ApeCoin price prediction: What is apecoin (APE)?
Apecoin (APE), the native cryptocurrency of the non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC), became the biggest metaverse token by market capitalisation a little over a month after its release in 2022. The coin has dethroned Decentraland’s coin (MANA), which has been around since early 2020.
Let’s see what we can find out about APE, and examine some of the apecoin price predictions that were being made as of 11 January 2023, too.
APE to USD
Apecoin explained
Apecoin (APE) was launched on 17 March 2022 by the founders of the BAYC NFT collection, Yuga Labs, which also formed the APE Foundation, a means of aiding the decentralised development of the APE ecosystem.
Created with the goal of becoming the “heart of art, gaming, entertainment and events on the blockchain”, the APE Foundation will be in charge of overlooking the decisions of the ApeCoin Decentralised Autonomous Organisation (DAO).
The crypto will be responsible for administration, bookkeeping, project management and other tasks necessary to ensure the DAO community can build new Web3 applications and services, such as the APE NFT coin itself.
ApeCoin’s main focus is decentralisation and through the APE Improvement Proposal Process it will allow ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations, governance rules, upcoming projects and partnerships.
The ApeCoin Foundation is managed by a board which oversees the community and carries out DAO proposals. The initial board serves a term of six months and is voted in by DAO members.
The current members of the board are:
Reddit co-founder Alexis Ohanian
FTX head of ventures and gaming Amy Wu
Sound Ventures principal Maaria Bajwa
Animoca Brands co-founder and chair Yat Siu
Horizen Labs president and general counsel Dean Steinbeck.
The APE cryptocurrency
APE is an ERC-20 cryptocurrency designed on the Ethereum (ETH) protocol. Apart from governance, the token:
Provides holders with access to certain parts of the ecosystem that are unavailable to others, such as exclusive games, merchandise, events and services.
Can be incorporated into other services, games and projects.
Apecoin was launched through an airdrop, which allowed certain groups of holders to receive the tokens as rewards. The cryptocurrency’s total supply stands at one billion. No new tokens can be minted.
Upon release, the token’s total supply was distributed as follows:
62% was allocated to the ecosystem’s fund and given to BAYC and Mutant Ape Yacht Club (MAYC) NFT holders.
16% was allocated to Yuga Labs and charity.
14% was allocated to the companies and people that helped to create the project.
8% was allocated to the BAYC founders.
It is important to note that despite its name, apecoin, because it is based on the Ethereum blockchain, is a token rather than a coin.
Apecoin price history
Let’s now take a look as some of the apecoin price history. While past performance should never be taken as an indicator of future results, knowing what the token has done can give us some useful context when it comes to either making or interpreting an apecoin price prediction.
The APE NFT crypto saw its value surge by 126.8% on the first day of launch, reaching $16.47, up from $7.2604 in less than 24 hours, as seen on the price chart below. The coin retreated to $14. 03 by the end of the day and continued to move sideways on 19 March 2022 before falling to just above $9 on 21 March 2022.
By 24 March, the APE token price had climbed back to over $14 as anticipation grew ahead of the first ever ApeCoin DAO voting event, which was due to take place on the day. The cryptocurrency peaked at $15.43 on 28 March 2022 before embarking on a bearish journey into April 2022.
In April 2022, the APE token price peaked on three occasions:
On 10 April at $12.27, after the Bored & Hungry restaurant in California became the first catering establishment to accept payments in ether (ETH) and apecoin (APE).
On 21 April at $17.31, following the announcement that ApeCoin was cooperating with the OliveXFitness Metaverse to grant APE token holders special access to the metaverse’s move-to-earn Dustland games.
On 29 April at $26.19, as three new proposals were opened for ApeCoin DAO members to vote on.
On 30 April 2022, one of the largest NFT marketplaces, OpenSea, announced that it would start accepting the APE cryptocurrency for NFT purchases on its platform. This led to a one-day gain of over 30% as the APE price rose to just below $25.
Following 102% of gains in April 2022, the APE NFT coin chart started on a downwards trend. It plummeted over the following months, dropping below its launch price at the end of May.
APE then stooped to a 90-day low of $2.63 on 14 November following the collapse of the FTX (FTT) exchange, but managed to recover to $4.54 on 11 December before sinking to a low of $3.27 on 17 December. APE closed the year at $3.64 and rallied in the New Year, breaking past $5 on 10 January and trading at around $4.85 the following day.
At that time, there were 361.26 million apecoin in circulation out of a total supply of one billion. This gave the it a market cap of about $264m, making it the 28th largest token overall and the largest NFT and metaverse related crypto by that metric.
ApeCoin news
The biggest news to hit the world of ApeCoin recently has been the introduction of staking, which went live on 5 December 2022.
ApeCoin also launched its own NFT marketplace, which went live on 23 November. The DAO voted in summer 2022 for the NFT infrastructure company Snag Solutions to build the marketplace, rather than notable industry brands like Rarible or Magic Eden.
This new marketplace allows NFT investors to buy and sell tokens across Yuga Labs’ collections. These include BAYC, Bored Ape Kennel Club and Mutant Ape Yacht Club.
Zach Heerwagen, founder and CEO of Snag Solutions, tweeted: “The custom marketplace includes unique features built specifically for the BAYC and Otherside communities, including apecoin staking and NFT metadata integrations.”
Apecoin price prediction round-up
With that all over and done with, let’s take a look at apecoin price predictions being made as of 11 January 2023. It is important to remember that price forecasts, especially when they concern a commodity as potentially volatile as crypto, often end up being wrong. Also, it is worth pointing out that many long-term crypto price predictions are made using an algorithm, which means that they can change at a moment’s notice.
First, CoinCodex had a somewhat mixed short-term apecoin price prediction for 2023, arguing that the token could fall to $3.76 by 16 January before rising to $5.45 by 11 February. The site’s technical analysis was, perhaps surprisingly, bullish, with 20 indicators sending upbeat signals against just five making bearish ones.
DigitalCoinPrice made an upbeat apecoin crypto price prediction, arguing that the token’s value could steadily grow in the coming years. The site said that APE be worth $10.02 this year and reach $17.47 by 2025. Its apecoin price prediction for 2030 said it could average $50.18 that year.
PricePrediction was also optimistic in its APE crypto price prediction, saying the token could reach $5.87 this year. Its apecoin price prediction for 2025 said it could grow to $12.64, then rocket to $79.46 by 2030
Wallet Investor was – perhaps surprisingly, given the site’s regular bearishness – positive in terms of an APE price prediction. The site said the token could be worth $9.23 in January 2024 before climbing to just below $27.69 in five years’ time.
When considering an APE crypto price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their predictions wrong.
If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns and never trade with money that you cannot afford to lose.
FAQs
Is apecoin a good investment?
It is hard to say. A lot will depend on how the market performs as a whole going forward.
Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies can be affected by bear markets, so investors should be prepared to make losses and never purchase more than they can afford to lose.
Will apecoin go up?
It is hard to say. While many forecasts were positive as of 11 January 2022, price predictions are often wrong and prices can, and do, go down as well as up.
In volatile cryptocurrency markets, it is important to do your own research on a coin or token to determine if it is a good fit for your investment portfolio. Whether APE is a suitable investment for you depends on your risk tolerance and how much you intend to invest, among other factors.
Keep in mind that past performance is no guarantee of future returns and never invest money that you cannot afford to lose.
Should I invest in apecoin?
Apecoin is responsible for administration, book-keeping, project management and other essential tasks within the APE ecosystem, including the successful Bored Ape Yacht Club NFTs. However, the NFT market has taken a significant hit this year.
Whether you should invest in APE is a question that you will have to answer for yourself. Before you do so, however, you will need to conduct your own research. Never invest more money than you can afford to lose, because prices can go down as well as up
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