ApeCoin (APE) Price Prediction • Benzinga Crypto


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Over the past year, Bored Ape Yacht Club (BAYC) has grown significantly in popularity. The project has released non-fungible tokens (NFTs) that belong to countless celebrities, ranging from rappers Lil Baby and Eminem to billionaire investor Mark Cuban. However, NFTs are extremely expensive, and many small investors want a way to invest in the project without paying more than the floor price of $300,000 at the time of writing. This demand led BAYC to release its own token and give small investors access to invest in its projects.

What is ApeCoin (APE)?

At the surface level, ApeCoin is an ERC-20 token that serves as the governance token for the ApeCoin Decentralized Autonomous Organization (DAO). ApeCoin, ApeCoin DAO, and Bored Ape NFT all rely on the Ethereum blockchain to conduct transactions, and it is used to help make decisions for the future of the token.

While ERC-20 governance tokens are quite common in the crypto space, ApeCoin hopes to provide additional utility to its users through a few unique programs and incentives. For example, the creators of the token allow third-party developers to incorporate the token into their own projects. They hope this will help the token grow and provide utility for developers.

Another aspect of the project is that the creators have set aside a large portion of the token supply to be used in the “Ecosystem Fund”. This fund can be used for projects on which the community votes.

ApeCoin (APE) Market Position

At the time of writing, ApeCoin is trading at around $14, with a market capitalization of just over $4 billion. However, its fully diluted market cap is over $14 billion. This means that the project would be worth over $14 billion if all the tokens were in circulation, but only a fraction are currently. It currently ranks at 31 in terms of market capitalization, so there is definitely room for growth.

Some of its biggest competitors are Enjin, Decentraland, and The Sandbox. However, ApeCoin is in a unique position with its premium NFT collection, which its competitors do not have.

UpToBrain’s Bull Case for ApeCoin (APE)

UpToBrain is a cryptocurrency news site that focuses on price predictions through technical and fundamental analysis. He sees ApeCoin appreciating significantly over the next few years for several reasons.

As the crypto markets continue to decline, UpToBrain sees this also impacting the price of ApeCoin and believes now is the right time to buy. Although the markets may not have bottomed, he believes that eventually there will be a significant reversal that will push the price of ApeCoin higher.

Plus, he doesn’t see the hype around the project slowing down. If more people become interested in the token and buy it, the price may increase. The ApeCoin team hinted at the project’s involvement in games and the metaverse, which may further increase the hype.

After taking several considerations into account, UpToBrain has set a price target of $67.06 in 2023 and $112.87 in 2026.

EarthShaker Bear Case for ApeCoin (APE)

EarthShaker is a contributor on DanteHQ, a crypto-related forum. They see ApeCoin depreciating over 50% over the next two years for several reasons.

ApeCoin was created by Yuga Labs. The company derives most of its profits from BAYC sales, but hopes to redirect its profit stream to Metaverse Land sales. However, EarthShaker argues that this space is already quite saturated, with big projects such as Decentraland (MANA) already holding a large chunk of market share. EarthShaker believes that ApeCoin will not be able to gain any real traction in the metaverse space, which will force ApeCoin to depreciate.

Additionally, Yuga Labs hopes to enter the gaming space. However, EarthShaker claims that this is another saturated market and that Yuga Labs will not be able to achieve the same success as BAYC. For this reason, he sees ApeCoin depreciating to $7 over the next two years.

Where to buy ApeCoin (APE)

Exam in 1 minute

Gemini is a cryptocurrency exchange and custodian that offers investors access to over 100 coins and tokens. Founded in the United States, Gemini is expanding globally, particularly in Europe and Asia. The offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.

Gemini is one of the only brokers that offers multiple platform options depending on skill level. New investors will love Gemini’s streamlined mobile and web app interface, while advanced investors might appreciate all the tools that ActiveTrader comes with.

In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.

Best for

  • New investors looking for a simple mobile and web app
  • Day traders looking to use technical analysis tools
  • Users looking for a one-stop-shop to buy, sell, and store all their cryptos
Advantages

  • Easy and fast registrations – can start in as little as 5 minutes
  • Multitude of platforms to accommodate traders of all levels
  • Hot wallets include insurance to protect against theft and hacking attempts
The inconvenients

  • Charges both commission and convenience fees for users who buy and sell through the desktop or mobile app

ApeCoin’s immense popularity has led it to be listed on a variety of major exchanges. However, Coinbase Global Inc. (NASDAQ: COIN), Gemini, FTX and eToro are among the best. These exchanges are well known for their security, low fees, and ease of use. To get started, head over to their website and create an account. Most of the time you can start trading within 24 hours.

How long will it take for ApeCoin (APE) to reach $30?

Many crypto analysts consider $30 a major price target for ApeCoin. In late April, the token hit $26 at its all-time high, but quickly fell back to its current level of around $14.

Several scenarios could cause the APE to reach $30. First, the token is extremely volatile, so an uptrend in volatility could drive the price above $30. Additionally, Yuga Labs could bring the token to the metaverse and increase the hype surrounding the project, which could also increase the price. However, both scenarios are completely speculative and it is unclear where the price will go.

Where to Store ApeCoin (APE) Safely

Wallets are a way to store cryptocurrency separately from any single exchange. Using a wallet allows users complete discretion over their fees and can be safer than keeping your tokens on an exchange.

Best Hardware Wallet: Ledger

Buy now

securely through the Ledger Hardware Wallet website

Exam in 1 minute

Launched in 2014, Ledger has evolved into a rapidly growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for businesses and individuals. Born in Paris, the company has since grown to over 130 employees in France and San Francisco.

With 1,500,000 Ledger wallets already sold in 165 countries, the company aims to secure the disruptive new class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates with a secure chip for its line of wallets. So far, Ledger is proud to be the only market player to provide this technology.

Best for

  • ERC-20 Tokens
  • All experience levels
Advantages

  • Easy to install and use
  • Supports over 1,500 different digital resources
  • Inviolable
  • Portable
  • Long battery life
  • Bluetooth Connectivity Features

Hardware wallets are physical devices that store the private keys needed to send cryptos. If the physical device is not present, the funds inside the wallet are locked. Hardware wallets are often considered the safest way to store cryptos and NFTs.

Ledger is a hardware wallet brand that supports all ERC-20 tokens. It offers Nano S and Nano X models. The Nano S offers rudimentary functionality while the Nano X supports ease of use with Bluetooth connectivity and a larger screen.

Best Software Wallet: MetaMask

Software wallets store private keys online. Although this practice is not as safe, MetaMask is a software wallet that takes additional measures to ensure the safety of funds.

MetaMask encrypts all information on its servers. The information is accessed through a password, which can also have two-factor authentication. You can attach a hardware wallet to your MetaMask to make your transactions efficient and safe.

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Bonus section:

Keep an eye out for news regarding the use of ApeCoin in games and the metaverse. These developments could have an impact on the price.

Current Crypto Prices

The first quarter of 2022 was one of the worst times for crypto yet, with major tokens depreciating by 30% to 50% in a short period of time. Many are wondering if the markets will bottom soon or if they will continue to decline.

Regardless of the direction of the markets, it is extremely important to stay up-to-date when it comes to crypto prices. Be sure to check out Benzinga’s up-to-date crypto price chart to stay on top of current crypto prices.

Is ApeCoin (APE) a good investment?

At present, ApeCoin is extremely speculative. While the team behind the project is strong, there isn’t much real use for the token yet. If the project can create real use cases for investors, then the token can appreciate. However, the price of the token ultimately depends on the execution of Yuga Labs.


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