ApeCoin Price Prediction 2024: Can APE and BAYC Make a Revival?

Key Takeaways

• Bored Ape Yacht Club is the largest collection of non-fungible tokens (NFTs) by market cap. 
• It features 10,000 individual images and is supported by the ApeCoin (APE) crypto token.
• Despite what’s going on in NFTs world, is this a good time to invest in APE?
• One price prediction says APE may reach $3.37 this year.

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, collapsing in 2023.

ApeCoin did not immediately respond to a request for comment.

But 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.

ApeCoin Price Prediction

Let’s examine some of the ApeCoin price predictions being made on February 16, 2024. 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.

ApeCoin Price Prediction for 2024

DigitalCoinPrice  said that ApeCoin would be worth $3.37 this year. CaptainAltCoin  had APE reach $1.14 in December. PricePrediction.net  said that the crypto would trade at $1.97 in 2024. 

ApeCoin Price Prediction for 2025

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 $2.98 next year.

ApeCoin Price Prediction for 2030

Looking at a more long-term ApeCoin price prediction, DigitalCoinPrice  said it would reach $14.97 in 2030. CaptainAltCoin  had it worth $0 that year, losing all its value and becoming a de facto deadcoin.  PricePrediction.net ’s APE price prediction said it would trade at $20.24 at the start of the next decade. 

Google Gemini AI Price Prediction for ApeCoin (as of February 16)

Google’s Gemini AI platform gave the following price prediction for ApeCoin on February 16. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.

Short-term (next 3 months):

Blockchain analytics company Messari  recently released its quarterly report on APE. The document outlined some key advantages and disadvantages to the token.

It said:

• APE’s average price was $1.74, down from $3.62 year-on-year but up from $1.24 quarter-on-quarter.
• It had a total transfer volume of $2.3 billion, down from $6.2 billion the previous year and $2.7 billion the previous quarter.
• 21,400 new holders, down year-on-year from 48,900 and down quarter-on-quarter from 44,700.

Advantages of ApeCoin

Messari said that ApeCoin

• Had an active and “highly efficient” user base.
• Worked well to support the APE collection, with users passing proposals that benefited the ecosystem.
• Had the potential for growth.

Disadvantages of ApeCoin

Messari also said that ApeCoin

• Had seen its new users shrink substantially.
• Had a decent amount of large holders whose wallets were controlled by the APE Foundation.
• Saw all its key metrics drop in 2023.

ApeCoin Price History

ApeCoin traded at an all-time high of $39.40 when it launched on March 17, 2022. It fell down, although it traded at above $20 in late April that year. The following month, the market crashed as the Terra (LUNA) blockchain collapsed. After the FTX (FTT) exchange declared bankruptcy, it closed the year at $3.63.

2023 saw the crypto market more than double in value, but APE was left behind. Despite a late-year rally as excitement mounted about spot Bitcoin exchange-traded funds (ETFs), the crypto closed the year at $1.61. This meant it lost 55% of its value in 2023.

By February 16, 2024, ApeCoin was worth about $1.62. At that time, there were 368.5 million APE in circulation out of a total supply of one billion. This gave the token a market cap of around $599 million, making it the 111st-largest crypto by that metric.

ApeCoin Price Analysis

After reaching an all-time high on its launch day, APE has been in a bear cycle, falling by 96%. From October, though, it has made something of a recovery after which we saw a recovery. 

This last uptrend led APE to rise just below $2, representing a breakout. In the following downturn, it reached a higher low of $1.20 in January and is now moving up. 

This recovery, followed by a higher low, could have signaled the starting bull phase of APE, although we are awaiting confirmation. The crypto is now in an uptrend, so it should reach its first higher high above $2. 

If it does, this would suggest that it could continue to climb, reaching as high as $3.

From the Whitepaper

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.”

Bored Ape Yacht Club (BAYC) Explained

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. 

How Bored Ape Yacht Club Works

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. 

ApeCoin Attention Tracker

Here is a chart for the ApeCoin Google search volume for the past 90 days. This represents how many times the term “ApeCoin” has been Googled over the previous 90 days. 

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Disclaimer

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.

About the Author

Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.

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