Will the NFT coin price climb?


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APE price prediction
Apecoin (APE) price prediction: Will the NFT coin price climb? – Photo: Shutterstock

One of the most popular non-fungible token (NFT) projects to come out of the explosion of digital assets last year is the Bored Ape Yacht Club (BAYC). 

The collection of profile pictures (pfps) featuring cartoon images of apes is the second largest NFT project based on all-time sales volume of $2.9bn, according to data compiled by NonFungible.com as of 28 March. 

What is apecoin? Apecoin (APE) is a new cryptocurrency coin that launched in mid-March to expand the BAYC ecosystem. The APE NFT coin price shot up to $39.40 when the coin began trading on 17 March, but quickly plunged to $8.52.

However on 19 April it shot up 57% based on some rumours there was to be a land sale in the Otherside metaverse – a project that APE’s bosses at Yuga Labs are reported to be working on. In an already febrile environment this was enough to send the price soaring. Today (21 April) it is down 5% to $15.61.

In this article we take a look at the coin and how it works, as well as expectations from forecasting sites for how the price will move in the future.

Apecoin (APE) price prediction

APE Foundation launches BAYC crypto coin

The APE Foundation was formed to facilitate decentralised development of the APE ecosystem, enabling holders in the decentralised autonomous organisation (DAO) to build new third-generation Internet (Web3) applications and services, including the apecoin. Apecoin is an Ethereum-based ERC-20 governance and utility token. 

 According to a statement on its website, “The foundation facilitates decentralised and community-led governance and is designed to become more decentralised over time. It is tasked with administering the decisions of the ApeCoin DAO, and is responsible for day-to-day administration, bookkeeping, project management and other tasks that ensure the DAO community’s ideas have the support they need to become a reality.”

The APE Foundation has stewardship over the Ecosystem Fund to pay its expenses and enable coin holders to collaborate through permissionless governance processes.

The members of the board include:

  • Alexis Ohanian, co-founder of Reddit and founder of Seven Seven Six

  • Amy Wu, head of ventures and gaming at crypto exchange FTX

  • Maaria Bajwa, principal at Sound Ventures

  • Yat Siu, co-founder and chairman of Animoca Brands

  • Dean Steinbeck, president and general counsel at Horizen Labs

“A decentralised autonomous organisation (DAO) is the best way to give every member of the community a vote on important decisions, whether it’s a technical upgrade or a decision to fund a new idea,” the website statement continues. 

“However, the reality is that today a DAO cannot sign a lease or hire people or make merch or whatever the community decides to do on its own. The foundation is responsible for the day-to-day administration, bookkeeping, project management, and other tasks that ensure the ApeCoin DAO community’s ideas have the support they need to become a reality,” according to the website.

“After the initial six-month term, DAO members will vote annually to keep existing or appoint new board members. ApeCoin token holders (the DAO members) can also remove or replace a board member at any time with a majority ‘in favour’ vote.”

Apecoin outlook: How does the token work?

Apecoin works as the open-source protocol layer of the APE ecosystem. It is the governance token that enables coin holders to participate in the DAO, it operates as the decentralised currency, it provides access to exclusive games, events, merchandise and other services, and it offers an incentive for third-party developers to launch projects in the APE ecosystem.

The total supply of apecoin is fixed at one billion coins permanently, as there are no minting or burning capabilities.

At launch, apecoin was allocated as follows:

  • 62% to the ecosystem fund

  • 16% to Yuga Labs for charity

  • 14% to launch contributors

  • 8% to BAYC founders

A portion of the coin allocation to contributors will be unlocked over a period of 48 months.

Thousands of apecoins have been allocated to BAYC and associated Mutant Ape Yacht Club (MAYC) NFT holders to claim for 90 days from the launch.

“To ensure a fair launch of ApeCoin to BAYC and MAYC NFT holders, the allocation is informed by the difference in floor price between each collection of NFTs, roughly the month prior to the token claim launch (02/07/22 to 03/08/22),” according to the website. 

NFT holders have to pay the Ethereum gas fees associated with the transaction to claim their coins. For each NFT, holders received:

  • Bored Ape Yacht Club – 10,094 coins

  • Mutant Ape Yacht Club – 2,042 coins

  • Bored Ape + Kennel Club – 10,950 coins

  • Mutant Ape + Kennel Club – 2,898 coins

Holders of a Bored Ape or Mutant Ape NFT that have claimed their apecoin cannot use them to claim coins for an accompanying Kennel Club, as all paired NFTs have to be claimed at the same time.

Any unclaimed coins will be transferred to the APE Ecosystem Fund.

Yuga Labs, which created the BAYC collection, gifted a unique NFT to the APE Foundation including all rights to the NFT and its artwork for the DAO to decide how it should be used.

Apecoin price analysis: What’s next for the newly launched coin?

The APE token price opened trading on 17 March at $1 and traded up to a high of $39.40 before dropping back to end the day at $8.53. The APE/USD price moved up to $17.75 on 18 March but retreated again to $9.63 on 20 March. The price chart shows that apecoin moved back up to $14.45 on 24 March and closed at $14.28 on 27 March. Today, as of 21 April, it has been trading at $15.58 and had a market capitalisation of $4.43bn.

Are you looking for an apecoin crypto price prediction to help you decide whether it has potential for future gains? We look at the long-term outlook for the coin below.

Apecoin (APE) all-time performance

Apecoin (APE) price prediction: Target price for 2022, 2025 and 2030 

Technical analysis from CoinCodex at the time of writing (21 April) showed short-term sentiment for apecoin was bullish, with 14 indicators giving bullish signals and three with bearish signals. 

The three-day, five-day and 10-day simple and exponential moving averages all showed ‘buy’ signals. There was technical support at $14.15 down to $9.84, with resistance from $18.46 up to $22.76, the data showed. 

But CoinCodex’s APE coin price prediction was bearish, estimating that it could drop by 16% to $13.06 by 26 April.

The APE crypto price prediction from Wallet Investor was bearish for the rest of the year, expecting the coin to trade around $14.5 in 12 months.  The algorithm-based forecasting site projected that the price would remain stable for the next few years, hitting $27.5 in April 2027

Digital Coin was positive in its apecoin price prediction, expecting APE to average $20.3 this year and $22.4 in 2023, based on historical data. The price could then rise to an average of $29.7 in 2025 and $71.31 by 2030.

The APE price forecast from Price Prediction was also bullish on the long-term outlook, estimating that the coin could average $21.36 in 2022 and $29.6 in 2023 based on deep learning analysis. By 2025, apecoin could trade at an average of $62.4 and by 2030 the price could soar to $378.

Gov Capital’s APE prediction expected the price to gradually trend higher to $24.32 by the end April 2023. Based on deep learning technical analysis, apecoin could trade up to $112 by April 2027.

When considering an apecoin prediction, it’s important to bear in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours, and even harder to give long-term estimates. As such, analysts and algorithm-based forecasters can and do get their projections wrong.

If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that cryptocurrencies are highly volatile and that past performance is no guarantee of future returns.

Keep following Capital.com for the latest apecoin news and analysis as the project develops.

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