While the fervor surrounding non-fungible tokens (NFTs) has subsided since late 2021, when even organizations previously uninterested in cryptocurrency or blockchain eagerly embraced the trend, trading in digital art rights persists. Notably, the Bored Ape Yacht Club (BAYC) and its native token, ApeCoin (APE), remain prominent in the NFT space.
Despite the recent turmoil in the crypto world, marked by the United States Securities and Exchange Commission (SEC) decisions on ETFs and its legal battle with big crypto entities, BAYC has defied the trend. Its floor price, representing the cost of the most affordable NFT, remained steady and even experienced an uptick following the announcement of the lawsuits.
In contrast, APE faced challenges, reaching its lowest point since its launch in mid-July 2023. But – according to analysts – has still room to grow.
To better understand the dynamics at play, let’s delve into the details: What exactly is the Bored Ape Yacht Club (BAYC)? What role does ApeCoin play, and how do these elements function within the Bored Ape Yacht Club ecosystem? Let’s explore and unravel the intricacies of ApeCoin and Bored Ape Yacht Club and also have a look at what analysts think of the future of APE.
Let’s examine some of the ApeCoin price predictions being made on November 16, 2023. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
As shown on Coingecko , ApeCoin’s price increased from $1.17 on October 17 to $1.45 today, November 16, 2023.
Moving on, DigitalCoinPrice ’s ApeCoin price forecast said it would trade at $5.21 in 2025. CaptainAltCoin said APE would get to $3.79 that year. PricePrediction.net thought it would reach $3.12 in two years.
Looking at a more long-term ApeCoin price prediction, DigitalCoinPrice said it would reach $14.97 in 2030. CaptainAltCoin had it hit $6.00 that year. PricePrediction.net ’s APE price prediction said it would be worth $19.45 at the start of the next decade.
ApeCoin has experienced a 1.48% price increase in the past 24 hours, with the current APE to USD conversion rate standing at €1.45 per APE. The circulating supply of ApeCoin is 368,518,810 APE, resulting in a current market capitalization of €493,815,206.
Reflecting on the past year, ApeCoin has seen a 53% decrease in price. The highest recorded price for APE during this period was €5.78, while the lowest reached €0.97.
APE’s price has exhibited a continuous decline. Initially trading at $1.70 on August 17, there was initial optimism for a potential recovery within a descending support level derived from a substantial triangle pattern. However, contrary to expectations, it underwent consolidation and experienced a drop to $1 on October 10, breaching the descending support. The daily Relative Strength Index (RSI) indicated oversold conditions, reaching 20% in mid-September, and a subsequent delayed recovery followed.
At present, the asset is engaging with the descending resistance at $1.44, and the Relative Strength Index (RSI) is signaling overbought conditions, deviating from the price trend since October 24. Despite the potential that the October 10 low signifies the conclusion of the bear cycle, indications of ongoing struggle suggest the possibility of another dip to a lower low.
A decisive breakthrough above the descending resistance might indicate the conclusion of the bear cycle, paving the way for a new bullish phase. Conversely, rejection at this level could trigger a downward trajectory, with the initial downside target residing around the $0.80 mark.
Thanks to Artificial Intelligence (AI) models’ capacity to quickly process large amounts of data and compile information from multiple sources, chatbots like ChatGPT and Google Bard can be used to forecast cryptocurrency prices.
When prompted, the latter delivered an ApeCoin price prediction forecasting the token’s short, medium, and long-term prospects.
Average Price: $2.32
Average Price: $3.38
Average Price: $52.50
ApeCoin’s technical documentation, or whitepaper, says that the crypto is designed to “empower decentralized community building,” adding: “ApeCoin is a cryptocurrency that rewards the BAYC community for buying and holding Bored Ape Yacht Club NFTs and other NFTs from the Yuga Labs ecosystem.
With this $ape token, people can participate in the DAO governance structure and buy Metaverse land in the BAYC Metaverse.”
Blockchain analytics company Messari released its quarterly report on APE. In it, they found that the crypto market was dominated by sharks – holders who have a significant, but not massive, amount of the token – and outlined some key advantages and disadvantages to the token.
Messari said that ApeCoin
Messari also said that ApeCoin
Bored Ape Yacht Club is a collection of NFTs. Number 10,000, they are all based on, as the name suggests, bored-looking apes.
Launched in April 2021 by Yuga Labs, the images soon grabbed the attention of an online world that could not get enough of NFTs.
Perhaps vitally for the collection’s reputation, celebrities, including Madonna , Justin Bieber, and Gwyneth Paltrow , are getting in on the action in 2022. It was in March of that year that the collection launched its own cryptocurrency, ApeCoin (APE).
APE is overseen by the APE Foundation, which also provides oversight to the ApeCoin DAO, a decentralized autonomous organization that is responsible for building applications linked to APE and BAYC.
Bored Ape Yacht Club (BAYC) operates much like any other NFT collections. NFTs are minted, and people can buy, sell, and exchange them. ApeCoin, on the other hand, allows its holders to access parts of BAYC that other people can’t, with exclusive games and merchandise available for the token’s holders.
People who hold APE can vote on changes to how the DAO works, and it can be bought, sold, and traded on exchanges independently of BAYC’s NFTs.
Despite its name, ApeCoin is not, strictly speaking, a crypto coin, but rather a token. This is because it is based on the Ethereum (ETH) blockchain.
It might, but not soon. According to price predictions, it is expected to reach $2 in December 2024.
ApeCoin is a cryptocurrency that rewards the BAYC community for buying and holding Bored Ape Yacht Club NFTs and other NFTs from the Yuga Labs ecosystem.
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Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.