The Non-Fungible Token (NFT) sector has taken the crypto market by storm. In 2021, Beeple NFT was sold for $69 million. As a result, many crypto investors are looking for investment opportunities in NFT-related projects. And this explains the massive interest in the APE coin. Let’s take a step back to bring you up to speed with the Ape Coin connection with NFT.
You probably heard about Bored Ape Yacht Club (BAYC), one of the biggest NFTs. It attracted massive attention leading to investment from the biggest athletes and showbiz celebrities, including Snoop Dog and Neymar Junior. BAYC investors receive free APE tokens.
ApeCoin is the utility and governance coin of the APE ecosystem. It’s important to note that Yuga Labs created BAYC while APECoin DAO is behind ApeCoin. The token creators use various incentives and programs to boost the token’s utility. For instance, it allows third-party developers to integrate the crypto Coin into their projects. In addition, the DAO has set aside an Ecosystem Fund that funds projects voted by developers.
While it initially depended on the BAYC sales, the company is now banking on metaverse land sales.
The coin is a utility and governance token in the APE ecosystem. Users can use the token for governance. Holders can propose protocol changes and determine the token’s future. It also works as a utility token and payment for E11even Residences and in-game currency for BenjI Banana.
The ERC 20 token was trading at $5 after launch on March 17. It experienced massive volatility, recording over 200% in one month to reach $16 before pushing its price to an all-time high of $27.5 on 28th April. It is currently trading at $16 and ranks 33rd in the top 100 cryptocurrencies. The market cap has also fallen to $4.5 billion, a significant drop from an all-time high of $7.5 billion.
Yuga labs launched minting of Otherside metaverse lands at the end of April. The digital real estate was worth $100000 within 45 minutes and raised a total of $320 million, effectively making BAYC the NFT with the highest sales.
After the sale of Otherside, the price plummeted from $24 back to $16 on 30th April. This is a surprising occurrence considering the tokens for sale are locked and restricted.
Ape Price Predictions
CoinMarketCap Community Predictions
The Coinmarketcap cryptocurrency community of over 3400 members predicts $16.78 as ApeCoin’s closing price for May. The community prediction is worth keeping an eye on because it boasts 80% accuracy.
Currently trading at $11.37, CryptoPredictions.com expects the price of ApeCoin to hit a high of $14.342 this month and find support at $9.752 if the bears push the price down. But the price will generally average $11.473.
Projections show the price could rise steadily to hit $15 in July and surpass $16 two months later. In the third quarter, the average monthly price as per the site’s prediction is $12.31, $12.669, and $12.99.
In October, the maximum price is projected to reach $16.59 and the average of $13.272. In November, ApeCoin is expected to range between $11.506 and $13.536 and close the year at $17.21. Despite the usual ups and downs, the price is expected to have steady growth, continuing in 2023.
Finder Panel Predictions
Finder’s panel of crypto specialists make predictions of various digital currencies such as Bitcoin. Finder experts predict ApeCoin to reach $27 by the end of the year. However, panel members have varying individual predictions. For instance, Fred Schebesta has a lower projection expecting the cryptocurrency to finish the year trading at $20. The Finder Co-founder thinks that the coin uses will extend beyond buying metaverse lands to include merchandise purchases.
However, John Hawking of the University of Canberra spells doom for the cryptocurrency, predicting ApeCoin won’t be worth anything by 2030. In fact, 75% of the panelists view the digital token as a meme coin, while 20% think it will have utility in the future.
Elon Musk Involvement
Elon musk’s involvement in any crypto projects sends the crypto price high, as it happened with Dogecoin and Shiba Inu. It is not surprising that after he used Apecoin collage in his profile picture, the cryptocurrency surged massively, hitting a high of $17.46. However, it dipped to $15.26 a few hours later after a tweet signifying that the crypto was probably not so fungible. “I dunno…seems kinda fungible.”
According to ApecCoin’s 4-hour time frame chart, the crypto is now in an oversold area. This means it might not fall any further. If the bulls join the market and the momentum picks up, the price could rise until it enters the overbought zone.
In addition, the price has reached a support area. It will be interesting to see whether the price will break below the level. Already the market is showing signs of consolidation. This could signify the buyers are jostling to push the price up.
If the bulls manage to take control of the market, we can expect to find a minor resistance at the $17.1 resistance level, which coincides with the 0.236 Fibonacci level. Another important level is $20, which is not only a psychological area of interest but coincides with the 50% Fibonacci level. If the price breaks above $24 (78.6% fib), it could smash an all-time high on its way to $30.
Final Note on Apecoin price predictions
ApeCoin has experienced massive volatility characterized by price changes as it launched NFT and metaverse related projects. It has also attracted the attention of the giant price movers and shakers, including the new twitter owner Elon Musk. However, some quarters argue that metaverse and NFT are pretty much crowded. Therefore, the future price will be pegged on new utilities. Otherwise, it risks becoming just a meme coin. If the coin invents new utilities, it could continue to climb the ladder of top crypto coins.
This article was originally posted on FX Empire