested and hence, now would be a great time to invest in ApeCoin.
How To Buy APE With Crypto?
Are you interested in becoming an early investor in APE Token Crypto? Look no further, Swapzone is one of the best exchanges, right now, to buy $APE in the market. Swapzone is a fantastic exchange that provides real-time swap offers and discounts. Here’s how to buy Ape or convert ETH to ApeCoin:
ApeCoin Price Prediction – Conclusion
APE has one of the largest market caps in 2022 and makes it a favorable investment for long-term investors and holds. It is likely that the token will continue its bearish trend before breaking its resistance levels for an uptick as more liquidity and utility are built around the token.
What is the ApeCoin price prediction?
ApeCoin’s price trend seems to be bearish for the mid-term and bullish for the long term. This is speculative as the token is very volatile. However, the token’s support level stands at $10 and analysts predict that the token could reach $30 if the project takes off on awareness and adoption. BAYC’s Metaverse integration and film trilogy are potential drivers of ApeCoin’s strong price momentum.
What will ApeCoin be worth in 2024?
ApeCoin is predicted to start its breakout from the bearish pattern around Q4 of 2023 and move to a bullish pattern in 2024 fueled by adoption in P2E games, BAYC events, and merch. In 2024, it is expected to move across the resistance level to rally to a price band of $39.40 to $40.84. However, it could reach a maximum price level of $47.40
What is the current price of ApeCoin right now?
As of May, ApeCoin is currently trading in the ballpark of $11.
What was the starting price of ApeCoin?
On March 18, 2022, ApeCoin was launched and airdropped to all BAYC and allied NFT collection investors, including the Mutant Ape Yacht Club and the Bored Ape Kennel Club. ApeCoin started trading at levels of $11.57 and soon jumped to a price band of $25.70 to $28.
What was ApeCoin’s highest price?
APE’s all-time high is $41 around mid-March of 2022.