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Over the past year, Bored Ape Yacht Club (BAYC) has risen drastically in popularity. The project has released non-fungible tokens (NFTs) that are owned by countless celebrities, ranging from celebrities such as Justin Bieber, Post Malone and Neymar Jr. to billionaire investor Mark Cuban. However, the NFTs are extremely expensive, and many smaller investors want a way to invest in the project without paying more than the $150,000 floor price at the time of writing. This demand caused BAYC to release its own token (APE) and give smaller investors access to invest in its projects.
What is ApeCoin (APE)?
On a surface level, ApeCoin is an ERC-20 token that serves as a governance token for the ApeCoin decentralized autonomous organization (DAO). ApeCoin, the ApeCoin DAO and Bored Ape NFTs all rely on the Ethereum blockchain for completing transactions, and it is used to help make decisions for the future of the token.
While ERC-20 governance tokens are fairly common in the crypto space, ApeCoin is hoping to provide extra utility to its users through a couple of unique programs and incentives. For example, the creators of the token allow for third-party developers to incorporate the token into their own projects. They hope that this will help the token grow, as well as provide utility for developers. They seem to genuinely want to make ApeCoin the currency for the entire Yuga Labs ecosystem (and possibly beyond).
Another aspect of the project is that the creators set aside a large portion of the token supply to be used in the “Ecosystem Fund.” This fund can be used on projects that the community votes on.
ApeCoin (APE) Market Position
ApeCoin has generally traded in the single digits except for its massive pump leading up to the Otherside NFT sale which was tendered in APE, with a growing market capitalization. However, its fully diluted market cap tends to be about 3 times greater. Nevertheless, only a fraction of its tokens are even in circulation. It generally ranks in the top 50, so there is certainly room for growth.
Some of its largest competitors are Enjin, Decentraland and The Sandbox. However, ApeCoin is uniquely positioned with its high-end NFT collection, which its competitors don’t have.
UpToBrain’s Bullish ApeCoin Price Prediction (APE)
UpToBrain is a cryptocurrency news site that focuses on price predictions through technical and fundamental analysis. It sees ApeCoin appreciating greatly in the next several years for a couple reasons.
As the crypto markets continue to slide, UpToBrain sees this also impacting ApeCoin’s price and believes that now is a solid time to buy. While the markets may not have reached the bottom, it believes that there will eventually be a large turnaround that will raise ApeCoin’s price.
Additionally, it does not see the hype surrounding the project slowing down. If more people become interested in the token and buy it, the price can increase. The ApeCoin team has hinted at the project's involvement in gaming and the metaverse, which could further increase the hype.
Could ApeCoin reach $20, $30, $40? UpToBrain believes so, but the market is shifting so much that these predictions are changing every day.
EarthShaker’s Bearish ApeCoin Price Prediction (APE)
EarthShaker is a contributor on DanteHQ, a crypto-related forum. They see ApeCoin depreciating over 50% in the next one to two years for multiple reasons.
ApeCoin was created by Yuga Labs. The company generates most of its profit from BAYC sales, but it is hoping to shift its profit stream towards metaverse land sales. However, EarthShaker argues that this space is already fairly saturated, with major projects such as Decentraland (MANA) already owning a large portion of market share. EarthShaker believes that ApeCoin will not be able to gain any real traction in the metaverse space, which will force ApeCoin to depreciate.
Additionally, Yuga Labs is hoping to enter the gaming space. However, EarthShaker argues that this is another saturated market, and Yuga Labs will not be able to achieve the same success that it had with BAYC. Because of this, it sees ApeCoin consolidating lower over the next one to two years.
Where to Buy ApeCoin (APE)
- Binance USMore DetailsBest ForAltcoin Trading
- Crypto.comMore DetailsBest ForSign Up Bonuses
ApeCoin’s immense popularity has caused it to be listed on a variety of major exchanges. However, Binance.US (or Binance for non-U.S. users) and Crypto.com are among the best. These exchanges are well known for their security, low fees and ease of use. To get started, head over to their website and create an account. Most of the time, you can begin trading within 24 hours.
ApeCoin Trading Signals
IntoTheBlock provides a useful suite of fundamental and technical trading signals to help you form your own Apecoin price prediction.
How Long will it Take for ApeCoin (APE) to Reach $30?
Many crypto analysts see $30 as a major price target for ApeCoin. In late April of 2022, the token traded just above the $26 range at its highest, but quickly fell back to Earth in a few days and was later rocked again by the crypto collapse of the summer of 2022.
Multiple scenarios could result in APE reaching $30. First, the token is extremely volatile, so an upward trend from volatility could lift the price above $30. Additionally, Yuga Labs could bring the token to the metaverse and increase the hype surrounding the project, which could increase the price as well. When the crypto market and NFTs come back (assuming they do) APE may skyrocket again because Yuga Labs is still a massive player in the space. However, both scenarios are completely speculative, and there is no telling where the price will go.
Where to Store ApeCoin (APE) Safely
Wallets are a way to store cryptocurrency separately from any single exchange. Use of a wallet allows users to have full discretion over their fees and can be safer than holding your tokens in an exchange.
Best Hardware Wallet: Ledger
Hardware wallets are physical devices that store the private keys needed to send crypto. If the physical device is not present, the funds inside the wallet are locked. Hardware wallets are often regarded as the safest way to store crypto and NFTs.
Ledger is a brand of hardware wallet that supports all ERC-20 tokens. It offers Nano S and Nano X models. The Nano S offers rudimentary features while the Nano X supports ease of use with Bluetooth connectivity and a larger screen.
Best Software Wallet: MetaMask
Software wallets store private keys online. While this practice is not as safe, MetaMask is a software wallet that takes extra steps to ensure security of funds.
MetaMask encrypts all information on its servers. Information is accessed through a password, which can also have two-factor authentication. You can attach a hardware wallet to your MetaMask to make your trades efficient and safe.
Keep an eye out for news about ApeCoin’s use in gaming and the metaverse. These developments could impact the price.
Current Crypto Prices
The 2nd quarter of 2022 has been one of the worst times for crypto to date, with major tokens depreciating 30% to 50% in a short time period. Many are wondering if the markets will bottom out or if they will continue to slide. The Ethereum Merge didn't turn the market around as many were expecting but it is still a massive upgrade to one of the most important pillars of the market.
Regardless of where the markets are going, it is extremely important to stay updated in terms of crypto prices. Make sure to check out Benzinga’s up-to-date crypto price table to stay on top of current crypto prices.
Is ApeCoin (APE) a Good Investment?
As of right now, ApeCoin is extremely speculative. While the team behind the project is solid, there is yet to be much real utility for the token. If the project can create real use cases for investors, then the token may appreciate. However, the price of the token is ultimately up to Yuga Labs’ execution.
Frequently Asked Questions
Who's behind ApeCoin?
Yuga labs is the company behind ApeCoin, Bored Ape Yacht Club, and CryptoPunks.
How high can Apecoin go?
Price predictions for Apecoin in 2026 are an average of $13.48.
Does Apecoin have a future?
Many experts believe that Apecoin does have a future. It is expected to reach $75 by the end of 2024.
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