Home Crypto Analysis Price Predictions ApeCoin Price Prediction 2023: What is APE?

ApeCoin Price Prediction 2023: What is APE?

Giuseppe Ciccomascolo
Last Updated November 16, 2023 12:05 PM
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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 $3.00 at the end of 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, 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.

ApeCoin Price Prediction

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.

2023 2025 2030
Prediction #1 $3.00 $5.21 $14.97
Prediction #2 $1.14 $3.79 $6.00
Prediction #3 $1.52 $3.12 $19.45

As shown on Coingecko , ApeCoin’s price increased from $1.17 on October 17 to $1.45 today, November 16, 2023. 

ApeCoin Price Prediction for 2023

DigitalCoinPrice  said that ApeCoin would be worth $3.00 this year. CaptainAltCoin  had APE fall to $1.14 next month. PricePrediction.net  said that the crypto would trade at $1.52 in 2023. 

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 $3.12 in two years.

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 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 Price History

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.

APE all time chart
APE all-time chart

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.

ApeCoin Price Analysis

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.

APE's price has consistently declined
APE’s price has consistently declined

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.

Google Bard AI Price Prediction for ApeCoin (as of November 16)

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.

Short-Term Price Prediction (2023-2024)

Average Price: $2.32

Reasons:

  • Increased adoption of ApeCoin: As more people and businesses start to use ApeCoin, its demand will increase. This could drive up the price of the token.
  • Growth of the NFT market: The NFT market is still in its early stages, but it is growing rapidly. If the NFT market continues to grow, it will likely benefit ApeCoin, as the token is used to purchase and trade NFTs.
  • Success of the Bored Ape Yacht Club (BAYC): The BAYC is a popular NFT collection that uses ApeCoin as its native currency. If the BAYC continues to be successful, it could drive up the demand for ApeCoin.

Medium-Term Price Prediction (2024-2025)

Average Price: $3.38

Reasons:

  • Expanding ApeCoin Ecosystem: The ApeCoin team is actively developing new products and services to enhance the token’s utility and value. These could include a decentralized exchange (DEX), allowing users to trade ApeCoin for other cryptocurrencies, or integrations with popular NFT marketplaces.
  • Positive Regulatory Developments: Governments worldwide are becoming more open to cryptocurrencies, and favorable regulations could boost ApeCoin’s adoption and price.
  • Metaverse Integration: The integration of ApeCoin into metaverse platforms and projects could increase its demand and price as users seek to acquire and utilize the token within these virtual worlds.

Long Term Price Prediction (2025-2030)

Average Price: $52.50

Reasons:

  • Expanding BAYC Influence: The BAYC community’s continued growth and influence could attract new members who may also invest in ApeCoin, contributing to its price appreciation.
  • ApeCoin’s Role in the Future of the Internet: ApeCoin’s potential role in Web3 applications and services could further enhance its utility and value, driving demand and price appreciation.
  • Expanding Bored Ape Yacht Club Brand and IP: The expansion of the Bored Ape Yacht Club (BAYC) brand and intellectual property into new areas, such as entertainment or gaming, could increase ApeCoin’s exposure and demand.

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.”

Advantages and Disadvantages of ApeCoin

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.

It said

  • APE’s average price was $3.38, down from $9.51 year-on-year and down from $4.93 quarter-on-quarter.
  • It had a total transfer volume of $5.3 million, down from $24.2 million the previous year and $10.2 million the previous quarter.
  • 33,963 new holders, down year-on-year from 134,298 and down quarter-on-quarter from 58,503.

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 the second quarter of 2023.

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. 

FAQs

How many ApeCoin are there?

The current circulating supply of ApeCoin is 369 million.

Will APE reach $2?

It might, but not soon. According to price predictions, it is expected to reach $2 in December 2024.

What is ApeCoin used for?

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.

Further Reading

Bitcoin Price Prediction 2023: What is Bitcoin (BTC)

Moonbeam Price Prediction 2023: What is Moonbeam (GLMR)?

Neutron Price Prediction 2023: What is Neutron (NTRN)?

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.

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