The non-fungible token (NFT) sector has taken the market by storm crypto-currencies. In 2021, Beeple’s NFT was sold for $69 million. Therefore, many crypto investors are looking for investment opportunities in NFT-related projects. And that explains the massive interest in the APE coin. Let’s take a step back to make you aware of the connection between the Ape coin and the NFT.
You’ve probably heard of the Bored Ape Yacht Club (BAYC), one of the biggest NFTs. It attracted massive attention which led to investment from the biggest athletes and celebrities in showbiz, including Snoop Dog and Neymar Junior. This may interest you: Solana (SOL) pauses its double-digit monthly performance. BAYC investors receive free APE tokens.
ApeCoin is the utility and governance currency of the APE ecosystem. It is important to note that Yuga Labs created BAYC while APECoin DAO is behind ApeCoin. The creators of the token use various incentives and programs to boost the usefulness of the token. For example, they allow third-party developers to integrate cryptocurrency into their projects. Additionally, the DAO has set aside an ecosystem fund that funds projects voted on by developers.
While initially relying on 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 future of the token. It also serves as a utility and payment token for E11even residences and in-game currency for BenjI Banana.
The ERC 20 token was trading at $5 after its launch on March 17. It saw massive volatility, registering over 200% in one month to hit $16 before pushing its price to an all-time high of $27.5 on April 28. It is currently trading at $16 and ranks 33rd in the top 100 cryptocurrencies. The market capitalization also fell to $4.5 billion, a significant drop from an all-time high of $7.5 billion.
Yuga labs launched the Otherside metaverse land mint at the end of April. These digital properties reached a value of $100,000 in 45 minutes and raised a total of $320 million, making BAYC the NFT with the highest sales.
After the Otherside sale, the price dropped from $24 to $16 on April 30. This is a surprising occurrence given that the tokens for sale are locked and restricted.
APE Price Predictions
CoinMarketCap Community Predictions
Cryptocurrency community Coinmarketcap, which has over 3,400 members, predicts that the closing price of ApeCoin for the month of May will be $16.78. See also: 4 reasons why Bitcoin is crashing today: Should you buy BTC now?. The community prediction is worth following as it boasts an 80% accuracy.
Projections from CryptoPredictions.com
Currently trading at $11.37, CryptoPredictions.com expects the price of ApeCoin to reach a high of $14.342 this month and find support at $9.752 if the bears push the price lower. Read also: Bitcoin: “The lowest estimate is a price of $780,000 in 2030”, according to several experts!. But the price will usually average $11,473.
Projections show that the price could rise steadily to hit $15 in July and break above $16 two months later. In the third quarter, the average monthly price according to the site’s forecast is $12.31, $12.669 and $12.99.
In October, the maximum price is expected to reach $16.59 and the average $13.272. In November, ApeCoin is expected to hover between $11.506 and $13.536 and close the year at $17.21. Despite the usual ups and downs, the price is expected to experience steady growth, which will continue into 2023.
Finder Panel Predictions
Finder’s panel of crypto specialists make predictions on different digital currencies like bitcoin. Finder experts predict that ApeCoin will hit $27 by the end of the year. However, panel members have varying individual predictions. For example, Fred Schebesta predicts that the cryptocurrency will end the year at $20. The Finder co-founder believes the coin’s use won’t be limited to purchasing metaverse lands but will expand to purchases of goods.
However, John Hawking of the University of Canberra has heralded the end of cryptocurrency, predicting that ApeCoin will be worthless by 2030. In fact, 75% of panelists consider the digital token to be a currency meme, while 20% think it will be useful in the future.
Participation of Elon Musk
Elon Musk’s involvement in any cryptocurrency project drives up the price of cryptocurrency, as happened with Dogecoin and Shiba Inu. It’s no surprise that after he used a collage of Apecoin 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 meaning the crypto was probably not that fungible. “I don’t know…it seems a bit fungible. »
According to the 4-hour chart of ApecCoin, the crypto is now in an oversold zone. This means that it might not drop any further. If the bulls rejoin the market and the momentum picks up, the price could rise until it enters the overbought zone.
Also, the price has reached a support zone. It will be interesting to see if the price will break below this level. The market is already showing signs of consolidation. This could mean that buyers are scrambling to push the price higher.
If the bulls manage to take over the market, we can expect to find minor resistance at the $17.1 level, which coincides with the 0.236 Fibonacci level. Another important level is the $20 level, which is not only an area of psychological interest but coincides with the 50% Fibonacci level. If the price breaks above $24 (78.6% Fibonacci), it could hit an all-time high en route to $30.
Final Note on Apecoin Price Predictions
ApeCoin has seen massive volatility characterized by price changes during the launch of NFT and metaverse related projects. It has also caught the eye of major price-makers, including new Twitter owner Elon Musk. However, some quarters argue that the metaverse and the NFT are pretty full. Therefore, the future price will be fixed on new utilities. Otherwise, the play risks becoming a mere meme. If the coin invents new uses, it could continue to climb the ladder of top cryptocurrencies.
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Ape Coin prediction 2022 – What is the potential of APE, and what future for this token? – Mag Mirror
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