Key points
- There’s an ape on the loose as the ApeCoin token soared as much as 30.17% yesterday to an all-time high of $17.17. In the past week, ApeCoin had appreciated over 32% and 62% since its launch 30 days ago as revealed in data from CoinMarket Cap. As of this morning, April 21st, the token has had a pullback of approximately $2.00 to the $15 range but it remains clear that there is good reason to be paying attention to ApeCoin.
- ApeCoin is the brainchild of creators Yuga Labs, who is the extremely successful developer of the non-fungible token (NFT) series known as Bored Ape Yacht Club.
- NFT investors and other notables, including Jimmy Fallon, Eminem, and Paris Hilton, have paid hundreds of thousands of dollars for one of these BAYC NFTs. While the action of celebrities isn’t any guarantee, it often indicates that not only have they placed a sizable stake, but also they may have had valuable input from well-paid advisors.
- On April 19th, Gemini announced it would allow holders of APE to earn interest on its cryptocurrency exchange.
- There has been a lot of buzz around BAYC including the pending metaverse launch by Yuga Labs’ that will be accessible by a number of exclusive, high-priced NFT projects including CryptoPunks and World of Women. Coinbase also announced its BAYC film series.
What is ApeCoin and why is it creating headlines?
ApeCoin is a token that runs on the Ethereum blockchain. It has been developed to capitalize on the popularity of BAYC and can be used within the rapidly expanding APE ecosystem. While it is supported by the APE Foundation, it is a decentralized autonomous organization (DAO), meaning that the project is governed by a community of voters who rely on smart contract programming and the APE Foundation to execute community decisions in an open and transparent manner.
While the Foundation is responsible for the day-to-day operations such as project management and paying bills, the DAO community is ultimately in charge and it decides and directs who works at the Foundation in a stewardship capacity. The official ApeCoin website states that the ApeCoin project will be a tool to advance and implement gaming, entertainment, working, events, and more within the metaverse.
According to the website, “APE is a token made to support what is controlled and built on by the community. It will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.”
In addition to the Gemini staking announcement yesterday for APE, there has been a lot of buzz around its complementary BAYC project, such as Yuga Labs’ pending metaverse launch that will be accessible by other exclusive, high-priced NFT projects including CryptoPunks and World of Women. Coinbase also recently announced its plans to produce and launch a BAYC film trilogy to drive further awareness and adoption. The combination of this news is the most likely catalyst for APE’s positive pricing momentum.
Should you consider buying ApeCoin at present?
As of this writing, April 21st, APE is trading in the $15 range as it appears to be retracing from its all-time high set yesterday and has a current market valuation of approximately $4.5B according to CoinMarketCap which makes this larger than other major metaverse projects.
As noted continuously, any investor should always do their own research and commit funds that they can comfortably afford to lose. This article is only intended as an informational resource, and it is not financial advice. However, when you consider the complete picture of ApeCoin, including the connection between the BAYC and APE projects, and combine that with its growing adoption and improving fundamentals, APE appears to be a worthy consideration at present.
ApeCoin Price Prediction 2022 by Connor Brooke via business2community.com
The price of ApeCoin is currently trading around the $14.87 level, following its listing on major exchanges earlier this month. Let’s take a look at the coin’s long-term prospects by covering our ApeCoin price prediction for the years ahead:
- End of 2022: Given that the coin has just entered the market, the price is still finding its feet and creating structure. However, if APE continues trending in this manner, the coin could reach $50 by the end of 2022.
- End of 2023: By 2023, we’d expect additional use cases to be implemented that give ApeCoin real utility. With that in mind, our ApeCoin forecast for 2023 predicts the coin could reach the $90
- End of 2024: ApeCoin will likely become ingrained into numerous metaverse projects over the next two years, increasing its demand from investors. If that occurs, we estimate that APE could be valued at $135 by the end of 2024.
It appears that the ape is definitely finding its place in the jungle and that’s no monkey business.
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