The cryptocurrency market has lately emerged as a primary investment vehicle for finance aficionados. The domain has since been populated with a variety of fascinating crypto coins representing various domains. Investors are particularly interested in NFTs at the moment, and among all the attention-grabbing NFTs, the Bored Ape Yacht Club and its associated collections are possibly the most renowned.
The makers essentially showcase bored-looking apes that can be personalized to the smallest degree based on the buyer’s preferences. These unassuming works of art drew the interest of various investors. Several of them were sold for hundreds of thousands of dollars, with customers including Justin Bieber and Eminem.
Apecoin is a special cryptocurrency of the Bored Ape Yacht Club, which has exploded with a bang in recent months. Let’s get into the blog to learn in detail about ApeCoin.
What is Apecoin?
ApeCoin is the governance token for the APE Ecosystem. It empowers token holders to participate in the ApeCoin DAO and provides its members with open and shared funds that can be used without the use of centralized intermediaries.
Additionally, ApeCoin provides access to other areas of the Ecosystem that are otherwise inaccessible, such as games and specialized services.
The creators of the Bored Ape Yacht Club namely Yuga Labs introduced the APE Foundation with a single NFT genre. Yuga Labs has transferred to the APE Foundation all the rights and privileges related to this NFT and its core art. Members of the ApeCoin DAO have the ability to determine how this intellectual property is used.
26th March 2022, Update: The ApeCoin cryptocurrency is now trading at around $12.97 with a market capitalization of $3,603,763,014 and crypto experts anticipate a quick increase.
Who’s the Team Behind It?
ApeCoin is a decentralized project that inspires Yuga Labs’ Bored Ape Yacht Club. ApeCoin is created for use within the APE Ecosystem, developed with the support of the APE Foundation. ApeCoin is being introduced by ApeCoin DAO, a new governing body comprised of all APE holders, according to the ApeCoin website and associated press materials. It is intended to collect suggestions from the community and then allow token holders to vote on them.
Additionally, there is a distinct organisation called the Ape Foundation that will oversee daily DAO administration, proposal management, and “other responsibilities that guarantee the DAO community’s ideas receive the support they require to become a reality.” It serves as the legal foundation for ApeCoin DAO. A subcommittee of the Ape Foundation will also function as the “board” of the ApeCoin DAO, which will supervise specific proposals.
24th March 2022, Update: Ecosystem Fund has been given 62% of the ApeCoin, which will fund community-led activities as determined by ApeCoin DAO members.
ApeCoin (APE): Token Utility
The ApeCoin DAO includes a single NFT version with a blue presentation of the Bored Ape Yacht Club logo. The NFT refers to the ApeCoin DAO, whose members may vote on the use of intellectual property and rights related to the intellectual property of the logo.
The Protocol for ApeCoin
As discussed before, APE is an ERC-20 token that performs both governance and utility functions when utilized inside the APE ecosystem. The open-source protocol layer that underpins the whole ecosystem serves several purposes:
Incentivization
APE is intended to act as a catalyst for developers to join the ecosystem by implementing it into their goods, games, and services.
Governance
As previously stated, governance is a primary objective of APE, as it enables holders to participate in the DAO.
Access
Cryptocurrency enables access to parts of the ecosystem that were previously inaccessible. These would include merchandise, events, and games that are only available to holders.
As the ecosystem’s token utility, APE also provides its players with money that can be utilized without the use of centralized middlemen.
How to Buy Apecoin?
APE is already listed and traded on several major exchanges, including Binance, Coinbase, FTX, Huobi, KuCoin, Bybit, and Kraken. You can buy it from any exchange where it’s available.
However, as of this writing, the majority share of liquidity appears to be concentrated on the Binance exchange, specifically in the APE/USDT and APE/BUSD pairings.
ApeCoin Price Predictions
ApeCoin Price Prediction 2022
The majority of analysts compare ApeCoin to Shiba Inu and predict that APE will soon surpass Shiba Inu’s market valuation. In the near future, if the current circulating supply reaches $ 227.5 million, the price of APE will be $ 60. As a result, we believe that $60 is a distinct possibility for ApeCoin in 2022.
Additionally, there will be some unavoidable ups and downs during the year, as the enthusiasm for ApeCoin builds. As for the average price in 2022, it is difficult to predict. At the moment, we believe it will reach roughly $50.
ApeCoin Price Prediction 2023
ApeCoin’s situation may begin to deteriorate in 2023. Unfortunately, there are far too many hyped-up cryptocurrency ventures that quickly devolve into useless coins. While our price projection indicates that this is unlikely to happen to APE at the time, long-term investors should exercise caution.
If the rising trend continues, ApeCoin is likely to surpass its 2022 target by 2023. The token still has a lot of space to develop – its maximum possible price is not limited to $100.
The ApeCoin price predictions for 2023 are currently relatively conservative, but positive – we expect the coin will trade at an average price of $75 during the year.
ApeCoin Price Prediction 2024
If ApeCoin DAO continues to grow, the APE price may very likely continue to rise in 2024 as well. However, there is also a good chance that it will begin to drop. We believe that, as a result of the popularity of the concept on which it is based, ApeCoin will have several opportunities to rise again — but its average price will likely remain modest.
After all, the “meme” cryptocurrency market is already saturated, and it remains to be seen whether this initiative can carve out a space for itself. ApeCoin’s price projection for 2024 is now an average of $95.
ApeCoin Price Prediction 2025
ApeCoin’s value may reach $150 in 2025, or it may plummet to zero. While the former is more realistic at the moment, we believe that APE’s true price in 2025 will fall somewhere between these two figures, remaining at an average of $100.
Our ApeCoin forecast for 2025 is pretty positive since we anticipate, the project will continue to get sufficient support in the future. ApeCoin’s current pricing demonstrates a lot of potential, and we believe that it will draw the attention of a large number of investors. While there may be obstacles, ApeCoin has a bright future ahead of it.
Will Apecoin Ever Hit $100?
Technical analysis is nearly worthless at this point for a medium-term view, as further data is necessary. Illuvuim and Axie Infinity may be utilized for advice because of BAYC’s repute.
These famous cryptocurrency games are quite popular. If BAYC follows a similar course with live concerts, the price might increase in response. Due to the exorbitant cost of the NFT collection, ‘regular’ users may be unable to purchase them.
APE is expected to be used in all future BAYC projects. Other gaming platforms are expected to embrace ApeCoin, which has the potential to become ‘bitcoin-status‘ in the gaming industry. However, it is very difficult to predict future trends of Apecoin.
If the coin maintains its strong bullish trend, it could reach more than $ 20 at the end of the monthly close in April. In addition, a continuous rise could raise the price to $ 25 and try to move between $ 30 to $ 35 in the coming years. However, $ 100 can be a daunting task by the end of this year but it can be accomplished somewhere soon in the future.
Is ApeCoin a Good Investment?
Yes, you can consider ApeCoin a good investment. Despite the precipitous drop in price following its introduction, APE has begun to show indications of resilience and recovery. The cryptocurrency is CoinMarketCap’s 41st best-performing asset, with a 24-hour trading volume of $1,031,460,592. These are enormous numbers for a fledgling cryptocurrency, indicating that big things are on the horizon for the BAYC-bounded coin.
On the other hand, its community anticipates a bull run, particularly if the selling persists. This year, an upgrade to the BAYC roadmap, which is now at 80 percent, may affect APE costs. If BAYC surpasses that threshold, APE will undoubtedly become more marketable and lucrative which will give more rewards to investors.
Another aspect that might affect the price of APE is the system’s monthly issuance of new tokens. This may produce a period of temporary shortage, which will boost prices, particularly for investors seeking short-term rewards. While nothing is guaranteed, the hopes for APE in 2022 are bright and posiive.
Conclusion
ApeCoin is the APE Foundation’s and BAYC ecosystem’s governance and native cryptocurrency. When the token launched last week, it saw a significant drop in value, falling by 80 percent. However, the status quo is shifting, as the economy has begun to recover.
It is traded through several regulated and extended exchanges, including Binance, Coinbase, and OKEx. According to cryptocurrency experts, APE will establish its strengths in the cryptocurrency market this year, and investors will gain after trading the token. We recommend doing your analysis prior to investing.
At Solutiontales we make it easy to understand the throes of cryptocurrencies, but our words should not be taken as a financial advice. Remember, a wise investor can make money in a bull or bear market when given the right data.