Bored Ape Yacht Club NFTs have undoubtedly entered the public consciousness, given that many big name names now own one of these premium digital assets. The recent release of ApeCoin has added another monkey-based asset to the crypto market, which could have huge potential in the future.
This guide will explore in detail our prediction of ApeCoin price discussing what the coin is and how it might work, before showing you the best place to invest in cryptocurrency today – with low trading fees.
ApeCoin Price Prediction 2022
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 long-term outlook for this utility token by covering our ApeCoin price prediction for the coming years:
- End of 2022 : Since the coin has just entered the market, the price is still finding its feet and building up. However, if APE continues to follow this trend, the coin could reach $50 by the end of 2022.
- End of 2023 : By 2023, we expect additional use cases to be implemented that give ApeCoin real utility. With that in mind, our ApeCoin forecast for 2023 predicts that the coin could reach the $90
- End of 2024 : ApeCoin will likely be anchored in many metaverse projects over the next two years, increasing its demand from investors. If this happens, we estimate that the APE could be valued at $135 by the end of 2024.
ApeCoin Price History
Before you rush out and buy ApeCoin, it’s wise to understand what the coin is and how it works. ApeCoin is relatively new to the crypto market, but the news surrounding the project already looks promising. For this reason, investors are already beginning to pay attention in hopes of earning above-market returns.
Simply put, ApeCoin is an ERC-20 token designed for governance and utility. Hosted on the Ethereum blockchain, ApeCoin was created and launched by ApeCoin DAO – a decentralized autonomous organization with the sole purpose of developing the coin for years to come.
This is where things can get a little confusing, as ApeCoin is also the “official” token of the Bored Ape Yacht Club NFT collection. However, contrary to popular belief, ApeCoin was not created by Yuga Labs, the parent company of the NFT collection. It is unclear why Yuga Labs distanced itself from the creation of ApeCoin, although it may be due to regulatory issues.
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According to CoinMarketCap, there is a maximum supply of 1 billion APE tokens, with 277.5 million currently in circulation. Given ApeCoin’s current price, this gives the token a market cap of $4.02 billion, making it the 45th more biggest crypto in the world. Considering that ApeCoin was only launched a few weeks ago, the rise of the token has been remarkable.
But what does ApeCoin actually do? First, ApeCoin was distributed to holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs as a “reward” for ownership. Owners of the original Bored Apes received 10,094 tokens, which equates to over $150,000 at current prices. A total of 15% of the APE tokens will be allocated to NFT holders, of which 47% will be given to the DAO to develop the project in the coming years.
For non-NFT holders, ApeCoin can be obtained from most top crypto exchanges and used as a payment method. Additionally, since the APE is the governance token of the DAO, token holders will also be able to vote on proposals from other community members.
ApeCoin stock price debuted at $5 on March 17 and immediately jumped over 250% in its first 48 hours of trading. After hitting the $18 mark, APE pulled back slightly and is now coming back to retest this area. Given the lack of available price data, it is unclear how much the ApeCoin crypto price could rise if the previous highs are breached soon.
Here is a brief summary of the key points about ApeCoin that we have covered so far:
- Created by ApeCoin DAO – not by Yuga Labs.
- Acts as the “official” token of the Bored Ape Yacht Club NFT collection.
- It was distributed to NFT holders as a reward, with the remaining tokens given to the DAO and other contributors at launch.
- It started trading on centralized exchanges on March 17 and immediately jumped 250%.