ApeCoin (APE) Price Analysis and Prediction
Given that many famous people now hold one of these expensive digital assets, Bored Ape Yacht Club NFTs have surely become well-known. Another ape-based asset, ApeCoin, has recently entered the cryptocurrency market and has enormous promise in the future.
This article will go over our ApeCoin price prediction in detail, discuss the coin's features and potential future performance, and then point out where you can invest in cryptocurrencies right now with the lowest trading costs.
$APE Price History
It's a good idea to get familiar with ApeCoin before you run out and acquire some. Although ApeCoin is a newcomer to the cryptocurrency industry, the information available so far about the project is encouraging. As a result, investors are starting to pay attention in the hopes of generating returns that outperform the market.
Simply put, ApeCoin is an ERC-20 token created for usefulness and governance. ApeCoin, which is hosted on the Ethereum blockchain, was developed and released by ApeCoin DAO, a decentralized autonomous organization whose only objective is to increase the value of the coin over time.
ApeCoin is also the "official" token of the Bored Ape Yacht Club NFT collection, which is where things may get a bit complicated. The parent firm of the NFT collection, Yuga Labs, did not, however, establish ApeCoin, unlike what is often believed. Although it's not apparent why Yuga Labs has cut ties with ApeCoin's development, regulatory issues may be to blame.
A maximum of 1 billion APE tokens are available, with 277.5 million of those now in use, according to CoinMarketCap. Given the current ApeCoin price, this gives the token a market cap of $4.02 billion, ranking it as the 45th largest cryptocurrency globally. ApeCoin's rapid ascent to fame is astounding given that it was only introduced a few weeks ago.
But what does ApeCoin do in practice? First, as a "reward" for ownership, ApeCoin was distributed to Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders. 10,094 tokens, or more over $150,000 at today's rates, were given to owners of the first Bored Apes. A total of 15% of APE tokens will be issued to NFT holders, with the remaining 47% going to the DAO to help the project develop over the coming years.
ApeCoin can be purchased from many of the top cryptocurrency exchanges and used as payment for those who are not NFT holders. APE is the governance token of the DAO, meaning token owners will also have the ability to vote on proposals made by other community members.
In its first 48 hours of trading, the ApeCoin stock price increased by more than 250 percent from its $5 launch price on March 17. APE somewhat pulled back after reaching the $18 mark and is currently returning to retest this area. Given the dearth of pricing information, it's impossible to predict how far the ApeCoin cryptocurrency price might increase if recent highs are quickly surpassed.
$APE Technical Analysis
Making forecasts about the price of apecoin is extremely difficult for a few reasons. The NFT collection is a hype-dependent initiative, hence its basic worth as a token is linked to that. Despite being one of the largest initiatives of its kind and being supported by numerous celebrities, the Bored Ape Yacht Club's popularity has already begun to decline.
Of course, the project is about more than simply NFTs; it also involves meeting celebrities in person at events and supporting a platform that advances the blockchain sector.
Although many of the concepts behind NFTs are wonderful in principle, in practice they are not as well-liked as they may be. High levels of power consumption, the speculative nature of cryptocurrencies, a lack of adequate regulation, and other issues are among the most common worries we hear. But some of them have already been fixed; all that needs to happen now is for the public's perspective to change.
At the time of writing, the APE/USD pair was receiving a "Strong Buy" recommendation on the majority of technical analysis platforms, with all technical indicators showing a strong bullish trend for apecoin. No one can predict how ApeCoin will act in the future, but it is obvious that it is pumping right now.
$APE Price Prediction
After being listed on prominent exchanges earlier this month, ApeCoin is presently trading at about $6.76. Now that we've covered our ApeCoin price forecast for the coming years, let's examine the long-term prospects for this utility token:
End of 2022: Since the coin has just recently entered the market, the price is still settling in and forming a structure. However, if APE maintains its current path, the coin may hit $30 by the end of 2022.